The 357 Company, a logistics and supply chain management organization, has launched a new division for international pot shipments in partnership with renowned multi-brand cannabis organization, Flora Growth Corp. (NASDAQ: FLGC)
On Monday, the shipping company announced the launch of its 357 Canna Logistics division which will focus on the shipping of hemp and cannabis between nations where it is legally permitted.
The new global shipping arm of 357 will be an expansion of its Hemp Logistics division that was previously only concerned with shipping federally legal hemp within the United States.
Currently, the company is shipping goods between the European Union, South America, the United Kingdom and the U.S.
357 describes the cannabis import/export industry as being in its infancy stages and says that it mainly consists of shipments of non-industrial merchandise such as oil and CBD isolates with less than 0.3 per cent THC due to the regulatory landscape globally.
357 expects other countries will move towards loosening cannabis regulations in the future
“Asia is starting to loosen its cannabis restrictions. We expect to add countries in Asia, possibly as early as 2023, then additional countries in Europe, the Middle East, and South America as they legalize cannabis,” said Jeremy Powers, strategic advisor of international affairs for the company.
“Our international logistics management and shipping services for cannabis are expanding weekly as we build our replicable standard operating procedures and client base in each country,” added Powers.
Powers also added that the company’s diverse experience made it suitable for helping to facilitate the growth of the import/export industry as the U.S. and other nations continue to ease or lift restrictions on cannabis.
The company says the projected growth of the global cannabis market which is largely attributed to increasing rates of legalization and approval of cannabis use in the medical field will help to ensure its new division’s success.
According to ReportLinker, the global cannabis market will be worth US$82.3 billion by 2027 and as reported by Grand View Research, the international pot market will be valued at US$134.4 billion by 2030 — a substantial increase from its current value of approximately US$28 billion.
“We’re launching 357 Canna Logistics with our launch partner, Flora Growth, and several other cannabis companies, who are currently shipping throughout the EU, UK, U.S., and South America, with more countries to be added by year-end,” said Kevin Schultz, Co-Founder and President of 357.