Flora Growth Corp
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Consumer Staples : Personal Products |
Based in Canada
Company profile

Flora Growth Corp. is a cannabis company. The Company cultivates and process natural, medicinal-grade cannabis oil and cannabis derived medical and wellbeing products and to supply these products to channel distributors, including pharmacies, medical clinics and cosmetic companies. The Company produces organic, pharmaceutical-grade cannabidiol (CBD) oils to supply its product lines and to sell/export to third parties. It has its agricultural and processing operations in Colombia. Its subsidiaries include Flora Beauty LLC, Cosechemos YA SAS, Breeze Laboratory SAS, Flora Growth Corp. Sucursal Colombia, Grupo Farmaceutico Cronomed, and Hemp Textiles & Co LLC, Hemp Textiles & Co SAS and Kasa Wholefoods Company SAS Colombia.

Postmarket

Last Trade
Delayed
$1.60
-0.02 (-1.23%)
Bid
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Market Hours

Closing Price
$1.62
Day's Change
0.04 (2.53%)
Bid close
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Ask close
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B/A Size
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Day's High
1.72
Day's Low
1.60
Volume
(Light)
Volume:
990,316

10-day average volume:
3,617,291
990,316

Flora Growth Receives Good Agricultural and Collection Practices (GACP) Certification, Opening Pathway to Dry Flower Export

7:05 am ET October 25, 2021 (BusinessWire) Print

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 it has received the Good Agricultural and Collection Practices ("GACP") certification by the Control Union Medical Cannabis Standard ("CUMCS"). Paired with the recent Colombian law change, Flora may now export its high-quality dry flower to international GMP active pharmaceutical ingredient ("API") producers or to markets where flower can be imported .

"In advance of this milestone, our team has signed several LOI's for the sale and distribution of dry flower and derivative products to several international jurisdictions, including the EU, Australia, and Latin America. We are now in the position to unlock the significant potential from Cosechemos as we continue building our global distribution network," said Jason Warnock, Chief Revenue Officer of Flora Growth. "Our team believes this certification demonstrates our ability to offer high-quality output, while also serving as an important precursor to GMP certification so that we can produce pharmaceutical-grade cannabis products and cannabinoid-based active pharmaceutical ingredients."

Cosechemos Operational Update

The team at Flora's flagship cultivation and processing facility, Cosechemos, has maximized the cultivation potential provided by the local climate and infrastructure, achieving a production cost below $0.06 per gram of dried flower.

Other major developments from operations at the Cosechemos facility include:

Actively harvesting non-psychoactive (CBD) cultivars and achieving yields 40-60% higher than Flora originally anticipated. Planted the initial crop of high-THC cultivars, with the first harvest expected to occur in November 2021. Construction of the on-site extraction facility has advanced on schedule and is set to begin operation on November 15th. Commenced working with Hoshi International on the pre-audit process with Malta on gaining EU-GMP for Flora's cannabis extraction facility.

"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 so that we can commercially distribute our medical-grade cannabis products internationally," said Javier Franco, VP of Agriculture of Flora Growth. "Receiving the GACP certification validates our ability to operate at internationally recognized quality, safety, and sustainability standards. 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."

As part of the CUMCS-GACP certification process, Flora Growth underwent an extensive year-long review that included a detailed analysis of the Company's cultivation, harvest, and post-harvest activities. As part of the certification process, specific elements were reviewed including operating procedures, standardized sanitation protocols, use of phytosanitary products, integrated pest and disease management, and measuring environmental impact. Control Union Certifications is a leading international certification agency and global leader in medical cannabis certification. The CUMCS certification standard is based on GACP guidelines of The World Health Organization (WHO), the GACP Guidelines of the European Medicines Agency, Guidelines of the Dutch Government for Cannabis for Medical Use, and the International Standard for Good Agriculture Practice.

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 size of markets for cannabis and cannabis products; Flora's cultivation yields; Flora's ability to sell cannabis and cannabis products to international markets;the collaboration with third parties; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005342/en/

SOURCE: Flora Growth Corp.

Investor Relations Contact: 
Evan Veryard
evan.veryard@floragrowth.ca

Public Relations Contact: 
Cassandra Dowell
+1 (858) 264-6600
flora@cmwmedia.com
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