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Flora Growth Corp. (NASDAQ: FLGC) congratulates President-Elect Gustavo Petro and the Humane Colombia Party following their election victory. The company expresses optimism about progressive cannabis legislation in Colombia that could boost the legal market. Flora’s CEO highlights Colombia's potential for high-quality cannabis production. With a 249-acre facility in Bucaramanga, the company anticipates 90% of its revenue from international markets. In 2021, Colombia exported $1.5 billion in cut flowers, positioning it as a significant player in global exports, similar to cannabis prospects.
Positive
Flora Growth anticipates progressive cannabis legislation in Colombia, potentially boosting the legal market.
The company estimates 90% of its revenue will come from international markets, reducing dependence on domestic sales.
Flora operates a 249-acre cannabis facility in Bucaramanga, Colombia, enhancing production capacity.
Negative
The company's heavy reliance on international markets may pose risks if global cannabis regulations change.
The potential delays in legislative changes could hinder the rapid development of a legal cannabis market in Colombia.
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, congratulates Gustavo Petro and the Humane Colombia Party on their election victory in Sunday’s presidential runoff election in Colombia.
“We would like to congratulate President-Elect Gustavo Petro on his victory and we look forward to working with the new government to continue Colombia’s progressive momentum in the global cannabis industry,” said Luis Merchan, Flora’s Chairman and CEO. Merchan added, “We are encouraged by President-Elect Petro’s stance on seeing Colombia become a leader in the legal cannabis industry and we are hopeful for progressive legislation that will allow Colombia to create a safe environment for cannabis consumption domestically - potentially leading to a recreational market in the country - while also proving Colombia has all the environmental and labor conditions necessary to be a global cannabis powerhouse.”
Prior to his election win, Gustavo Petro was quoted stating: “The possibility of exportation of marijuana for recreational and medicinal purposes is the right of the Colombian people. It would be a historical paradox that after the war on drugs is over, other countries get to benefit from a business that will bring billions of dollars of economic benefit.” President-Elect Petro is currently a sitting member of the Colombian Senate and served as Mayor of Bogotá, the Capital of Colombia and headquarters of Flora Growth’s Colombian operations.
“While approximately 90% of Flora’s forecasted revenue is expected to be derived outside of Colombia, we see Colombia as particularly well suited both for production of high-quality, cost-advantaged cannabis and the manufacturing of cannabinoid-derived medical formulations that can be sold domestically and internationally,” said Jason Warnock, Chief Commercial Officer at Flora Growth.
Flora Growth operates a 249-acre cannabis cultivation, extraction and isolation facility in Bucaramanga, Colombia, and a GMP-certified processing facility for beauty, phytotherapeutic and nutraceutical products in Bogotá. In 2021, Colombia exported $1.5 billion in cut flowers globally, making it one of the largest global exporters of cut flowers, similar to cannabis, in the world.
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.
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).
