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

CANNANNEW REPORT

Colombian legislative update now allows for the sale and export of raw cannabis materials, namely dried flower, to international markets New 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 US, Germany, and Australia (1) New regulations allow for the manufacturing, sale, and export of ingestible cannabinoid products in Colombia, increasing near term revenue potential for Flora’s Kasa Wholefoods division Flora capitalizes on law change, signing a supply agreement with an international distributor based in South Africa to provide raw and finished medical cannabis products Update allows for the promotion and advertising of cannabis brands and products in Colombia, increasing access to the growing Colombian cannabis market TORONTO–(BUSINESS WIRE)–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 following an extensive consultation process, the President of Colombia 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. “We’re also very pleased to now be able to bring new and existing wellness products to market. We have a loyal and passionate following and are very eager to meet the demand that we’ve been receiving but haven’t been able to deliver on previously because of the regulations.” Colombian Cannabis Cultivation Located 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…

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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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