Flora Growth (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, is working with the 357 Company to launch 357’s Canna Logistics division. The new division is an expansion beyond 357’s Hemp Logistics segment, which ships federally legal hemp within the United States. According to the announcement, the new division will focus on logistics management and shipping of cannabis and hemp between countries where cannabis has been legalized. 357 is working to expand into international shipping of cannabis, hemp and industrial hemp; the cannabis export/import industry is new and poses significant potential for shipments of nonindustrial products, including CBD isolates and oils.

International shipping can be complicated, and 357 is a pioneer in international cannabis shipping; the company looks to be one of the few companies with both experience in cannabis and international logistics. 357 is collaborating with Flora Growth to fulfill FLGC’s international logistics management needs as well as provide quality customer service with a single point of contact; the company is also committed to delivering cannabis in a timely, safe, and affordable manner. “357’s extensive experience in international freight forwarding, logistics management and operations at major cannabis multi-state operators, coupled with expertise in transport security and pharmaceutical and food delivery, provides the comprehensive knowledge and skill set for managing the complexities of international logistics in the highly regulated cannabis industry,” said Flora Growth chief commercial officer Jason Warnock in the press release. “We’re looking forward to growing together in this exciting new market space.”

To view the full press release, visit https://cnw.fm/mJP5q

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that delivers the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. For more information about the company, please visit www.FloraGrowth.ca.

NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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Recently President Joseph Biden gave a speech on his administration’s actions to relieve student debt. At the end of his speech, the president talked about his clemency proclamation on marijuana, noting that he recognized the issue’s popularity, especially among young voters.

President Biden stated that he was keeping his promise that no individual should be jailed for possessing cannabis, emphasizing this pardon only applied for possession and adding that these records needed to be expunged. The clemency action, which only impacted resident/legal alien offenders and U.S. citizens who had committed federal marijuana possession offenses, has been criticized by advocates who argue that Biden should have expanded his proclamation to include individuals who sold cannabis.

The president has been discussing his marijuana relief decision this last month, stating at one point that he had changed the lives of thousands of individuals. Recently, he has also indicated that he is not willing to extend the relief to those with convictions related to the sale of cannabis. Activists with the Last Prisoner Project, Sensible Drug Policy and DCMJ have been protesting outside the White House to highlight this issue and request that the president release the thousands currently incarcerated in federal prisons for cannabis convictions that aren’t limited to simple possession.

In a recent interview with Pod Save America, Rep. Alexandria Ocasio-Cortez stated that while the president’s proclamation needed to be applauded, the action was limited because it did not include noncitizens who made up a large portion of federal possession cases. Meanwhile, the Office of National Drug Control Policy praised the president’s move to issue a mass pardon and order that an administrative review of marijuana’s scheduling status be conducted. This comes after the president called attention to the fact that medical benefits of marijuana did exist, noting that they shouldn’t be ignored due to unrelated concerns about its use by the youth.

The Department of Health and Human Services and the Department of Justice have announced that they are both committed to conducting the review as directed, with Health Secretary Xavier Becerra stating that officials would work quickly to conclude the analysis, as per the president’s directive. The review could cause marijuana to be placed in a lower schedule or be removed from the scheduling list completely, which would legalize the plant under federal law.

The Justice Department also issued a statement, noting that it would administer Biden’s proclamation swiftly and help restore civil, political and other rights to individuals convicted for the simple possession of cannabis.

As these systemic wrongs are corrected, the ultimate shift would be to end prohibition once and for all so that entities such as Flora Growth Corp. (NASDAQ: FLGC) don’t have to walk a tight rope between federal and state marijuana policies.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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• Flora Growth signed a definitive agreement with FGH to acquire 100% of all issued and outstanding shares by way of a statutory plan of agreement
• The deal is expected to close in December following the presentation of the agreement to shareholders; the acquisition will open Flora to the German and EU medical markets, increasing the company’s international revenue and providing essential distribution to German pharmacies and a growing wholesale market
• FGH’s acquisition adds to Flora’s expanding list of subsidiaries which currently comprise Vessel Brand Inc. and JustCBD, among others, and it is expected to deliver at least $3 million in annualized cost synergies within the first year
• Luis Merchan, Flora’s Chairman and CEO, has noted that he believes the company has a path to profitability that few global cannabis companies can achieve, and the acquisition shows Flora’s commitment to achieving this profitability
• The acquisition also highlights the company’s understanding of the global cannabis space, the opportunities therein, and what it would take for it to become the undisputed market leader

Flora Growth (NASDAQ: FLGC), an internationally focused cannabis builder that leverages natural, cost-effective cultivation practices to supply cannabis derivatives, is looking to grow its product portfolio and expand its market reach with the proposed acquisition of Franchise Global Health Inc. (“FGH”), a multi-national operator in the medical cannabis and pharmaceutical industry (https://cnw.fm/oVQPK).

