Flora Growth Inc, which is based in Toronto and whose stock is traded on the NASDAQ exchange, reported yesterday that is has received permission from the Colombian government to export as much a 7,900 kg of high THC cannabis flower. Flora Growth has already been growing high CBD industrial hemp crops outdoors in Colombia, but has been preparing for entry into the medical cannabis markets as well.
“We have been eagerly anticipating and preparing for this announcement by cloning thousands of plants which we currently have in propagation waiting to be transferred into our fields. While awaiting this quota, we were focused on optimizing our cultivation strategy and demonstrating our industry-leading production costs of just US$0.06 per gram, while continuing to build out our facilities and applying for third party certifications,” said Javier Franco, Flora’s vice president of agriculture.
THC along with CBD
“While we prioritize planting the new high-THC cultivars, it’s also important to note we are actively harvesting our high-CBD crops, and anticipate that this harvest will create a robust pipeline of cannabis derivatives for Flora to use across its premium brands and products, as well as for export to multiple international markets,” he added.
The company has previously announced deals that will mean its products will be distributed in the EU and in Africa.
Flora advertises a wide array of business divisions on its website. The company plans to supply hemp derivates for natural cosmetics as well as dietary supplement and pharmaceutical applications.
Colombia as a hotbed
In Latin America Colombia has been one of the early adopters on the CBD/hemp scene. CBD products are legal there, including tinctures, oils, sprays, topicals and capsules, provided they are sold through a retailer licensed by INVIMA (Colombia’s food and drug regulatory agency) and contain less than 1% THC by dry weight.
Flora’s grow site is located in Bucaramanga, Colombia, which is a medium elevation location north of Bogotá. The company claims to be in the process of certifying its more than 200 acre operation as organic. The company also claims to be applying Global G.A.P. standards to ensure that its crops are grown sustainably and its employees are treated fairly.