Flora Growth CEO Meets With Colombian Senator as Bill to Legalize Recreational Cannabis Is Introduced

Rhea-AI Summary

Flora Growth Corp. supports a new Colombian bill proposed on July 20 to legalize recreational cannabis. CEO Luis Merchan met with Sen. Gustavo Bolivar to discuss the bill’s implications for local and international trade. The legislation aims to establish a regulatory framework for a legal cannabis market, including oversight by INVIMA. Colombia seeks to be a leader in cannabis exports, building on its existing medical cannabis legal framework established in 2015.

Positive

• Potential establishment of a regulated recreational cannabis market in Colombia
• Flora positioned to benefit from favorable legislation, boosting domestic and international trade
• Support from the Colombian government, with pro-cannabis sentiments from President Gustavo Petro

Negative

• None.

- Flora applauds new Colombian bill to legalize recreational cannabis in the country proposed to the legislature on July 20

- Bill proposed to Colombian legislature sets the framework for a recreational market, including regulation from INVIMA

- Flora CEO Luis Merchan met with Sen. Gustavo Bolivar, the bill’s author, to discuss the impact on national and international trade

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 that the Company met with the author of a new bill to legalize recreational cannabis on the day the legislation was introduced to Congress.

Flora’s Chairman and CEO Luis Merchan met with Colombian Sen. Gustavo Bolivar prior to the bill's introduction to Congress on July 20. Bolivar, the key author of the bill, and Merchan discussed the top tenants of the bill, the bill’s implications for companies such as Flora in Colombia and what legalization means for the country’s burgeoning domestic and international cannabis markets. Video of the discussion between Bolivar and Merchan can be found here.

Highlights of the discussion include:

• Highlights a flourishing cannabis industry in Colombia, including both domestic trade and international exports
• The future of cannabis regulations, including the potential of a new government entity solely focused on cannabis regulation
• Cannabis pharmaceuticals and the need for government regulations and approvals
• Colombia as an upcoming global leader in the legal export of cannabis and its derivatives

“We are honored to work closely with Sen. Bolivar and other key policymakers to support legislation that will provide safe access to cannabinoid-based products both domestically and in international markets,” Merchan said. “We are committed to creating effective, high-quality products. And with the expectation of the passing of this new bill to legalize recreational cannabis, we seek to support further the communities in which we operate.”

Colombia has recently voted in pro-cannabis president, Gustavo Petro, who has expressed his desire for the country to become a leader in the legal cannabis industry. Cannabis for personal use is currently decriminalized in Colombia while medical cannabis was legalized in 2015.

The proposed cannabis legalization bill will allow full recreational cannabis legalization in Colombia, building on resolutions and regulations that are important for the safe development and access of the legal cannabis industry, including oversight by INVIMA. The bill was proposed to the legislature on July 20, 2022.

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 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: our financial performance and projections; our growth in revenue and earnings; our environmental and sustainability practices 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/20220722005105/en/

Investor Relations:

James Williams

ir@floragrowth.com

Public Relations:

Cassandra Dowell

+1 (858) 221-8001

flora@cmwmedia.com

Source: Flora Growth

FAQ

What is the significance of the new cannabis bill proposed by Flora Growth on July 20, 2022?

The bill aims to legalize recreational cannabis in Colombia, creating a regulatory framework that could boost Flora Growth's operations.

How will the cannabis legislation impact Flora Growth Corp. shares?

If passed, the legislation could enhance Flora Growth's market position and financial performance, potentially lifting its stock value.

Who was involved in the discussion about the cannabis bill on July 20, 2022?

Flora Growth's CEO, Luis Merchan, met with Colombian Senator Gustavo Bolivar, the bill’s author.

What role does INVIMA play in the proposed cannabis bill in Colombia?

INVIMA would provide regulatory oversight for the proposed recreational cannabis market under the new legislation.

What are the potential benefits for Flora Growth if the bill passes?

Flora Growth could see increased trade opportunities and market expansion in both domestic and international cannabis sectors.