With principal operations in Germany, FGH’s acquisition will open Flora up to the German and European Union (“EU”) medical markets, which its management notes will significantly increase the company’s commercial international revenue.

Flora signed a definitive agreement with FGH to acquire 100% of all issued and outstanding shares by way of a statutory plan of arrangement. The company expects to close the deal in December following the presentation of the agreement to shareholders. Completion of the agreement will be subject to certain closing conditions customary for transactions of this nature, including, but not limited to, approval by the Supreme Court of British Columbia.

FGH will add to Flora’s expanding list of subsidiaries comprising Vessel Brand Inc. and JustCBD, among others. It is also expected to deliver at least $3 million in annualized cost synergies within the first year, mainly in reduced corporate administrative expenses.

“Through this proposed acquisition, we are connecting our commercial infrastructure and medical cannabis product portfolio to the German and EU medical markets while gaining direct access to European pharmaceutical distributions,” noted Luis Merchan, Flora’s Growth’s Chairman and CEO.

“We believe Franchise will significantly increase our commercial international revenue and provide essential distribution to German pharmacies and a growing wholesale market,” he added.

In August, Flora released its financial results for the first half of the 2022 financial year (“H1 2022”). Most notably, the company delivered on its promise to double revenue compared to H2 2021, lauding the integration of both Vessel and JustCBD. In addition, the company’s management expressed its confidence in maintaining the current trajectory to deliver its full-year guidance due to continued growth in its House of Brands.

“We continue to prudently manage our overhead and working capital as we expect to improve profitability going forward,” noted Mr. Merchan.

“We believe we have a path to profitability that few global cannabis companies can achieve in this difficult moment. The execution of our key initiatives is a testament to our team’s ability to deliver on plan. We will continue to execute as we focus on profitability and long-term value creation,” he added (https://cnw.fm/jcgmb).

FGH’s acquisition is poised to bolster Flora’s profitability while strengthening its market presence. The move is also a testament to the company’s commitment to its vision of global market dominance. In addition, it reflects its management’s competence and understanding of what is required for the company to grow and achieve its short-term and long-term goals. Still, most importantly, it shows Fora’s understanding of the global cannabis space, the opportunities therein, and what it would take to become the undisputed market leader.

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

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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When the 2018 farm bill was passed, hemp and all its derivatives were legalized nationally as long as the hemp used didn’t exceed 0.3% THC on a dry-weight basis. In Missouri, one entrepreneur has made a seltzer using delta-9 THC extracted from hemp, and he believes his invention is perfectly legal since it isn’t made from marijuana and the total THC content doesn’t exceed the threshold set for industrial hemp.

Joshua Grigaitis, the owner of a company called Mighty Kind, is the man who seems to be pushing the legal limits of the 2018 farm bill. He asserts that his lawyers, bankers and insurers along with the test labs he uses all agree that the seltzer doesn’t exceed the 0.3% cap for hemp. He also asks an intriguing question: why would he sell his hemp-derived product in a cannabis retail shop or other such highly regulated sales outlet when bars, CBD shops and even grocery stores can suffice?

However, not everyone agrees with the way Grigaitis views his THC drink. For example, Jonathan Miller, the Hemp Roundtable’s general counsel, says the 0.3% THC cap for hemp refers to how much of this cannabinoid is present in a hemp plant rather than in a hemp-derived product.

Others are concerned that products such as those made by Grigaitis can easily be accessed by underage youth since no age restrictions exist for the sale of those products, in contrast to the careful scrutiny exercised before one is allowed to buy a marijuana product.

As things stand, Grigaitis isn’t alone in exploiting the apparent legal loopholes in the law legalizing hemp. CBD Oracle published a study in April this year showing that at least 120 products containing delta-9 THC derived from hemp were on sale on the internet.

