Flora Growth Applauds Update to Colombian Cannabis Regulations That Substantially Increases Revenue Potential; Executes International Cannabis Supply Agreement

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<![CDATA[Colombian legislative update now allows for the sale and export of raw cannabis materials, namely dried flower, to international marketsNew regulations position Colombia’s cultivators as leaders to supply the global cannabis market; dried cannabis flower continues to account for an estimated 50% of demand in major international markets, including U.S., Germany and AustraliaNew regulations allow for the manufacturing, sale and export of ingestible cannabinoid products in Colombia, increasing near-term revenue potential for Flora’s Kasa Wholefoods divisionFlora capitalizes on law change, signing a supply agreement with an international distributor based in South Africa to provide raw and finished medical cannabis productsUpdate allows for the promotion and advertising of cannabis brands and products in Colombia, increasing access to the growing Colombian cannabis marketTORONTO, July 26, 2021 – PRESS RELEASE – Flora Growth Corp., a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, is pleased to announce that following an extensive consultation process, Colombia President Ivan Duque Marquez has accepted and signed into effect the revisions related to the existing Colombian cannabis laws. The reformed legislation is aimed at improving access to cannabis products for Colombians and positions Colombia as the leader to supply the global cannabis market.Colombian Cannabis CultivationLocated near the equator, select regions of Colombia have the ideal climate for the cultivation of cannabis 365 days a year. The country also boasts one of the world’s largest cut-flower industries, resulting in a labor force with substantial agricultural experience that can produce a high-quality cannabis product at low-cost. This combination of geographic factors and legislative updates positions Colombia as a major player in the international cannabis market due to its low-cost structure.Flora’s Colombian cultivation facility, Cosechemos, has maximized this cultivation potential by achieving a production cost below $0.06 per gram (or roughly $27 per pound) of dried flower. This…

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Source : Flora Growth Applauds Update to Colombian Cannabis Regulations That Substantially Increases Revenue Potential; Executes International Cannabis Supply Agreement

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