Less than a month after debuting on the Nasdaq Stock Market, Colombia-based cultivator Flora Growth is connecting its cannabis pipeline to Europe through a manufacturing and distribution partnership with Hoshi International.
Headquartered in Toronto, but with 95% of its operations in Colombia, globally motivated Flora Growth made a 2-million-euro ($2.4 million) strategic investment to become a preferred supplier to Hoshicap Portugal—a subsidy of Toronto-based Hoshi International—the company announced June 7.
Courtesy of Flora Growth | floragrowth.ca
Luis Merchan became the CEO of Flora Growth in December as the company worked toward a public listing.
The investment will provide Flora access to extraction facilities in Malta and Portugal to process its cannabis derivatives from Colombia and distribute them through Hoshi’s channels throughout Europe. The transaction is the first of many steps intended by Flora to launch its seven brands and 300-plus products across the world, President and CEO Luis Merchan told Cannabis Business Times. Flora’s cultivation practices to supply cannabis derivatives also include business divisions in cosmetics, hemp textiles, and food and beverage.
The Portugal license will allow for the cultivation and import of cannabis produced through good agricultural and collection practices (GACP)—guidelines outlined by the World Health Organization for medicinal plants—and also