- Flora just announced the first successful export of Colombian high-CBD dried cannabis flower to Switzerland and the Czech Republic, as well as CBD isolate to the United States
- Luis Merchan, the company’s CEO, has described this as a “major milestone,” one that further defines the company’s revenue pipeline
- He pointed out the increasing demand for Flora’s high-quality, high-margin flower and derivatives from its cultivation operation in Colombia, terming it as a testament to the Flora team’s ability to execute in a very complex global regulatory environment
- Flora also earned the Best M&A Deal award at Benzinga’s 2022 Cannabis Capital Conference in Chicago, an award that recognized the company’s strategic M&A objectives, including acquiring products, expertise, expanding distribution, and customers
On September 26, Flora Growth (NASDAQ: FLGC) announced the first successful export of Colombian high-CBD dried cannabis flower to Switzerland and the Czech Republic, as well as CBD, isolate to the United States. Luis Merchan, Chairman and Chief Executive Officer (“CEO”) of the company, described this as a “major milestone,” one that further defines Flora’s revenue pipeline. The company also launched its commercial website, where interested buyers can expedite the processing of orders and learn about the company’s cultivation and growth practices (https://cnw.fm/l07N0).
With the global CBD market having achieved impressive growth thus far and showing even greater potential growth in the coming years, Flora is positioning itself as a key industry player, looking to take advantage of this development.
The sector is projected to be valued at US$47 billion by 2028, up from US$4.9 billion in 2021 (https://cnw.fm/EjfsS). This growth will be primarily attributed to an overall shift in policy on CBD programs in key markets, with countries such as Switzerland announcing pilot projects to open adult-use cannabis sales to test the viability of a fully legal recreational market.
“As our global distribution network continues to evolve, adding these three industry-leading countries to our footprint is a major milestone for Flora,” noted Mr. Merchan.
“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,” he added.
Flora’s current performance can be attributed to the company’s commitment to diversifying its product line and its team’s resolve to explore new markets. In addition, the company has leveraged strategic acquisitions, including Vessel Brand Inc., Just Brands LLC, and High Roller Private Label LLC, among others, to achieve both short-term and long-term objectives.
These efforts have earned Flora the Best M&A Deal award at Benzinga’s 2022 Cannabis Capital Conference held in Chicago.
“We are honored to receive the award for Best M&A Deal at the Benzinga Cannabis Capital Conference, which recognizes our strategic M&A objectives, including acquiring products, expertise, expanding distribution, and customers,” noted Mr. Merchan (https://cnw.fm/qDZVm).
Flora’s acquisitions have enhanced the company’s infrastructure in the United States while allowing it to benefit from widespread distribution across various mainstream U.S. channels. JustCBD’s acquisition, completed in February 2022, for instance, expanded the company’s portfolio by over 300 products and opened the company up to over 300,000 customers.
“This acquisition continues to strengthen Flora’s foothold in the U.S. wellness market as well as providing meaningful growth acceleration and delivering human capital to the Flora organization,” noted Mr. Merchan during the announcement of the JustCBD acquisition (https://cnw.fm/x6v6S).
For more information, visit the company’s website at www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC
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