Flora Growth Completes Multiple Commercial Cannabis Exports Into New International Markets

Rhea-AI Summary

Flora Growth Corp. (NASDAQ: FLGC) announced the successful export of its high-CBD dried cannabis flower to Switzerland and the Czech Republic, along with its first shipment of CBD isolate to the United States. CEO Luis Merchan highlighted this milestone as a testament to the growing demand for its Colombian products. The global CBD market is projected to surge to US$47 billion by 2028. The company also launched a commercial website for buyers to access its cannabis offerings.

Positive

• Successful export of high-CBD dried cannabis to Switzerland and Czech Republic.
• First export of CBD isolate to the United States.
• Projected growth of global CBD market to US$47 billion by 2028.
• Launch of a commercial website for business-to-business sales.

Negative

• None.

• Flora completed dry cannabis flower commercial exports to Switzerland and the Czech Republic
• The company also completed its first commercial export of CBD isolate to the United States

 

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 has completed its first exports of Colombian grown high-CBD dried cannabis flower to Switzerland and the Czech Republic as well as CBD isolate to the United States.

“As our global distribution network continues to evolve, adding these three industry-leading countries to our footprint is a major milestone for Flora,” said Luis Merchan, Chairman and CEO of Flora Growth. “Our cultivation operation in Colombia, which provides high-quality, high-margin flower and derivatives, has experienced increasing demand. These exports are a testament to our team’s ability to execute in a very complex global regulatory environment and create new commercial revenue for our company.”

This announcement also marks the launch of Flora’s commercial website where approved buyers can learn about Flora’s cultivation and grow practices, and can also initiate orders for high-THC and high-CBD dry flower as well as derivative products.

The global CBD market is estimated to reach US$47 billion by 2028, up from US$4.9 billion in 2021. Switzerland recently announced a pilot project to open adult-use cannabis sales this summer in Basel, to test the viability of a fully legal recreational market.

“We are proud to help increase access to safe, legal CBD and THC to consumers all over the globe,” Merchan added. “We look forward to working closely with our partners in Europe and North America to bring high-quality Colombian cannabis products and raw materials to market.”

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.

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/20220926005256/en/

Commercial Wholesale:

James Williams

James.Williams@floragrowth.com

Investor Relations:

Sean Mansouri, CFA

ir@floragrowth.com

Public Relations:

Cassandra Dowell

+1 (858) 221-8001

flora@cmwmedia.com

Source: Flora Growth Corp.

FAQ

What significant exports did Flora Growth Corp. (FLGC) complete recently?

Flora Growth completed exports of high-CBD dried cannabis to Switzerland and the Czech Republic, as well as its first shipment of CBD isolate to the United States.

What is the projected growth of the global CBD market mentioned in Flora Growth's press release?

The global CBD market is estimated to reach US$47 billion by 2028.

Who is the CEO of Flora Growth Corp. (FLGC) and what did he say about the recent exports?

Luis Merchan, CEO of Flora Growth, stated that the recent exports demonstrate the company's capability to meet increasing demand in a complex regulatory environment.

When did Flora Growth Corp. (FLGC) launch its commercial website?

Flora Growth launched its commercial website to facilitate business-to-business orders alongside the announcement of its recent exports.

Which countries are included in Flora Growth's recent export milestone?

The countries include Switzerland and the Czech Republic for dried cannabis, and the United States for CBD isolate.