Flora Growth Announces Patent-Pending Cannabinoid-Based Product, Seeks INVIMA (Colombian FDA) Emergency Use Authorization Under COVID-19 Protocols

Rhea-AI Summary

Flora Growth Corp. (NASDAQ: FLGC) has filed a provisional patent application for a cannabinoid-based formula aimed at preventing SARS-CoV-2 infection. The company is seeking INVIMA (Colombian FDA) approval to advance this product through clinical trials. If successful, this formulation would mark the first cannabinoid product approved in Colombia for COVID-19 use. Flora Pharma, the research division, will conduct the study in a GMP-certified lab in Colombia, exploring potential therapeutic applications of cannabinoids against the virus.

Positive

• Seeking INVIMA approval for clinical trials on a cannabinoid-based COVID-19 prevention product.
• Potential to be the first cannabinoid product approved in Colombia for SARS-CoV-2.
• Research conducted in a GMP-certified facility, ensuring quality standards.

Negative

• None.

- Flora’s research division, Flora Pharma, files USPTO provisional patent application on a cannabinoid-based formula

- Flora seeks approval to take their patent-pending, cannabinoid-based product through clinical trials under an EUA from INVIMA (Colombian FDA)

- Breakthrough research intends to explore a preventative application against the SARS-CoV-2 (COVID-19) virus for the patent-pending cannabinoid formulation

- If approved, Flora’s formulation would be the first product containing cannabinoids approved by the Colombian government for use against the SARS-CoV-2 (COVID-19) virus

MIAMI & 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, announced today that the Company is seeking approval from INVIMA, the Colombian FDA, to begin research on their patent-pending, cannabinoid-based product, citing recent studies stating the possibility of cannabinoids to display viral inhibition.

“We are honored to receive the advice and guidelines from INVIMA as we begin this exciting research process. The Flora Pharma division seeks to obtain evidence to support this product's use against SARS-CoV-2 and bring to market an effective, cannabinoid-based product,” said Luis Merchan, President and CEO of Flora Growth.

This diverse study will be conducted through Flora’s research division, Flora Pharma, with formulation taking place in its GMP-certified Colombian lab. The research will look at all of the potential mechanisms of cannabinoids in preventing infection from the SARS-CoV-2 (COVID-19) virus. This application comes on the heels of Colombia’s new legislation requiring insurance companies to cover cannabis prescriptions.

“I have worked on various aspects of SARS-CoV-2 research for the last two years, with a focus on cannabinoid therapeutics more broadly,” said Dr. Annabelle Manalo-Morgan, scientist and head of Flora Pharma. “The intent of the study is to identify safe and efficacious cannabinoid products for use on SARS-CoV-2 thus allowing us to pursue the fastest path to market via a preventative immunomodulating product and to explore the possibility of use as a therapeutic. I believe the Flora team is best positioned to formulate, test and ultimately bring to the market this kind of novel product offering.”

Dr. Manalo-Morgan has spent the last 5 years researching cannabis and has specialized in the formulation of cannabinoid products for clinical trials. Should Flora’s formulation receive INVIMA approval, this would be the first product containing cannabinoids approved by the Colombian government for use against the SARS-CoV-2 (COVID-19) virus.

“At Flora Growth, we believe in following the research, and there have been several promising studies published in just the last few months on the application of cannabinoids in certain treatments. We are excited for our Flora Pharma researchers to build upon this progress and generate new data for how cannabis could help consumers around the world, leveraging this natural, botanical alternative,” Merchan said.

About Flora Growth Corp.

Flora is building a connected, design-led collective, of plant-based wellness and lifestyle brands, that delivers 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 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 ability to execute on its research and pharmaceutical strategies; the results of Flora’s research; 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/20220202005408/en/

Investor Relations:

Evan Veryard

evan.veryard@floragrowth.com

Public Relations:

Cassandra Dowell

+1 (858) 264-6600

flora@cmwmedia.com

Source: Flora Growth Corp.

FAQ

What recent development has Flora Growth Corp. announced regarding its cannabinoid product?

Flora Growth Corp. has filed a provisional patent application for a cannabinoid-based formula intended for preventing SARS-CoV-2 infection and is seeking INVIMA approval to conduct clinical trials.

What is the significance of Flora Growth's cannabinoid formulation if approved?

If approved, it would be the first cannabinoid product authorized by the Colombian government for use against the SARS-CoV-2 virus.

Where will Flora Pharma conduct its research for the cannabinoid-based product?

The research will be conducted in Flora’s GMP-certified lab located in Colombia.

What are the potential applications of the cannabinoid formulation being researched by Flora Growth?

The research aims to explore the formulation's potential as a preventative measure against SARS-CoV-2 and its possible therapeutic applications.

What is Flora Growth's stock symbol?

Flora Growth's stock symbol is FLGC.