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Flora Growth Corp. (“Flora” or the “Company”) is pleased to announce it has launched a new brand, Almost Virgin, through Kasa Wholefoods (“Kasa”). The Almost Virgin brand is anticipated to consist primarily of various CBD-containing sensual products.
Further to this announcement, two companies that Flora intends to acquire pursuant to letters of intent have received approvals from the United States Food and Drug Administration (“FDA”). Kasa’s Mambe brand, which produces food and beverages using responsibly sourced exotic fruits from the Amazon, received FDA approval to import select products to the United States. Breeze Laboratory received notice that its business registration with the FDA has been approved.
About the Almost Virgin Brand
Almost Virgin was conceived to satisfy the curious minds of our bold and sensual customers. The initial collection is designed to enhance sexual experiences in our lives and to increase awareness about our bodies and health while helping relieve stress from today’s fast-paced and demanding life.
The initial collection is anticipated to include CBD-based recipes with all-natural ingredients and shall consist of a sex oil and an oral spray. Flora is expecting to sell the Almost Virgin brand in the United States by the end of September 2020.
In August 2020, both the CBD sex oil and oral spray received approval from the Colombian Sanitary authority (INVIMA), which permits CBD sales of the products in Colombia. The product is currently being manufactured by Breeze Laboratory and is immediately available for sale.
“Based on our market research, there is an unmet demand for sensual products in the CBD space,” commented Flora’s President of Consumer Goods, Luis Merchan. “We believe the Almost Virgin brand is well-positioned to satisfy customer needs and generate meaningful revenues for Flora,” he continued.
About the Mambe Export Approval
Kasa’s Mambe brand has received approval from the FDA to import their assorted single-origin chocolates and native Colombian superfruit juices into the United States. Kasa intends to import these products into the United States without CBD until necessary approvals are obtained. In the interim, Kasa’s CBD-containing juices and chocolates are being produced in Colorado and Florida for distribution in the United States.
A submission for approval of the import and distribution in Canada for the Mambe CBD and non-CBD portfolio has also been submitted and is expected in the fall of 2020.
About the Breeze Laboratory FDA Registration
Breeze Laboratory received notice from the FDA that its business registration was approved. This will allow Breeze Laboratory to apply for FDA approval for individual products as required by U.S. regulations.
This approval is an important step in the growth of Flora’s business as it is a necessary step in selling our portfolio of goods in the U.S. Further, it demonstrates our commitment to producing high-quality consumer products with complete transparency on ingredients.
About Kasa Wholefoods
Kasa Wholefoods is a Colombian company that owns the Mambe brand, which produces food and beverages using responsibly sourced exotic fruits from the Amazon.
Earlier this year, Flora announced the signing of a letter of intent to acquire a 90% stake in Kasa Wholefoods. The transaction is subject to the parties negotiating and entering into a definitive agreement and is expected to close after the current Regulation A+ Tier 2 offering.
About Breeze Laboratory S.A.S.
Breeze Laboratory is a cosmetic and dermo-cosmetic development and manufacturing company based in Bogota, Colombia. The company currently manufactures INVIMA (Colombian FDA-equivalent) approved cosmetics and dermo-cosmetics and has started the process of building EU-GMP compliant facilities. These facilities are projected to be used to manufacture products for Mambe, Flora Beauty, and Cronomed using the organic CBD oil produced at Cosechemos.
Earlier this year, Flora announced the signing of a letter of intent to acquire a 90% stake in Breeze Laboratory (the “Transaction”). Completion of the Transaction remains subject to the parties negotiating and entering into a definitive agreement and is expected after the current Regulation A+ Tier 2 offering closes.
Flora Growth Corp.
Flora is a vertically integrated cannabis company striving to be a globally recognized cannabis brand by leveraging low-cost production of cannabis to supply CBD oil to our portfolio of consumer and medical brands. Flora prioritizes organic ingredients and value-chain sustainability across its portfolio to create products that help consumers restore and thrive.
This news release may contain forward-looking statements. These statements include statements regarding the products to be included in the Almost Virgin collection, the timing to completion of the Transaction and the acquisition of a 90% stake in Kasa, as well as the conditions precedent to closing such transactions, importing and selling CBD and non-CBD products into the United States and Canada, including the timing and conditions precedent of any such activities, Breeze Laboratory’s product-specific applications for FDA approval, the ability of Breeze Laboratory’s future facility to manufacture products for Mambe, Flora Beauty, and Cronomed using the organic CBD oil produced at Cosechemos, and the Company’s strategy, and future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
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