Flora Growth Corp. (NASDAQ:FLGC) has signed an agreement with Artos Ltd. to sell approximately 3,600 kg of dried high-THC cannabis flower to Israel from its Cosechemos cultivation facility.
Through this agreement, Flora Growth seeks to establish a partnership with the Artos team to expand their offering of cannabis products for the Israeli market to also include oils and, when regulations permit, finished THC and CBD consumer products. The export of the high-THC product is pending the dried-flower checklist from the Colombian government from the 2021 update to the cannabis law.
“As Cosechemos continues to reach full-scale commercial production, our team remains focused on increasing our presence in international cannabis markets through distribution agreements that will serve as a gateway into the markets,” Luis Merchan, CEO of Flora Growth stated. “With Artos’ extensive distribution network, this agreement will ensure that safe, high-quality cannabis products are provided to the Israeli cannabis market and offer a valuable source of health and wellness products to the country.”
Artos Ltd. is a privately held, Israel-based consumer products distribution company with a network of over 4,000 distribution points across the country, generating over $50 million in revenue from the international sale of non-cannabis products.
Price Action
Flora Growth shares were trading 6.18% higher at $1.89 per share during Wednesday pre-market session.
