- International cannabis cultivator, manufacturer, and distributor of plant-based lifestyle and wellness brands Flora Growth Corp. is steadily building a worldwide pipeline for downstream cannabis brands using its Colombian cultivation facilities and a growing list of trade partners
- Flora Growth recently announced multiple distribution and e-commerce marketplace agreements that will see its two leading skincare brands, MIND Naturals and Awe (Ô), distributed via GlossWire and Showfields
- The company also expects its Colombian on-site CBD extraction facility to come online as well as complete the first harvests of its high-THC psychoactive cultivars later in the month
- Flora Growth achieved Good Agricultural and Collection Practices (“GACP”) certification from the international medical cannabis standard-setter Control Union Medical Cannabis Standard (“CUMCS”) last month, which paves the way for international sales
A leading global cannabis cultivator and manufacturer of products and brands in CPG, fashion, food, and inhalation technology Flora Growth (NASDAQ: FLGC) is building an international pipeline for downstream cannabis products that begins with its cultivation facilities in Colombia’s ideal climate and ends with commercial outlets in nations ranging across the Americas, to the European Union, all the way around the world to Australia.
The company announced an e-commerce agreement with SHOWFIELDS on Oct. 27, with GlossWire’s digital beauty marketplace Oct. 28 (https://ibn.fm/7Z3KI), and certification by international medical cannabis standards setter Control Union Medical Cannabis Standard (“CUMCS”) on Oct. 25 (https://ibn.fm/7VpGw).
Flora Growth is preparing to fire up operation of its new onsite cannabis extraction facility in mid-November, located on-site at the company’s 100-hectare (247 acres) Cosechemos cultivation base in central Colombia. This development will complement its operational Flora Labs facility located in Bogotá that boasts a modern 16,000-square-ft manufacturing footprint and holds multiple GMP certifications with a diversified portfolio with over 190 products and 63 OTC products registered and licensed with INVIMA (FDA-equivalent in Colombia).
Recent regulatory changes enacted by Colombia’s government have made it possible for companies such as Flora Growth to export dried cannabis flower and extracts used in pharmaceuticals and nutraceuticals in the food, beverage, cosmetics, and textiles markets without running afoul of the country’s drug interdiction efforts.
Cannabis derivatives in the pharmaceutical and nutraceutical markets have gained acceptance worldwide in recent years, as well as the push towards legalization for adult-use in many jurisdictions around the world.
Prohibition Partners’ own predictive outlook states the United Kingdom’s cannabis sector will see revenues growing to as much as $4.3 billion, North America’s to $47.3 billion, and the larger international market’s to $103.9 billion by 2024, showcasing the explosive expectations of international demand (https://ibn.fm/maOvd).
Flora Growth’s deal with SHOWFIELDS and GlossWire will launch sales of Flora’s two skincare brands, MIND Naturals and Awe (Ô) and is expected to greatly enhance brand awareness in the United States. The marketplaces feature e-commerce interaction over “a highly curated mix of emerging and established brands that are making an impact in the beauty and grooming spaces,” according to the GlossWire announcement.
“This unique intersection of tech and beauty allows for discovery, storytelling, and a deeper understanding of the customer,” Flora Growth President and CEO Luis Merchan stated, highlighting new emerging responsiveness to consumer trends and feedback.
Flora reports it is achieving plant yields 40 to 60 percent higher than the company originally expected at its Cosechemos site and that it expects to harvest an initial crop of high-tetrahydrocannabinol (“THC”) psychoactive plant cultivars this month.
The company is working on the pre-audit process for gaining good manufacturing practice (“GMP”) status with the European Union for the Cosechemos facility’s products and has also partnered with Hoshi International Inc. to provide another pathway to Europe.
“The primary focus at Cosechemos this year has been optimizing and scaling our cultivation and processing activities while working closely with regulatory bodies and agencies to be granted our GACP certification (from CUMCS) so that we can commercially distribute our medical-grade cannabis products internationally,” VP of Agriculture Javier Franco stated in the Oct. 25 news release. “This further establishes our commitment to operational excellence and transparency, as well as our commitment to producing high-quality, consistent cannabis products to serve the global cannabis markets.”
For more information, visit the company’s website at www.FloraGrowth.ca.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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