Flora Growth Expands Product Distribution Through Walmart.com and Coppel in Mexico

Rhea-AI Summary

Flora Growth Corp. (NASDAQ: FLGC) announces the launch of its Mind Naturals skincare brand on Walmart.com and Coppel in Mexico. The initial offering includes 12 products, expanding their international presence following recent exports to Mexico and Spain. With the global cannabis market projected to exceed $102 billion by 2026, Mexico is expected to see significant CBD product commercialization. CEO Luis Merchan emphasized the company's intent to strengthen its foothold in the plant-based wellness sector, leveraging its sustainable CBD offerings.

Positive

• Launch of Mind Naturals on Walmart.com and Coppel expands market reach in Mexico.
• Potential for significant revenue growth due to the booming global cannabis market, projected at $102 billion by 2026.
• Recognition as a trendsetting brand highlights the company's innovation in sustainable packaging.

Negative

• None.

MIAMI & TORONTO--(BUSINESS WIRE)-- Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator and manufacturer of global cannabis products, announced today that its Mind Naturals skincare brand has launched sales through Walmart.com and Coppel, a nationwide department store in Mexico. The launch includes 12 products from the Mind Naturals portfolio, initially on e-commerce with subsequent plans to sell in brick and mortar retail locations.

This launch expands upon last month’s initial orders for Mind Naturals to Mexico and Spain. Walmart is one of the leading retail chains in Central America, while Coppel has 1,253 stores in Mexico. It is estimated that the global market for cannabis and its derivatives will generate sales of 102 billion dollars by 2026, and Mexico is expected to be one of the countries with the highest commercialization of CBD products.

Flora Beauty’s Mind Naturals is an inclusive brand that uses premium CBD and quality, clean ingredients to create their product line. They were named a trendsetting brand at CosmoProf North America in 2021 for their innovation in sustainable packaging. In December, they were a top 12 finalist in Glosswire’s Global Pitch Competition, which includes beauty brands from across the globe.

“We are excited to begin bringing high-quality, sustainable CBD skincare products to Mexico,” said Luis Merchan, CEO of Flora Growth Corp. “This agreement represents our first foray into the Mexican market and furthers our global foothold as a leader in plant-based wellness and lifestyle brands. As the cannabis market continues its rapid expansion across the globe and into various sectors, we are poised to meet the needs of the market at every touch point.”

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that 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 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; 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/20220104005419/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 is the significance of Flora Growth Corp.'s launch of Mind Naturals?

The launch signifies Flora Growth's expansion into the Mexican market through key retailers like Walmart and Coppel, potentially increasing revenue and market presence.

Which products are included in the Mind Naturals launch?

The launch includes 12 products from the Mind Naturals skincare portfolio.

When did Flora Growth Corp. announce the launch of its Mind Naturals brand?

Flora Growth announced the launch on October 23, 2023.

How does the cannabis market outlook affect Flora Growth Corp.?

The global cannabis market is projected to generate $102 billion in sales by 2026, creating growth opportunities for Flora Growth Corp. in the CBD sector.

What retailers are involved in the launch of Mind Naturals products?

The Mind Naturals products will be available on Walmart.com and at Coppel, a major department store in Mexico.