Flora Growth (NASDAQ: FLGC), an all-outdoor cultivator and manufacturer of cannabis-derived products and brands, as signed a Letter of Intent (“LOI”) with Evergreen Pharmacare Pty Ltd. Evergreen is a licensed importer and distributor of medical cannabis products based in Australia, and the LOI calls for Flora to provide raw and finished medical cannabis products for medical cannabis patients. Flora plans to ship the medical-grade cannabis products after the company obtains the correct export licenses and completes its first commercial harvest. The LOI is the second that Flora has signed since recent changes in Colombian law allow the company to sell and export raw cannabis materials, namely dried flower, in addition to derivatives. According to the company, the Australian medical cannabis market is forecast to surpass AU$200 million in 2021 and US$1.5 billion by 2025; some experts forecast that the pharmacist-only CBD market in Australia will reach AU$250 million with approximately 2 million consumers. A key factor in this growth is the decision by the Australian government to move cannabidiol (“CBD”) from Schedule 4 to Schedule 3, which makes it permissible to sell and buy CBD products over the counter. “The agreement with Evergreen will allow us to establish a local partner in Australia while generating incremental revenue from our Colombian cannabis facility and as legislation evolves within Australia,” said Flora Growth chief revenue officer Jason Warnock in the press release. “This agreement also provides significant potential upside by allowing us to work with Australian regulators directly and bring our premium brands and established product formulations to the over-the-counter CBD market. Down-scheduling CBD fits well with Flora’s long-term consumer product strategy of providing proven cannabinoid wellness and beauty products to consumers around the world and we are excited to work with our partners on this new opportunity.”
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About Flora Growth Corp.
Flora Growth is a cannabis company that leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. As the operator of one of the largest outdoor cultivation facilities, Flora strives to market a higher-quality premium product at below-market prices. By prioritizing natural ingredients and value-chain sustainability across its portfolio, Flora creates premium products that help consumers restore and thrive. For more information about the company, please visit www.FloraGrowth.ca.
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