Delta-9 THC extracted from hemp isn’t the only hemp-derived cannabinoid exploiting legal gray areas in the farm bill of 2018. Many hemp-derived products also contain delta-8 THC, another intoxicant that isn’t as potent as delta-9 THC. Several states, including New York and Colorado, have banned products containing this cannabinoid.

Since the 2018 farm bill expires in 2023, advocates hope that the 2023 bill will address some of the concerns and loopholes that have emerged during the implementation of this expiring farm bill. Some advocates, such as the Hemp Roundtable, hope that lawmakers will include provisions that regulate the quantity of THC found in finished products instead of the existing limit referring to plant matter. How the final bill shapes up is likely to have implications for an array of cannabis industry actors, including Flora Growth Corp. (NASDAQ: FLGC). Meanwhile, Grigaitis’ home state of Missouri will have an opportunity to decide on Nov. 8, 2022, whether recreational marijuana becomes legal or not.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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• Flora Growth is a cannabis cultivator and international brand developer with a strong base of operations at its licensed facility in northern Colombia
• Flora recently announced its plans to acquire multi-national operator Franchise Global Health (“FGH”), the latest of its strategic acquisitions designed to boost revenues and expand Flora’s international footprint
• FGH is focused on the German market, where its subsidiary was the first company to sell cannabis
• Germany is in turn expected to provide the companies a launching pad for success in Europe, where opportunity is defined by the fact that currently Germany provides 75 to 80 percent of Europe’s cannabis sales
• Flora has already reported cooperative agreements to increase its product distribution pipeline to Switzerland and the Czech Republic

Cannabis cultivator, brand manufacturer and global distributor Flora Growth (NASDAQ: FLGC) is aiming for continued revenue boosts through strategic acquisitions, announcing Oct. 24 that it will obtain the issued and outstanding shares of multi-national operator Franchise Global Health Inc. as the company positions itself to expand its wholesale cannabis sales and brand distribution operations in Europe.

The company stated in its news release that it expects the acquisition to result in at least $3 million of annualized cost synergies within the first year as they eliminate repetitive costs between the two companies (https://cnw.fm/ljXkj). Both companies expect to announce their Q3 financial reports in the near future and while the announcement doesn’t otherwise provide projections of their future performance, Flora’s acquisition strategy has injected significant revenue in recent months, such as when it announced that H1 revenues grew 604 percent YOY to about $15 million (https://cnw.fm/waQOr).

Flora and Franchise Global Health (stylized FGH) expect to close the all-stock deal in December following presentation of the agreement to FGH shareholders for a vote.

“At Flora, we believe that cannabis will dramatically improve the wellbeing of consumers around the globe and that it will become an international trade. Our company exists today to capitalize on that opportunity,” CEO Luis Merchan stated in a video interview about the agreement (https://cnw.fm/jVpFM).

“Together we have a very sustainable business,” FGH CEO Clifford Starke stated during the interview. “We have extremely strong revenue performance without executing on really what we’re trying to do, which is become a fully integrated medical cannabis company of high THC products.”

One of Flora Growth’s strategic acquisitions earlier this year was consumer wellness brand JustCBD, which increased Flora’s profile to more than half a million wellness consumers and 14,000 points of distribution in the United States at the time.

JustCBD’s 79 products registered with the UK’s novel foods standards agency are expected to also help the company expand its operational footprint in Europe and the United Kingdom where CBD is still nascent. Within the United States the company’s NASDAQ listing precludes Flora from participating in the THC (traditional tetrahydrocannabinol cannabis) market however Flora does provide THC and CBD flower and derivatives to international markets thanks to its strong position with a licensed cultivation, extraction and isolation facility in northern Colombia’s fertile climate.

FGH was the first company to sell cannabis in Germany, and the companies perceive Germany as they key to entering the rest of Europe.

“Our full focus is on Germany,” Starke said. “Our strong position is on the distribution front. … Which, if this cannabis market is going to come to life, which we all believe so, … we’re extremely well positioned to go past Germany into the rest of Europe. It’s very important to understand that 75 to 80 percent of the sales in Europe are accounted in Germany.”

Starke added that the acquisition will fill FGH’s strongest need — supply of cannabis. Given Flora’s Colombian cultivation and cost advantages and FGH’s existing relationships with more than 1,200 pharmacies, the companies believe they are well suited to lead the way in medical cannabis in Germany.

