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Changing Legal Landscape for Cannabis in Colombia and the U.S. Portends a New Era of Productivity for Flora Growth Corp. (NASDAQ: FLGC)

Oct 17, 2022 | Cannabis News Wire, Media Partners

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  • Colombia and the United States have both recently exhibited new openness to the possibility of decriminalizing adult recreational cannabis use through legislative change
  • Cannabis supplier Flora Growth cultivates its product at a key Colombian farm and provides it to international markets, and may see additional opportunities arise as cannabis policies advance in the two countries
  • Flora Growth recently announced completion of its first shipments of high-CBD dried cannabis flower to Switzerland and the Czech Republic, as well as CBD isolate supplied to its market in the United States
  • The company also recently reported a 604 percent YOY increase in revenues during the H1 reporting period, with a 547 percent gross profit increase during that period

Cannabis may be approaching a new watershed moment as Colombia pushes for national legalization of adult-use marijuana and the United States’ government undertakes long-anticipated discussion of whether to change the drug’s classification. 

The nearly unanimous approval of legislation to legalize and regulate adult-use cannabis by an initial committee reviewing bills in Colombia’s legislature, coupled with the president’s criticisms of decades-long prohibitionist policies and regulatory advances made by his predecessor, position the fertile country with a storied history on the front lines of the global war on drugs to become a major legal producer of cannabis and its derivatives (https://cnw.fm/LcEd8). 

In the United States, the President recently issued executive pardons to criminals convicted of marijuana possession in federal cases and asked federal health and law enforcement agencies to take a fresh look at the possibility of ending marijuana’s classification as an illicit substance, creating energy for cannabis stocks in the country (https://cnw.fm/6gRIf).

International cannabis company Flora Growth (NASDAQ: FLGC) is headquartered in Fort Lauderdale, Florida but operates its cultivation from a 100-hectare (about 247-acre) licensed farming facility in northern Colombia where it develops cannabis products and then ships them into international markets or to its GMP-certified facility in the nation’s capital for transformation into consumer ready goods. 

The company’s NASDAQ listing precludes it from participating in the U.S. domestic market for adult-use cannabis at present, where marijuana has enjoyed some approval on a state-by-state basis despite the federal prohibitions.

But the continually developing approach to recreational cannabis use in Colombia and the United States portends possible new opportunities for the company beyond its current low-cost operation supplying THC and CBD flower and derivatives to international markets and the CBD it provides to its own product supply chain. 

“We are proud to help increase access to safe, legal CBD and THC to consumers all over the globe,” Flora Growth Chairman and CEO Luis Merchan stated last month after the company announced completion of its first exports to of high-CBD dried cannabis flower to Switzerland and the Czech Republic, as well as CBD isolate supplied to its market in the United States (https://cnw.fm/gszmr).

Investors have taken a wary approach to cannabis stocks amid ongoing global economic turmoil continuing beyond the immediate impact of the COVID pandemic. But financial data reported by Flora Growth indicates the company has reason for optimism that its strategic advances are taking it in the right direction. 

Flora’s most recent revenue report states that revenues increased 604 percent increase YOY during the H1 period and 117 percent of the previous half-year report (https://cnw.fm/uYeSp).

“Our gross profit increased 547 percent over that same period last year and we expect our revenues for the full year to grow between 300 and 400 percent for … 2022,” Merchan said as part of the management’s analysis of the results. “Despite (COVID-related challenges and economic uncertainty), Flora business units continue to improve their performance.” 

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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