Flora Growth CEO Meets With Colombian Senator as Bill to Legalize Recreational Cannabis Is Introduced
– Flora applauds new Colombian bill to legalize recreational cannabis in the country proposed to the legislature on July 20
– Bill proposed to Colombian legislature sets the framework for a recreational market, including regulation from INVIMA
– Flora CEO Luis Merchan met with Sen. Gustavo Bolivar, the bill’s author, to discuss the impact on national and international trade
FORT LAUDERDALE, Fla. & TORONTO — Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced today that the Company met with the author of a new bill to legalize recreational cannabis on the day the legislation was introduced to Congress.
Flora’s Chairman and CEO Luis Merchan met with Colombian Sen. Gustavo Bolivar prior to the bill’s introduction to Congress on July 20. Bolivar, the key author of the bill, and Merchan discussed the top tenants of the bill, the bill’s implications for companies such as Flora in Colombia and what legalization means for the country’s burgeoning domestic and international cannabis markets. Video of the discussion between Bolivar and Merchan can be found here.
Highlights of the discussion include:
- Highlights a flourishing cannabis industry in Colombia, including both domestic trade and international exports
- The future of cannabis regulations, including the potential of a new government entity solely focused on cannabis regulation
- Cannabis pharmaceuticals and the need for government regulations and approvals
- Colombia as an upcoming global leader in the legal export of cannabis and its derivatives
“We are honored to work closely with Sen. Bolivar and other key policymakers to support legislation that will provide safe access to cannabinoid-based products both domestically and in international markets,” Merchan said. “We are committed to creating effective, high-quality products. And with the expectation of the passing of this new bill to legalize recreational cannabis, we seek to support further the communities in which we operate.”
Colombia has recently voted in pro-cannabis president, Gustavo Petro, who has expressed his desire for the country to become a leader in the legal cannabis industry. Cannabis for personal use is currently decriminalized in Colombia while medical cannabis was legalized in 2015.
The proposed cannabis legalization bill will allow full recreational cannabis legalization in Colombia, building on resolutions and regulations that are important for the safe development and access of the legal cannabis industry, including oversight by INVIMA. The bill was proposed to the legislature on July 20, 2022.
About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the most extensive 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.
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