Flora Growth Corp (FLGC) Receives CGMP Certification of Compound Formulation Lab; Launches Prescription Cannabis Medicines in Colombia
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Flora Growth Corp. (NASDAQ: FLGC) (“Flora'' or the “Company”), a leading cultivator, manufacturer and distributor of global cannabis products and brands, announced today the certification of its Bogotá-based compound formulation laboratory, Flora Lab 4, following the required regulatory inspection by INVIMA (Colombia’s FDA). The inspection certifies the lab as meeting Current Good Manufacturing Practices standards as determined by INVIMA. Flora Lab 4 specializes in manufacturing compound formulations utilizing cannabis derivatives and traditional master formulas.
Flora Lab 4 will now begin offering its cannabis formulations as well as design, development and manufacturing services for third parties. The lab will also make available to clients its experienced team members, knowledge of cannabis and modern facilities to promote the growth of the medical cannabis sector.
To begin, the team has developed eight cannabis-based formulations, in both topical and ingestible formats, specially designed to aid in the treatment of specific ailments, including various skin conditions, multiple sclerosis, anxiety and dementia. The team hopes to gather patient-reported pilot-study data to better understand patient responses and outcomes.
“We are very pleased to have received CGMP certification and to bring effective medicinal cannabis treatments to patients in Colombia. We applaud the Colombian government’s acknowledgment of the power of this plant by requiring all health insurance providers to cover the cost of medical cannabis. This policy is fundamental to fair access to these medicines for Colombia's roughly 30 million eligible patients,” said Luis Merchan, Chairman and CEO of Flora. “At Flora, we know the future of cannabis relies heavily on the transformation of this unique plant into mainstream medicines, accessible to the populations who need it most. We are proud to be playing a leading role in the progress toward that goal.”
With the approval from INVIMA, cannabis medicines can now be accessed by doctor networks throughout Colombia and can immediately be prescribed to patients over the age of 18. This offering comes as a law that went into effect on January 1, 2023, requires all insurance providers in the country to cover the cost of medical cannabis treatments for patients.
Flora is committed to creating sustainable growth in its Pharmaceutical division by utilizing high-quality raw materials sourced from its cannabis cultivation and processing operations in Colombia. These materials are then used for applied research initiatives in medical cannabis, contributing to the development of innovative and effective pharmaceutical products that can be used around the world. By ensuring the quality of its raw materials, Flora Lab 4 can confidently pursue its goal of advancing the medical cannabis industry and improving the lives of patients in need.
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