“When we started up in Germany and going into 2019, we were selling 60, 70, 80 kgs a month quite easily, and unfortunately supply constraints really limited us and now we’re back on path to regain market share,” he said.

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

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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Flora Growth Corp. (NASDAQ: FLGC) is a cannabis cultivator, brand manufacturer and global distributor. “The Canadian company with a productive base of operations in Colombia’s fertile greenbelt is licensed to cultivate cannabis on a 100-hectare (about 247-acre) farming facility and then deliver its product to its GMP-certified processing facility in the nation’s capital, where beauty, phytotherapeutic and nutraceutical products are prepared for market…. Flora’s brand division is focused on developing plant-based consumer products, such as cannabinoid-infused juices, gummies, topicals, inhalables, and skin care. But the company also prioritizes the manufacture of ‘cannabinoid-derived medical formulations that can be sold domestically and internationally,’” a recent article reads. “In September, the company announced that it had completed its first exports of high-CBD dried cannabis flower to Switzerland and the Czech Republic and CBD isolate to the United States. ‘We are proud to help increase access to safe, legal CBD and THC to consumers all over the globe. We look forward to working closely with our partners in Europe and North America to bring high-quality Colombian cannabis and raw materials to market,’ Flora Growth Chairman and CEO Luis Merchan stated at the time.”

To view the full article, visit https://cnw.fm/tB1Rd

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands and life sciences divisions. Visit www.FloraGrowth.com or follow @floragrowthcorp on social media for more information.

NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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• President Biden issued a pardon for federally incarcerated inmates with minor marijuana possession charges, urging governors to do the same at the state level
• The President also requested a reclassification of cannabis, as it is currently listed above other drugs which are key factors in the overdose epidemic
• Flora Growth, through its Colombian cultivation, is producing a higher quality product at lower-than-average cost margins due to the country’s stance on cannabis regulations

With midterm elections right around the corner, voters in five states – Arkansas, Maryland, Missouri, North Dakota, and South Dakota – will determine the legality of recreational marijuana use within each state on voting day. If passed, these states will join 19 states, two territories, and D.C., which have embraced recreational marijuana use legalization. Currently, 37 states, three territories, and D.C. already recognize the legal use of cannabis for medicinal reasons. According to Paul Armentano, deputy director of the National Organization for the Reform of Marijuana Laws, “When you look at ballot campaigns in the past, you’ll see that this is an issue that crosses traditional party lines. We anticipate similar outcomes this November” (https://cnw.fm/cvqld).

Early in October, President Biden released a formal statement on his goals for marijuana reform across the country. Citing how criminal records can impose unnecessary barriers to employment, housing, and educational opportunities – more disproportionately to those people of color who are more often arrested, prosecuted, and convicted. His announcement included three steps – pardoning all prior federal offenses of simple marijuana possession, urging the governors to do the same in their respective states, and initiating a review by the Secretary of Health and Human Services and the Attorney General to review the classification of marijuana, which is classified higher than drugs currently driving the overdose epidemic (https://cnw.fm/xpxsm).

President Biden’s request for the reclassification of marijuana and the pardons issued at the federal level is helping to change the landscape of the cannabis industry. An international cannabis company, Flora Growth (NASDAQ: FLGC), is focused on cannabis brand building, leveraging natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions, including cosmetics, hemp textiles, and food and beverage. The company operates one of the largest outdoor cultivation facilities in the world with the aim of marketing higher-quality premium products at below-market prices. Flora Growth offers low-cost cannabis cultivation, an expansive brand and product portfolio, and a strategic global distribution platform. The NASDAQ listing of the company precludes it from participating in the US domestic market for adult use presently due to federal prohibitions.

The global cannabis cultivation market was valued at $323.9 billion in 2022. The market is expected to grow at a CAGR of 21.4% from 2022 to 2030, resulting in a market valuation of $1,844.1 billion by 2030. The growing interest in legalizing cannabis for medicinal and recreational use is a driving factor in the market’s growth (https://cnw.fm/FAA2e). Liberalization of laws regarding cannabis cultivation, especially hemp cultivation, has created opportunities in the market – which Flora Growth is leveraging, with the cultivation of its product at a key Colombian farm for international markets.

