Flora Constructing EU-GMP Compliant Facilities Through Breeze Laboratory
TORONTO, July 15, 2020 (GLOBE NEWSWIRE) — Flora Growth Corp. (“Flora” or the “Company”) is pleased to provide a corporate update on the facilities expansion for Breeze Laboratory S.A.S. (“Breeze”). Since announcing the intent to acquire Breeze in April 2020, Flora has helped initiate several expansion projects to improve Breeze’s manufacturing capabilities to better serve Flora’s brand portfolio.
“Once the acquisition of Breeze is complete, it will be the newest member of the Flora portfolio, and one of the most important, as it will act as the manufacturing hub for our products,” commented Flora’s CEO, Damian Lopez. “Breeze’s ongoing facilities expansion is an important step in growing Flora’s business, and we are excited to provide investors with a full update on the progress so they may better appreciate its significance.”About Breeze’s Facilities ExpansionIn order to meet Flora’s market-expansion targets, Breeze is constructing new facilities that are intended to meet international standards to obtain quality certifications including Good Laboratory Practices, BPE, EU-GMP, and Cosmetics-GMP. These facilities are projected to be used to manufacture products for Mambe, Flora Beauty, and Cronomed using the organic CBD oil produced at Cosechemos.BPE & EU-GMP FacilityA new 6,500 sq. ft. BPE and EU-GMP-compliant manufacturing facility is approximately 30% constructed, with completion forecasted for November 2020. The certification processes will be initiated once construction is complete and approvals are expected as early as February 2021.The new facility will be divided into three segments for different products: sterile master medicines, non-sterile master medicines, and cannabis master medicines. We believe that the BPE and EU-GMP certifications will ensure we adhere to current best-practices for enhancing product purity and safety and are able to export our products globally.Cosmetics-GMP FacilityA second new 10,500 sq. ft. cosmetics-GMP manufacturing facility is approximately 30% constructed, with completion forecasted for October 2020. The certification process will be initiated once construction is complete and approvals are expected as early as January 2021.The new facility is intended to be used for manufacturing Flora Beauty’s line of cannabis and non-cannabis cosmetics. We believe that the cosmetics-GMP certification will ensure product quality and global export capabilities for Flora Beauty’s entire line of products.Update on Breeze’s KEEP CLEAN Coronavirus Prevention KitsBreeze continues to manufacture and sell its KEEP CLEAN coronavirus prevention kits across Colombia through e-commerce (keepclean.com.co) and traditional channels, and on Rappi, South America’s largest on-demand consumer delivery service.Breeze is marketing the kits through assorted partnerships, including with the Esteban Chaves Foundation, and helping educate the broader public about the importance and necessity of taking steps to prevent the spread of the coronavirus. The kits have also received approval for import in the United States, where Breeze intends on selling the kits through e-commerce channels.About Breeze Laboratory S.A.S.Breeze is a cosmetic and dermo-cosmetic development and manufacturing company based in Bogota, Colombia. The company currently manufactures INVIMA (Colombian FDA-equivalent) approved cosmetics and dermo-cosmetics and has started the process of building EU-GMP compliant facilities.Earlier this year, Flora announced the signing of a letter of intent to acquire a 90% stake in Breeze (the “Transaction”). Completion of The Transaction remains subject to the parties negotiating and entering into a definitive agreement and is expected after the current Regulation A+ Tier 2 offering closes.Flora Growth Corp.Flora is a vertically integrated cannabis company striving to be a globally recognized cannabis brand by leveraging low-cost production of cannabis to supply CBD oil to our portfolio of consumer and medical brands.For further information, contact:
Vice President Investor Relations
+1 416 571 9037
Website: www.floragrowth.caCautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding the Company’s operations, Breeze’s operations, the Company’s ability to close the Transaction, the construction and anticipated time to completion of, and BPE, EU-GMP, and Cosmetics-GMP certification processes respecting, the manufacturing facilities, the Company’s and Breeze’s ability to obtain regulatory approvals to infuse medicinal cannabis into products and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.