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Flora Achieves First CBD Sales in The U.S. Through Flora Beauty

GlobeNewswire

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TORONTO, Aug. 10, 2020 (GLOBE NEWSWIRE) — Flora Growth Corp. (“Flora”, “Flora Growth”, or the “Company”) is pleased to announce the official launch of sales of Flora Beauty products in the United States. These early sales are being generated exclusively through e-commerce channels and serve as a soft launch of Flora Beauty.

“Today marks an exciting day for Flora Growth as we generate our first revenues from the sale of CBD products,” commented Flora Growth’s CEO, Damian Lopez. “We promised investors we would generate revenue in 2020 and we have now officially delivered on our commitment.”

About Flora Beauty Launch

As of today, Flora Growth’s beauty division, Flora Beauty, has commenced sales of its skincare brand, Mind Naturals, through the e-commerce platform www.mindskincare.com.

Mind Naturals is a Colombian skincare line that uses premium CBD as the base for its inaugural collection. The brand was created to celebrate nature and mindfulness and reinforces the importance of celebrating small moments in our daily routine. 

The first collection of the brand launches with four products:

  • Unwind Moisturizer – US$22 per unit
  • Refresh Cleanser – US$12 per unit
  • Decompress Eye Cream – US$18 per unit
  • Relax Hydrating Mask – US$14 per unit

“The skincare market in the U.S generates US$17 billion in annual revenue and is one of the best performing categories in beauty,” commented Flora Growth’s President of Consumer Goods, Luis Merchan. “Consumers today are looking for products to help them relieve burnout and manage an increasingly complex life. At Flora Beauty, we believe healthy skin is the foundation of well-being and balance. The launch of Mind Naturals is the first step to help our consumers find a healthier, well-balanced life.” 

Mind Naturals inaugural line exemplifies Flora Growth’s socially conscious approach to the industry by creating products that are paraben and phthalate free, vegan, and absent any ingredients that utilize animal-testing. Further, all packaging is designed to be sustainable – for example utilizing sugar cane tubing – to help reduce the environmental impact and support our sustainability goals.

The grand launch marketing campaign for Mind Naturals is scheduled for September of 2020 and will target top-designated market areas in the U.S., including New York, Miami, and Los Angeles. The brand will continue to expand its portfolio with the launch of lip balm and rose water in time for the 2020 holiday season.

We expect that Mind Naturals will expand the distribution of its product portfolio into marketplace retail partners and through brick and mortar retail locations in 2021 in both U.S. and South American markets.  

About Flora Beauty

Flora Beauty is Flora Growth’s beauty division. The division markets natural cosmetics and skincare products with CBD through two lifestyle brands focused on quality, transparency, and sustainability.

About Flora Growth Corp.

Flora Growth 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 its portfolio of consumer and medical brands.

For further information, contact:
Evan Veryard
Vice President, Investor Relations
+1 416 571 9037
evan.veryard@floragrowth.ca
Website: www.floragrowth.ca

Cautionary Notes  
This news release may contain forward-looking statements. These statements include statements regarding the Company’s operations, sales of Flora Beauty’s products in the United States, the grand launch marketing campaign for Mind Naturals, the expansion of Mind Naturals’ product portfolio into marketplace retail partners and through brick and mortar retail locations in 2021 in both U.S. and South American markets, and the Company’s 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8be31c3f-e02f-41a6-9230-87f3b3ba916f

Cannabis

Successful completion of feasibility study for the development of topical medical cannabis products based on AKVANO® technology

Vlad Poptamas

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Cannassure Therapeutics Ltd (TASE: CSURE) (“Cannassure”), an Israel based developer and producer of innovative medical cannabis products, announces today the successful completion of a feasibility study for the development of IP protected, homogeneous, topical medical Cannabis products for the treatment of skin inflammation, including psoriatic lesions.

Product development of such topical medical Cannabis products based on AKVANO® is being conducted under a collaboration between Cannassure and Lipidor AB (“Lipidor”), a Swedish topical drug development company, owner of the proprietary drug delivery platform technology AKVANO, which was signed in December 2019. The development project budget is partially funded by the Israeli Innovation Authority, by a non-dilutive grant.

The product under development is an incorporation of cannabinoids with AKVANO®, a topical drug delivery platform. Successful development of the product will allow localized administration of a precise dosage of cannabinoids using a spray, in a technology that allows for prolonged contact and optimal penetration of the active ingredient into the skin.

