- Flora Growth just announced the production of its first batch of crude oil through its newly constructed facility in Colombia
- The company has also initiated the EU-GMP certification process that will allow it to target international medical cannabis markets
- Flora Growth also announced the appointment of Tim Leslie as Chairman of its newly established Advisory Board
- Mr. Leslie will play a key role in advising the company on how best to navigate the regulatory framework of building a truly global company
- 360 Financial, Inc. announced the purchase of 13,162 Flora Growth shares as of Q4 2021
Flora Growth (NASDAQ: FLGC) set out to increase sales and grow its market share for the 2022 calendar year, intending to assert its position as a leader in the global CBD sector. Barely a month into the new year, it has already achieved some key milestones that only offer a glimpse into the scale at which this company plans to operate for the rest year.
On January 11, Flora Growth announced the production of its first batch of crude oil through its newly constructed extraction facility in Colombia. This was achieved through Cosechemos, a wholly-owned subsidiary that also initiated the process to become EU-GMP certified (https://cnw.fm/kYnSg).
In December 2021, Cosechemos successfully extracted the first batch of High-THC crude oil. It later submitted it to the Colombian Government per the requirements for obtaining Flora’s 2022 quota for THC derivatives. This showed the facility’s capacity and potential to serve as a primary processing hub for Flora Growth. So far, it is equipped to facilitate both drying and processing of all the company’s cultivated flower into finished, packaged dry flower and extracted material that is then sold domestically, in Colombia, and exported to wholesale cannabis markets abroad.
“Global cannabis markets are growing at an incredible rate, and Flora is ready to meet that demand for cannabis-derivatives with the completion of our new EU-GMP compliant extraction facility in Colombia,” noted Luis Merchan, the President and Chief Executive Officer (“CEO”) of Flora Growth.
With the completion of the EU-GMP certification, coupled with Flora’s recent Good Agricultural and Collection Practices (“GACP”) certification, the company will be poised to target the international medical cannabis markets. The goal is to disrupt this industry globally, leveraging its cost advantage given that its outdoor-cultivated cannabis is grown at as little as 6 cents per gram.
“This is another major step for Flora Growth, as we are now in a position to seek EU-GMP certification, with the ultimate goal of disrupting the global cannabis derivatives market with our low-cost product,” noted Mr. Merchan.
“Further, the completion of the facility immediately allows us to supply extracts and derivatives to our CPG portfolio, including Flora Beauty and Kasa brands, unlocking additional cost efficiencies,” he added.
Jason Warnock, the Chief Research Officer (“CRO”) of Flora Growth, is confident that this new Colombia facility will have long-term benefits given the potential that the cannabis derivatives market currently has. He is also optimistic that it will help increase the range of the company’s products for a growing international medical market.
Flora Growth also recently established an Advisory Board in a move that seeks to develop the company’s corporate structure and include a robust roster of human capital. Its most recent addition to this Board is Tim Leslie, an accomplished business leader, and cannabis industry expert, who will now serve as its Chairman (https://cnw.fm/FCdk3).
Mr. Leslie will lend over two decades of experience working at Amazon and his law educational background from Yale. He has made a name for himself working with scaling companies, building and managing Amazon’s international legal team, and even overseeing the global launch of Amazon Prime Video. Mr. Leslie has also served as the CEO of Leafly, one of the world’s most authoritative digital cannabis data sources. He has also been on the board of various renowned cannabis companies.
“We are pleased and honored to have Tim join us as the first Chairman of our Advisory Board,” noted Mr. Merchan.
“We will look to our newly established Advisory Board for counsel on how to amplify our growth opportunities both domestically and internationally. Tim will play a key role in advising on how best to navigate the regulatory framework of building a truly global company, something he specifically worked on in his time at Amazon,” he added.
Mr. Leslie expressed his excitement following his appointment, citing Flora’s prospects that current clinical trials at the University of Manchester and in the United States can develop new, safe, plant-based medications to treat various conditions, including brain health pain and fibromyalgia. He acknowledged that the type of international growth Flora Growth is aiming for could prove difficult, but he has the experience given where he has worked before.
“I hope to leverage that knowledge to assist the Flora team in making sound strategic decisions that will fuel Flora’s growth on an international scale,” he noted. “I truly believe in the potential of the cannabis industry to improve health, welfare and longevity of people around the globe. I feel that I have found the right fit in supporting this organization,” he added.
Mr. Leslie also serves as an Executive in Residence at Beloit College and sits at the Board of Advisors of Endocanna Health and New Frontier Data.
Additionally, investment company 360 Financial, Inc. recently announced owning 92 stocks with a total value of $219 million as of the last quarter of the 2021 financial year. Among the new purchases were 13,162 shares of Flora Growth, at a purchase price between $1.7 and $5.68 and an estimated average price of $3.44. The impact to the portfolio following this purchase was 0.01% (https://cnw.fm/fZdOb).
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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