Flora Growth Corp. (NASDAQ:FLGC) has received its 2022 export quota from the Colombian Government, totaling up to 43,600 kg of high-THC cannabis.
Why It Matters?
The 43,600kg allotment enables Flora to produce and export both high-THC dry flower and cannabis derivative products.
Flora will be able to export its GACP (Good Agricultural and Collection Process) certified products to legal cannabis jurisdictions around the world.
This updated quota will now allow sufficient export of medical cannabis products to meet Flora's existing and future supply agreements in both bulk dry flower and derivatives.
"With receipt of this expanded 2022 quota, we can now work towards fulfilling previous agreements, including the agreement with Artos Ltd. to send high-THC cannabis to Israel and other legal markets,” Jason Warnock, chief commercial officer at Flora Growth, said. “The changes to the export quota this year represent a major milestone for Colombian exports and provide a clear pathway for the region to make a significant global impact on the cannabis industry."
Green Light For Cultivation Of Four Additional Strains
In the meantime, Flora also received approval for the cultivation of four additional strains from the Colombian Agricultural Institute (ICA or Instituto Colombiano Agropecuario) on March 11th, 2022.
These genetics include high yield THC and high yield CBD strains that can be used for commercial purposes. Flora will begin the process of integrating these new genetics into the cultivation and export process this year.
The Colombian Ministry of Health and Social Protection quota system does not include or limit the cultivation or production of high-CBD flower or derivatives with less than 1.0% THC, as only high-THC or psychoactive cannabis, requires a formal export quota.
“We wish to thank the Colombian government, partners and regulators for working with Flora to build a framework for long term success in medical cannabis," Luis Merchan, CEO of Flora Growth, said.
Cosechemos is Flora Growth's fully licensed, 247 acre (10 million square feet) cultivation and manufacturing facility and includes a post-harvest extraction laboratory measuring 10,500 square feet on site.
To meet Luis Merchan in person sign up for the Benzinga Cannabis Capital Conference in Miami, where he is a speaker among many other top names in the cannabis industry. Click here for more info.
Photo: Courtesy of Paul Teysen on Unsplash
