Flora Growth Forms Flora Lab Manufacturing Division Around Recently Acquired GMP-Certified Laboratory
TORONTO,, May 19, 2021 (GLOBE NEWSWIRE) — 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:
- 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.
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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.