Flora Growth Corp. (NASDAQ: FLGC), a Florida-based company focused on cultivating outdoor grown pot, has finished the construction of a laboratory in Colombia that will manufacture prescription cannabis formulations.
The company announced the news on Wednesday and its new “Flora Lab 4” will be the latest addition to a series of laboratories producing dietary supplements, cosmetics, cannabis extracts and other herbal remedies.
Flora says the new lab will also offer design, development and manufacturing services for its master formulas to third parties, which will educate clients about the company’s knowledge of cannabis to help encourage growth in the sector.
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The initial prescription formulations developed in Lab 4 will help treat specific ailments like acne and social anxiety. The company is currently awaiting a regulatory inspection from The Colombia National Food and Drug Surveillance Institute (Nacional de Vigilancia de Medicamentos y Alimentos or INVIMA) to complete its certification in Colombia.
Once the inspection has been successfully completed the company will be able to provide its new formulations to doctors in the country.
Flora also says the lab will function as its hub for the discovery, development, manufacturing and commercialization of phytocannabinoid-based prescription remedies and nutraceutical products to treat a diverse range of diseases and health conditions.
“The completion of Flora Lab 4 is an important step in Flora Growth’s progress toward commercializing medicinal cannabis. This lab is built to produce prescription-grade medications and manufacture cannabis-based formulations,” said Luis Merchan, Chairman and CEO of Flora Growth Corp.
“We look forward to giving access to prescribing doctors in Colombia and more importantly, to patients who stand to benefit from safe, high-quality medicinal cannabis.”
rowan@mugglehead.com