Flora Growth’s Colombian cultivation provides key advantages, including location, climate, and natural resources – all of which reduce the costs of traditional cultivation. With Colombia’s administration focused on progressive cannabis regulations, Flora Growth can produce high-quality, high-margin products leveraging Colombia’s geo-advantageous location. Over 70% of all cut flowers imported into the US come from Colombia – but Flora Growth is taking it one step further by reducing the associated costs, coming in at just $.06 per gram.

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

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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• Flora Growth recently participated in an earnings call in which the management team discussed the company’s financials as well as its growth strategy and outlook for the remainder of fiscal 2022 as well as 2023
• The company noted it had exited a period of investment and is now focusing on execution
• The period of investment saw the company acquire synergistic brands that, collectively, create a direct-to-consumer house of brands, enabling the company to enter nearly any target market regardless of the legal status of cannabis
• The company also invested in the infrastructure necessary for the activation of its cultivation facility in Colombia, enabling it to progressively capitalize on new market opportunities that accompanied the legalization of the export of cannabis flower

The start of the second half of fiscal 2022 on July 1 marked an important transition point for Flora Growth (NASDAQ: FLGC), an internationally focused cannabis brand builder on a mission to build a design-led collective of plant-based wellness and lifestyle brands. The company, which had previously focused on expansion driven by acquisitions and other forms of capital-intensive investments, had now entered a period of execution, as CFO Elshad Garayev and CEO Luis Merchan separately emphasized in their presentations during the company’s H1 2022 earnings call held August 15 (https://cnw.fm/mWXcN).

This ongoing execution phase rests on a solid foundation built on a bed of strategic investment strategies that were markedly different from industry peers, according to Jason Warnock, Flora Growth Chief Commercial Officer. The initial thinking by a majority of companies entering a new cannabis market, Warnock says, often involves a rush to build infrastructure and allocate capital toward constructing massive facilities in anticipation of regulatory changes that may breathe life into these investments. Unfortunately, this gamble sometimes proves unrewarding as the changes do not always materialize.

On its part, however, Flora Growth took a different approach that entailed building, through acquisitions, and activating a brand portfolio that includes JustCBD, Vessel Brands Inc., Masaya, No Hemp Co, and Mambe. The resulting house of brands has enabled the company to operate legally in the United States despite the federal illegality of cannabis and the company’s NASDAQ listing, which precludes it from participating in the US domestic market. Additionally, it has ensured Flora Growth does not lock its capital expenditure (“CapEx”) in infrastructure that does not yield returns in the short or long term.

Moreover, and by integrating each brand into its operations, Flora Growth has created a collective capable of capitalizing on emerging opportunities in different parts of the world. This has, in turn, allowed the company to expand its global reach while navigating the different regulatory environments in the different target markets, as Flora Growth Chief Marketing Officer Jessie Casner explained in her presentation.

“Flora Growth’s House of Brands enables the company to enter nearly any target market regardless of the legal status of cannabis or its derivatives because of the diversity of its product offerings. This means Flora can begin to build a customer base, distribution networks, and supply chains in these regions in advance of movements on cannabis regulations affording us a revenue-generating infrastructure that positions us for the future,” said Casner.

But the House of Brands is just one pillar of the company’s growth strategy. The other, its commercial operation, includes a cultivation facility located on a 247-acre property in Bucaramanga, Colombia, and Flora Labs, the company’s manufacturing and R&D centers, located in Bogota and Bucaramanga, Colombia and Fort Lauderdale, Florida, that produce pharmaceuticals, cosmetics, and nutraceuticals for domestic and international markets. (The company also has a life sciences division that constitutes its third growth pillar.)

On April 1, following the passing of Resolution 539, which authorizes the export of cannabis flower from Colombia (https://cnw.fm/DFZoH), Flora Growth commenced the full activation of its cultivation facility. Specifically, the company began cultivating different strains of the cannabis plant for export, departing from its previous focus on the cultivation of cannabis for use in the development of derivative products. According to the earnings call, the company has so far cultivated 8 hectares, five of which support high THC strains of cannabis while the rest support high CBD strains of the plant.

“We continue to invest in the necessary infrastructure of our cultivation and commercial pillar, which up until this point had been in development. We can now realize the value of that investment heading into the second half of 2022 and into 2023. With the activation of this pillar, we are now one of only a handful of companies that are actively moving cannabis-derived products across the globe. We expect that flow of goods to increase substantially in the coming months as we continue to build relationships with regulatory agencies in the governments around the world,” commented Flora Growth CEO Luis Merchan.

