Flora Growth Receives 2021 Commercial Export Quota of 7,900kg of Psychoactive (THC) Cannabis Flower From Colombian Government

  • Flora receives commercial high-THC export quota from the Colombian Technical Quotas Group of 7,900kg of dried cannabis flower
  • The market for psychoactive cannabis commands the highest prices in the industry with the average wholesale price per kilogram of THC distillate oil estimated between US$3,500-US$8,000(1)
  • Flora has signed multiple agreements for the sale and distribution of its dried flower and derivative products into several international jurisdictions, including South Africa, the EU, Australia, and Latin America
  • Inaugural harvest of high-THC cultivars expected to occur by November 2021 and will complement commercial non-psychoactive (CBD) harvests, already in production

MIAMI & TORONTO–(BUSINESS WIRE)–Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, is pleased to announce that it has received its 2021 export quota from the Colombian Technical Quotas Group (“TQG”) to cultivate up to 7,900 kilograms of high-THC cannabis dried flower for direct sale or processing into derivative products for export to international markets.

“This is a significant milestone for the Company and represents a major opportunity to export our high-margin, high-THC goods to legal markets around the world”

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“We have been eagerly anticipating and preparing for this announcement by cloning thousands of plants which we currently have in propagation waiting to be transferred into our fields. While awaiting this quota, we were focused on optimizing our cultivation strategy and demonstrating our industry-leading production costs of just US$0.06 per gram, while continuing to build out our facilities and applying for third party certifications,” said Javier Franco, VP of Agriculture of Flora. “While we prioritize planting the new high-THC cultivars, it’s also important to note we are actively harvesting our high-CBD crops, and anticipate that this harvest will create a robust pipeline of cannabis derivatives for Flora to use across its premium brands and products, as well as for export to multiple international markets.”

Management believes that the new 2021 export quota allocation that Flora has been provided to cultivate, process, and distribute high-THC cannabis dried flower and derivatives, will be sufficient to meet the international demand for Flora’s product for the remainder of 2021 and at the onset of 2022. Flora previously announced agreements with Kiricann and Evergreen Pharmacare to supply dried flower and derivatives for distribution in Africa and the EU, as well as to Australia, respectively. Additionally, the Company announced that it intends to make a strategic investment into Hoshi International, which will establish Flora as a preferred supplier to Hoshi’s two EU processing facilities, located in Malta and Portugal.

“This is a significant milestone for the Company and represents a major opportunity to export our high-margin, high-THC goods to legal markets around the world,” said Jason Warnock, Chief Revenue Officer of Flora. “It’s also important to note that this quota is for THC cannabis products as Flora does not require any quota for non-psychoactive cannabis (high-CBD) flower or derivatives.”

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