- Flora Growth Corp., a cannabis company with low-cost cultivation and global distribution, recently reached a non-binding LOI with Panamanian importer and distributor Robust Farms Inc. to supply product from its portfolio
- Panama is a country on the verge of opening to medical marijuana sales and the first in Central America to open a regulated market following legislation approved without a dissenting vote by the National Assembly
- Flora Growth maintains a large licensed outdoor operation in Colombia, from which it cultivates cannabis that will be used in a variety of branded products
- Flora Growth has been increasing its international outlets, including an agreement with Hoshi International Inc. expected to open up numerous opportunities in the European Union
On the heels of news that Panama’s National Assembly congress passed legislation legalizing medical marijuana (https://cnw.fm/3NzQt), internationally focused cannabis cultivator and brand builder Flora Growth (NASDAQ: FLGC) is generating excitement through the establishment of a non-binding LOI with Panamanian importer and distributor Robust Farms Inc. to supply its premium cannabidiol (“CBD”)-derivative products.
Panamanian President Laurentino Cortizo is expected to sign the legislation despite a veto campaign from the conservative political opposition, which will make Panama the first Central American nation to regulate the leafy green plant following decades of drug war rhetoric against cannabis and its marijuana product (https://cnw.fm/6LY0T).
Flora Growth will provide Panama’s Robust Farms with cannabinoid-containing food and beverages through its Kasa Wholefoods division, according to the company, once Robust’s cannabis import licensed is approved.
Flora will also provide finished medical-grade cannabis products for patients under the expected regulatory framework.
“We’re extremely pleased to enter into this agreement with Flora in order to pre-emptively secure access to their medical-grade cannabis products — which we believe is the first of its kind to be announced since the cannabis legislation passed — and look forward to supplying our clients with Flora’s premium portfolio of CBD-infused and non-CBD food and beverage products in the short term,” Robust CEO Maurice Holmes Mendez stated in the news release about the LOI (https://cnw.fm/eVvX0).
“While the new proposed framework awaits signature from the President, our team is hard at work building out our traditional and medical cannabis sales channels in the LATAM region, which relies heavily on working with experienced business partners and healthcare practitioners,” Mendez added.
Flora Growth is headquartered in Canada, with its sights on relocating offices to the United States and core product cultivation operations in Colombia. The company’s end user markets include Australia and various countries in Latin America, Europe and Asia, demonstrating its global reach.
The company’s European expansion plans are being advanced through the recent closure of a €2 million investment in Hoshi International Inc. — a fully integrated cannabis company with strong experience in working in the European market (https://cnw.fm/LNt5e).
Germany, which leads the European cannabis market in terms of growth, completed an estimated €111 million in medical cannabis trade between January and September of last year, with flower sales making up about 48.6 percent of the market, according to the Hoshi investment announcement.
For more information, visit the company’s website at www.FloraGrowth.ca.
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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