Flora has completed the submission of twenty-three (23) unique food and beverage products from its portfolio. These will be the first foods and beverages with cannabinoids to be approved in Colombia.
Resolution 227, signed into effect by Colombian President Ivan Duque on Sunday, provides the necessary framework for the industrial uses of cannabis, dried flower exports, and other non-psychoactive product opportunities.
Flora expects to begin the first export of CBD-infused juices and gummy products under its Mambe brand in Q1, further supporting expansion into the U.S.
MIAMI & TORONTO, February 22, 2022–(BUSINESS WIRE)–Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, announced today that the Company has filed twenty-three (23) cannabinoid-infused food and beverage products with the Instituto Nacional de Vigilancia de Medicamentos y Alimentos (INVIMA), similar to the U.S. FDA. This announcement comes as Colombian President, Ivan Duque, signed Resolution 227, which provides the necessary framework for the use, distribution and export of cannabis, dried flower, and other non-psychoactive derivatives.
Flora expects to be the first cultivator in the world to obtain these unique approvals from INVIMA for its cannabinoid-infused food and beverage products which will include juices, sparkling seltzers, gummies, and healthy snack foods. These goods have been developed under Flora’s KASA Wholefoods division which prioritizes the sourcing of natural ingredients and value-chain sustainability to create items to help consumers restore and thrive.
“We are incredibly excited by the government’s decision to permit cannabinoid food and beverage products and look forward to bringing these cannabis wellness products to consumers in Colombia and around the globe,” said Luis Merchan, President and CEO of Flora Growth. “Aligning with globally recognized safety and compliance standards is at the forefront of Flora’s strategy, particularly when it comes to the food and beverage sector of the cannabis industry.”
INVIMA is a Colombian regulatory authority under the Ministry of Health managing inspection and supervision of the marketing and manufacturing of health products. The authority also identifies and evaluates health standards and procedures and implements best practices by providing medical approval for the import and export of products.
About Flora Growth Corp.
Flora is building a connected, design-led collective, of plant-based wellness and lifestyle brands, that delivers 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; Flora’s ability to execute on its research and pharmaceutical strategies; the results of Flora’s research; 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.
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