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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Under the terms of a new partnership agreed up between Green Thumb Industries and Circle K, residents of Florida will soon have the opportunity to buy their favorite marijuana products at select Circle K gas stations. While making this announcement, Green Thumb clarified that the marijuana outlets will have separate entrances from those used to access the convenience stores at Circle K stations.

Subject to consumer response, additional Green Thumb outlets could be established at more Circle K stations. The current arrangement is for these retail outlets to be established at 10 select Circle K locations. The company that owns Circle K has at least 7,000 Circle K locations in 47 territories and states across the United States. In Florida alone, the brand has 642 stores. The company, headquartered in Quebec, Canada, clarified that it wouldn’t be selling marijuana in its stores in Florida. Rather, Green Thumb would be renting adjacent space in order to establish cannabis retail outlets.

This agreement signed between Green Thumb and Circle K is a good example of how innovation can drive sales and branding within the cannabis industry. This is because obtaining space at Circle K convenience stores gives the marijuana retailer unique access to shoppers who can now combine getting their favorite items at a major convenience store with picking up marijuana products instead of making another stop at a standalone cannabis store.

CEO of Green Thumb Ben Kovler said that he was excited to meet marijuana consumers where they were, and added that the convenience store vertical is one of the fastest-growing segments in consumer shopping trends. He is hopeful that the service the company will be offering at Circle K stations would win over more consumers to the Green Thumb brand.

Green Thumb plans to sell marijuana flower, gummies, pre-rolls and  vapes. The company is setting up a cultivation and manufacturing facility on 28 acres of land located at Ocala, Florida. This facility is expected to be operational by the end of this year, and cannabis sales at Circle K stations will begin early next year.

While marijuana is still categorized as a prohibited substance by the U.S. federal government, numerous states, including Florida, have legalized it for medical and/or recreational use. In Florida alone, the health department’s records indicate that at least 560,000 individuals hold medical cannabis cards. The outlets being opened by Green Thumb at Circle K stations will help to increase access and bring convenience to the qualifying patients who need to buy medical cannabis products.

As the cannabis industry becomes even more competitive, we are likely to see more innovation from various players such as Flora Growth Corp. (NASDAQ: FLGC) in a bid to win over and retain consumers.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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Lawmakers in Washington, DC, recently passed a medical cannabis reform bill that could bring numerous changes to the district’s cannabis policy if enacted into law. This bill removes caps on the number of medical cannabis business licenses that can be issued, creates new classes of cannabis business licenses and promotes social equity within the industry.

This bill was unanimously supported and approved in the Committee on the Judiciary and Public Safety. In its current state, the bill will also make permanent a temporary law previously signed by the mayor allowing adults who are at least 21 years old to self-certify as eligible for medical cannabis within the jurisdiction of DC. The law also paves the way for new categories of medical cannabis businesses. These include consumption lounges and delivery services as well as marijuana cooking classes.

The original text of the bill had proposed that the current number of dispensaries be increased by a defined number. However, the changes made to this text by the committee eliminated the cap altogether and left the decision about how many businesses to license to the responsible agency, which is the Alcohol Beverage Regulation Administration. This body will have to provide lawmakers with an analysis justifying any changes to licensing caps. For example, the regulator can avail data showing that demand for medical marijuana has grown by a given percentage, which outstrips the current capacity of the existing licensed businesses/dispensaries or growers.

In the report attached to the bill, lawmakers say that self-certification is necessary because the cost of getting a recommendation from a doctor is “prohibitive” and it is “difficult” to find a doctor willing to write a recommendation for medical marijuana. However, lawmakers say this approach was necessary to work around the Congressional blockage stopping Washington, DC, from creating a regulated market for adult-use cannabis. Several lawmakers have written to Congress protesting this spending rider wondering why DC was singled out for the blockage while other states and territories are free to pass recreational cannabis legislation.

It should be noted that not all marijuana advocates are thrilled by this draft law making its way through different committees. For example, the i-71 Committee states that it doesn’t support this proposed law because its text raises more questions than it seeks to answer. The legislators expect the bill to undergo a number of amendments as it weaves its way through various committees before it is put before the entire council for a final vote. Marijuana industry actors from around the country, such as Flora Growth Corp. (NASDAQ: FLGC), are likely to keep tabs on this bill until its final fate is determined.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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