Flora Signs Agreement With Evergreen

All-outdoor cultivator of cannabis Flora Growth Corp. (FLGC) has entered into a non-binding letter of intent with Australian medical cannabis company Evergreen Pharmacare for its premium flowers and derivative products, the company announced on Thursday.

According to its report, Flora will start exporting as soon as they complete their commercial harvest and complete the necessary licensing protocols. Evergreen, a company that provides its patients with medical cannabis and also works as the educator of its use in Australia, operates via a Special Access Scheme.

Tristan Hyodo, the chairman of Evergreen said "We are absolutely thrilled to enter into this agreement with Flora and to provide Australian cannabis patients with access to premium medical-grade cannabis products at a more affordable price point than ever before due to Flora's strategic low-cost cultivation and processing operations, as well as their global logistics expertise."

Therapeutic Goods Administration of Australia has come up with a new policy where Cannabidiol can be sold over-the-counter in pharmacies. Hyodo said about the new development in the country, "Pharmacy is a natural progression where you can have medical practitioner oversight for patients consuming it for health, while also addressing the accessibility issue seen in other global jurisdictions."

FreshLeaf Analytics, an independent data firm from Sydney, has predicted that the cannabis market in Australia will cross A$200 million in 2021 and another data firm thinks that the market will expand to $1.5 billion by the end of 2025. According to FreshLeaf, an average of one person in every four medicinal cannabis users spend around $8 per day to consume cannabidiol products.

Jason Warnock, the chief revenue officer of Flora, said, "This agreement also provides significant potential upside by allowing us to work with Australian regulators directly and bring our premium brands and established product formulations to the over-the-counter CBD market. Down-scheduling CBD fits well with Flora's long-term consumer product strategy of providing proven cannabinoid wellness and beauty products to consumers around the world and we are excited to work with our partners on this new opportunity."

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