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Flora Growth Completes Construction of Laboratory, Specializing in Prescription Cannabis Formulations
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Flora Growth Corp. (NASDAQ: FLGC) has announced the completion of Flora Lab 4, a new laboratory in Bogota, Colombia. This facility will focus on manufacturing prescription-grade cannabis formulations. The lab aims to provide high-quality medicinal cannabis to patients and doctors in Colombia. Initial formulations target conditions such as social anxiety and acne. The lab is awaiting INVIMA regulatory inspection for certification. Flora Growth is dedicated to advancing medicinal cannabis through research and development.
Positive
Completion of Flora Lab 4 enhances production capabilities for medicinal cannabis.
Initial formulations developed to treat social anxiety and acne may attract a patient base.
Aiming for regulatory certification could enable quicker market entry for new products.
Negative
Awaiting regulatory inspection by INVIMA could delay product availability.
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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 the completion of its new laboratory, specializing in the manufacturing of compound formulations utilizing cannabis derivatives and traditional master formulas. Located in Bogota, Colombia, Flora Lab 4 will become part of Flora’s group of laboratories including existing labs that produce cosmetics, phytotherapeutic products, dietary supplements, and cannabis extraction and transformation.
“The completion of Flora Lab 4 is an important step in Flora Growth’s progress toward commercializing medicinal cannabis. This lab is built to produce prescription grade medications and manufacture cannabis-based formulations,” said Luis Merchan, Chairman and CEO of Flora Growth Corp. “We look forward to giving access to prescribing doctors in Colombia and more importantly, to patients who stand to benefit from safe, high quality medicinal cannabis.”
The new laboratory will offer design, development, and manufacturing services of master formulas for third parties, making available to clients its knowledge of cannabis, its professional team, and modern facilities to promote growth in the sector.
Flora Lab 4’s initial prescription formulations have been developed to support the treatment of specific ailments such as social anxiety and acne. The laboratory is waiting for a regulatory inspection by INVIMA to complete certification. Once this step is complete, the new formulations will be available to prescribing doctors in Colombia.
Flora Growth is focused on creating long-term growth within its Life Sciences division through utilizing raw materials from its cannabis cultivation and processing operations in Colombia for applied research initiatives in medical cannabis around the world. The Lab will serve as the Company’s hub of discovery, development, manufacturing, and commercialization of phytocannabinoid-based prescription medicines and nutraceutical products to address a broad range of ailments and diseases.
About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver 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 commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.
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).
Flora Lab 4 is a new laboratory completed by Flora Growth Corp. in Bogota, Colombia, specializing in manufacturing prescription-grade cannabis formulations.
How will Flora Lab 4 impact FLGC stock?
The completion of Flora Lab 4 may position FLGC for growth by increasing production capacity and enhancing its product offerings in the medicinal cannabis market.
What products will Flora Lab 4 produce?
Flora Lab 4 will initially produce formulations aimed at treating social anxiety and acne.
When will Flora Lab 4 be certified?
Flora Lab 4 is awaiting INVIMA regulatory inspection for certification, which is necessary before launching its products.
