Flora Growth Streamlines Its Global Supply Chain With First-Ever Sourcing of Company’s CBD Into Market-Ready Products
April 28th, 2022
News, Top News
- Flora Growth begins implementing the first cannabinoids produced from Flora’s 254-acre Cosechemos outdoor cultivation facility in Colombia into the Company’s global suite of CPG brands
- The cannabinoid derivatives were extracted onsite at Cosechemos to be transported to Flora’s GMP-approved processing facility in Bogota, Colombia for use in in-market products
- This marks the first time Flora will cultivate, extract and implement its own low-cost, high-quality cannabinoid derivatives into the Company’s own product, reducing the Company’s cost of goods
Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator and manufacturer of cannabis products and brands, announced today that the Company has formally begun the integration of its licensed and Control Union Medical Cannabis Standard GACP (“CUMCS-GACP”) certified cannabis products and derivatives into its global roster of branded products. Beginning with CBD derivatives used in its award-winning skincare brand, Mind Naturals, the Company has begun the process of integrating significantly lower-cost cannabinoids, grown and extracted at Flora’s cultivation and extraction facility, Cosechemos, for products formulated at the Company’s GMP-licensed laboratory in Bogota, Colombia.
This event marks a milestone in Flora’s integration strategy, allowing Flora to further its global supply chain efficiencies and independence while bolstering its competitive advantage in white label and wholesale businesses.
“The key to unlocking the potential of the global cannabis market is supply chain mastery – this is our focus,” Flora CEO Luis Merchan said. “Connecting our high-quality derivatives with our significant portfolio of revenue-producing global brands is a significant step in maximizing compounded value creation from seed to shelf.”
Since its inception, Flora has built, licensed or acquired an extensive suite of leading brands in the United States and Colombia, including the Mind Naturals skincare line, Tonino Lamborghini beverages, Vessel cannabis accessories and JustCBD gummies and topicals. The ability to deliver high-growth, high-margin global consumer brands with high-quality, low-cost cannabinoids marks a distinct and pivotal milestone for the Company’s global strategy.
About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world – one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.floragrowth.com or follow @floragrowthcorp on social [media] 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: expected future revenue, the proposed acquisition of Vessel; Vessel’s financial performance; 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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