Flora Growth Announces Joint Venture with Colombia’s Largest Indigenous Tribe to Process and Distribute Cannabis Products

Rhea-AI Summary

Flora Growth Corp. (NASDAQ: FLGC) has entered a joint venture with Pharma Indigena Misak Manasr Sas, the largest indigenous tribe in Colombia. This partnership focuses on developing cannabis cultivation best practices, manufacturing, and marketing cannabis products. Flora will provide regulatory and business support while Manasr will assist in advancing cannabis exports from Colombia. The agreement is set for an initial term of three years, with a goal of establishing a long-term relationship.

Positive

• Joint venture with the Misak tribe, enhancing local partnership and regulatory positioning.
• Focus on product development and distribution under the Flora brand.
• Potential to expedite cannabis exports from Colombia.

Negative

• None.

FORT LAUDERDALE, Fla. & TORONTO--(BUSINESS WIRE)-- Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced today a joint venture agreement with Pharma Indigena Misak Manasr Sas (“Manasr”), the largest indigenous tribe in Colombia, on the development of cultivation best practices, manufacturing, export, and marketing of cannabis and cannabis containing products.

Under the agreement, Flora will provide Manasr regulatory advice, technical and business support related to product development and distribution, promotion of products to be marketed under the Flora brand portfolio, and cannabis derivatives when needed to complete product production. Additionally, Manasr will work closely with Flora in developing cannabis pharmaceuticals & products and help advance the approvals and authorizations required for exports of cannabis from Colombia.

“We are honored to be given opportunity to work hand-in-hand with the Misak people,” said Luis Merchan, Flora’s Chairman and CEO. “Through this partnership, we will collaborate with the tribe on the processing and distribution of their Colombian-grown cannabis while offering Manasr a powerful platform for product distribution. In return, Flora will be able to leverage the tribe's unique regulatory positioning to expedite exports and increase global market penetration of Colombian cannabis goods. We look forward to a long-standing relationship with such a powerful community partner.”

The initial term of the agreement is three (3) years; however, the intention is to create a lasting and mutually beneficial relationship for the foreseeable future.

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 most extensive outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains ‘‘forward-looking statements,’’ as defined by federal securities laws. Forward-looking statements reflect Flora’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in Flora’s Annual Report on Form 20-F filed with the SEC on May 9, 2022, as such factors may be updated from time to time in Flora’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora’s filings with the SEC. While forward-looking statements reflect Flora’s good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Flora (or to third parties making the forward-looking statements).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220802005129/en/

Investor Relations:

James Williams

ir@floragrowth.com



Public Relations:

Cassandra Dowell

+1 (858) 221-8001

flora@cmwmedia.com

Source: Flora Growth Corp.

FAQ

What is the significance of the joint venture between Flora Growth Corp. and Pharma Indigena Misak Manasr Sas?

The joint venture aims to enhance cannabis cultivation, manufacturing, and marketing in collaboration with the Misak tribe in Colombia, improving Flora's regulatory positioning for exports.

How long is the agreement between Flora Growth Corp. and the Misak tribe?

The initial term of the agreement is three years, with intentions for a long-term collaboration.

What support will Flora provide to the Misak tribe under the joint venture?

Flora will offer regulatory advice, technical support, and assistance with product development and distribution.

How will the joint venture impact Flora Growth Corp.'s global market presence?

The partnership may enhance Flora's global market penetration for Colombian cannabis products due to improved export capabilities.