Following its recent acquisition of Franchise Global Health Inc. (FGH), Flora Growth now has direct distribution lines to Europe.
In December 2022, Flora closed the previously disclosed acquisition of all of the issued and outstanding shares of FGH, a multi-national operator in the medical cannabis and pharmaceutical industry, with principal operations in Germany.
Flora has stated that the acquisition of Franchise Global Health and the integration of the German and European teams accelerates Flora’s immediate opportunity for medical products in Germany and positions the company well for the potential incoming recreational market.
Read more: Flora Growth completes lab specialising in prescription cannabis
Chairman and CEO of Flora Growth, Luis Merchan, commented: “As the largest cultivator of commercial cannabis in Colombia, our ability to activate our farm and distribute products is nearly unmatched.
“With the acquisition of Franchise Global Health completed just last week, we now have direct lines of distribution to Germany and the rest of Europe.”
FGH’s German businesses operate primarily in the pharmaceutical, medical device and medicinal cannabis import and distribution markets, servicing more than 1,200 pharmacies in Germany and providing non-cannabis medical products to 28 additional countries.
Colombian exports to Europe
Flora has also confirmed that it successfully exported nearly 1,000kgs of dried cannabis and derivatives to Europe and the United States in the fourth quarter of 2022.
The company’s export activities are a part of the full commercialisation of the Cosechemos farm and Flora Lab One facility in Bucaramanga, Colombia.
The activities were enabled following the April 2022 passage of Resolution 539 permitting licensed cannabis cultivators with export quotas to export dry cannabis flower. Since the passage of the Resolution, Flora has been focused on ramping up the commercialisation and export of dry flower to Europe.
Flora Growth also updated its previously announced 43,000kg export quota to include multiple strains of THC flower, including four additional high-THC genetics, and increased limit to the production of psychoactive derivatives for domestic use in the Colombian medical market.
In November 2022, Flora Growth completed the construction of its new laboratory, specialising in the manufacturing of compound formulations utilising cannabis derivatives and traditional master formulas.
Located in Bogota, Colombia, Flora Lab 4 will be part of Flora’s group of laboratories including existing labs that produce cosmetics, phytotherapeutic products, dietary supplements, and cannabis extraction and transformation.