Flora Growth Corp. (NASDAQ: FLGC) ("Flora" or the "Company"), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, is pleased to announce that Flora Lab has received authorization by the Colombian National Food and Drug Surveillance Institute (Instituto Nacional de Vigilancia de Medicamentos y Alimentos or "INVIMA") (FDA equivalent) to be Good Manufacturing Practices ("GMP") certified to manufacture cosmetic products. The certification takes effect immediately and enables Flora to produce cosmetic products for export to international markets that require goods to be manufactured under the rigorous GMP standards.
Flora Lab is the Company's manufacturing and research and development division for pharmaceuticals, cosmetics, and nutraceuticals that operates a modern 16,000-square-ft manufacturing facility, holds multiple GMP certifications, and boasts a diversified portfolio with over 190 products and 63 over-the-counter ("OTC") products registered and licensed with INVIMA. The division is focused on expanding its 2,500+ distribution channels and developing new cannabinoid and non-cannabinoid containing products to sell to its network of pharmacies and wholesale clients domestically and internationally.
Some highlights from Flora Lab include:
Operates a modern 16,000-square-ft facility Holds three (3) GMP certifications: Cosmetics Phytotherapeutics Dietary Supplements Has the capability to produce cannabinoid-containing products, including cannabidiol ("CBD") Has more than 18 domestic clients and sells branded products along with white-label products
"Attaining this certification is a significant accomplishment for our team as it demonstrates our ability to achieve pharmaceutical-grade standards recognized by regulators throughout the world and producing consistent, safe, high-quality cosmetic products. Out of more than 650 cosmetics laboratories throughout Colombia, Flora Lab is only the 13th company to successfully navigate and implement the rigorous quality standards necessary to reach this level of manufacturing excellence," said Luis Merchan, President and CEO of Flora Growth. "As we look to bring our premium brands and products to markets around the world, this certification represents a key component of our supply chain strategy and distribution plan. Will can now pursue distribution agreements for the sale of cannabinoid and non-cannabinoid containing cosmetic products in global markets where GMP certification is required for market access."
About Flora Growth Corp.
Flora is a cannabis company that leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. As the operator of one of the largest outdoor cultivation facilities, Flora strives to market a higher-quality premium product at below market prices. By prioritizing natural ingredients and value-chain sustainability across its portfolio, Flora creates premium products that help consumers restore and thrive. Visit www.floragrowth.ca or follow @floragrowthcorp on social for more information.
Cautionary Statement Concerning Forward-Looking Statements
This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: the impact of legislative changes in Colombia both in Colombia and internationally; the impact of export quotas on our business; the size of markets for cannabis and cannabis products; our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, or the forward-looking events discussed in this document and other statements made from time to time by us or our representatives not occurring, except as may be required by applicable law.
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SOURCE: Flora Growth Corp.
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