Flora Growth Forms Flora Lab Manufacturing Division Around Recently Acquired GMP-Certified Laboratory
May 19 2021 - 6:00AM
Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a
leading all-outdoor cultivator and global manufacturer of
cannabis-derived products and brands, is pleased to announce the
formation of Flora Lab, a consolidated manufacturing division that
will be comprised of the recently acquired Quipropharma Lab and the
strategic business combination of its two medical-focused
divisions, Cronomed and Breeze Laboratory. The newly formed
division is underpinned by Quipropharma Lab, a modern
16,000-square-ft manufacturing facility and holds multiple GMP
certifications with a diversified portfolio with over 190 products
and 63 OTC products registered and licensed with INVIMA
(FDA-equivalent in Colombia).
With both branded products and a suite of
wholesale white-label clients, Flora Lab is expected to serve as
the manufacturing centre for Flora. The addition of the new
manufacturing certifications and production capacity from
Quipropharma when combined with Breeze and Cronomed’s existing
distribution network is expected to increase Flora’s overall
revenue potential. Looking forward, the division will be focused on
expanding its 1,500+ distribution channels and developing new
cannabinoid and non-cannabinoid containing products to sell to its
network of pharmacies and wholesale clients.
Some highlights from Quipropharma Lab
include:
- The laboratory is a modern
16,000-square-ft facility.
- The laboratory holds 2 GMP
certifications:
- Phytotherapeutics
- Dietary Supplements
- The laboratory has the capability
to produce CBD-containing products.
- The laboratory holds 18 domestic
clients and sells branded products along with white-label
products.
“The new Flora Lab division will allow the
Company to increase revenues in the near term through additional
manufacturing capacity and product lines while finding significant
cost efficiencies through synergies and economies of scale,” Flora
Growth’s President and CEO Luis Merchan said. “Flora has always
considered its medical divisions as important pillars of the
Company. The formation of this single division will streamline the
development of new cannabinoid and non-cannabinoid product-lines
and help speed up our growth as we work to increase product
distribution across all channels.”
About Flora Growth Corp.
Flora Growth is a global cannabis company that
leverages natural, cost-effective cultivation practices to supply
cannabis derivatives to its diverse business divisions of
pharmaceuticals, cosmetics, hemp textiles, and food and beverage.
As the operator of one of the world’s 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. Visit
www.floragrowth.ca or follow @floragrowthcorp on social for more
information.
Investor Relations Contact:
Evan Veryard +1 416 571 9037evan.veryard@floragrowth.ca
Public Relations Contact:Cassandra Dowell+1
(847) 271-3443cassandra@cmwmedia.com
Cautionary Notes
This Press Release includes certain statements
that are not historical facts but are forward-looking statements
for purposes of the safe harbor provisions under the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “anticipate,”
“believe,” “continue,” “estimate,” “expect,” “forecasts,” “future,”
“intend,” “may,” “outlook,” “plan,” “predict,” “potential,”
“projected,” “seek,” “seem,” “should,” “will,” “would” and similar
expressions (or the negative versions of such words or expressions)
that predict or indicate future events or trends or that are not
statements of historical matters. Such forward-looking statements
are subject to risks and uncertainties, which could cause actual
results to differ from the forward-looking statements. Factors that
may cause such differences include, without limitation,
expectations with respect to future operating and financial
performance and growth; Flora’s ability to execute its business
plans and strategy and to receive regulatory approvals; the impact
of the Quipropharma acquisition; potential litigations; global
economic conditions; geopolitical events, natural disasters, acts
of God and pandemics, including, but not limited to, the economic
and operational disruptions and other effects of COVID-19;
regulatory requirements and changes thereto; access to additional
financing; demand for Flora’s products and Flora’s ability to meet
demand for its products and negotiate agreements with existing and
new customers; developing product enhancements and formulations
with commercial value and appeal; weather and agricultural
conditions and their impact on cultivation and construction plans.
The foregoing list of factors is not exclusive. Additional
information concerning certain of these and other risk factors is
contained in Flora’s’ most recent filings with the SEC. All
subsequent written and oral forward-looking statements concerning
Flora and attributable to Flora or any person acting on its behalf
are expressly qualified in their entirety by the cautionary
statements above. Readers are cautioned not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. Flora expressly disclaims any obligations or undertaking
to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in its
expectations with respect thereto or any change in events,
conditions, or circumstances on which any statement is based.
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