MIAMI & TORONTO--(BUSINESS WIRE)--Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, announced today that its Flora Lab division is launching a new cannabis wellness brand, Munzhi.
“Through market studies, consumers have indicated they want the wellness benefits of cannabis, but at an affordable price. Munzhi helps fill that need as well as an important gap in our product portfolio,” said Luis Merchan, President and CEO of Flora Growth. “The inaugural collection for Munzhi includes 12 products across four categories: Wellness, Hair, Body, and Face. The collection combines the benefits of cannabidiol (“CBD”) as an active ingredient, with other plant-based ingredients such as lavender oil and chamomile coconut amongst others.”
According to Beauty and Personal Care Euromonitor, the wellness market in Colombia is valued at US$2.3B. Initially, Munzhi will target this market with products including facial serum, shampoo, conditioner, shower gel, body ointment, and a moisturizing lotion amongst others. Over time, the brand portfolio will increase based on evolving market demand and internal R&D projects.
Flora Lab serves as Flora Growth’s manufacturing and research and development division for pharmaceuticals, cosmetics, and nutraceuticals. Earlier this Fall, Flora Lab received its cosmetics GMP certification from INVIMA to manufacture cosmetics products.
The facility is a modern 16,000-square-ft manufacturing facility that holds 3 GMP certifications and boasts a diversified portfolio with over 190 products and 63 over-the-counter (“OTC”) products registered and licensed with INVIMA (Colombian FDA equivalent). The division is focused on expanding its 2,500+ distribution channels and developing new cannabinoid and non-cannabinoid containing products to sell to its network of pharmacies and wholesale clients domestically and internationally.
About Flora Growth Corp.
Flora is a cannabis company that leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. As the operator of one of the 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.
Cautionary Statement Concerning Forward-Looking Statements
This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: the size of markets for cannabis and cannabis products; Flora’s ability to execute on its research and pharmaceutical strategies; the results of Flora’s research; the collaboration with third parties; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, or the forward-looking events discussed in this document and other statements made from time to time by us or our representatives not occurring, except as may be required by applicable law.