As part of the feasibility study, AKVANO® technology and cannabinoids were tested for compatibility, and it was found that the cannabinoids can be successfully combined in the AKVANO® system for a homogeneous, uniform and stable formulation. Cannassure tested the degree of product penetration into the skin by using known and acceptable models and found significant penetration of active ingredients into the skin tissue. This enhanced penetration may increase the therapeutic potential of the product. Based on these results, Cannassure will proceed to accelerated development stages and more advanced testings.

According to the agreement, Cannassure has informed Lipidor on its intention to start negotiating an exclusive global license for the use of Lipidor’s technology for the development of cannabinoids based topical therapeutics products for the treatment of indications to be chosen by Cannassure.

The main guidelines for the licencing agreement, including royalties to be paid to Lipidor on product sales, were defined in the collaboration agreement.

According to estimates, the global market for products for the treatment of psoriasis is expected to reach 21.1 billion dollars by 20221. The current global market for topical products for the treatment of psoriasis is valued at 7 billion dollars2, and the global market for topical pain treatment products is projected to reach 13 billion dollars3.

The product development of topical treatments based on cannabinoids is in line with Cannassure’s strategy focused on the development and commercialisation of innovative medical cannabis products based on established drug delivery systems and formulations for enhanced therapeutic value. The product development is performed under the Israeli Medical Cannabis regulation, which allows a short development process.

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Cannabis

Lipidor announces positive outcome of feasibility study for development of topical medical cannabis products based on the company’s AKVANO® technology

Vlad Poptamas

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Lipidor AB (Nasdaq First North:LIPI) today announces a positive outcome of the feasibility study into the development of topical medicinal cannabis products for the treatment of skin inflammations and psoriatic lesions. The study was conducted in collaboration with Cannassure Therapeutics Ltd. , an Israeli company specializing in the development and manufacture of innovative medicinal cannabis products. Under the joint development agreement signed in December 2019, Cannassure has now announced that it intends to exercise its option and begin the negotiation of an exclusive licensing agreement for the use of AKVANO®, Lipidor’s proprietary drug delivery technology, for the indications chosen by Cannassure. The main guidelines for the licencing agreement, including royalties (double digit) to be paid to Lipidor on product sales, were defined in the collaboration agreement.

The collaboration began with an evaluation of the possibility of incorporating various active drug substances from the cannabis plant into AKVANO®. The formulation work has been carried out in Israel at Cannassure’s state-of-the-art facilities with support from Lipidor’s formulation experts.

The product under development is based on a topical medical cannabinoid that has been incorporated into the AKVANO® formulation platform. The successful development of the product will make it possible to administer the medical cannabinoid as a spray, locally and in the exact desired amount, which together ensures improved contact and optimal penetration of the active substance into the skin.

As part of the feasibility study, AKVANO® technology and cannabinoids were tested for compatibility, demonstrating that cannabinoids can be combined in the AKVANO® system as a homogeneous, uniform and stable formulation. Cannassure tested the degree of product penetration into the skin using known and accepted models and found significant penetration of active ingredients into skin tissue. This improved penetration may increase the therapeutic potential of the product. According to Cannassure, based on these results, the company will go ahead, accelerating the pace of development steps and conducting more advanced testing. Cannassure will implement the technology for the development and commercialization of sprayable medicinal cannabis products based on AKVANO®.

The common goal is to introduce innovative topical treatments to the fast-growing global market for medical cannabis products.

“We are very pleased with the positive outcome of the feasibility study, which confirms our previous high hopes. The result is an important milestone for Lipidor and for our unique formulation platform, showing that cannabinoids can be incorporated into AKVANO®. The collaboration with our partner Cannassure represents significant commercial potential for Lipidor,” says Ola Holmlund, CEO of Lipidor AB.

“We look forward to continued successful cooperation with Cannassure in the field of medical cannabis.”

This disclosure contains information that Lipidor is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 30-09-2020 08:00 CET.

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Cannabis

Christina Lake Announces Commencement of Trading on the CSE

GlobeNewswire

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VANCOUVER, British Columbia, Sept. 29, 2020 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”), a premier producer of high-quality, low-cost, sun-grown cannabis flower, oil cannabinoids, as well as hemp-based extracts and derivatives, serving domestic and international markets, is pleased to announce that its common shares will begin trading on the Canadian Securities Exchange (“CSE”) at 9:30 am EDT on Thursday October 1, 2020 under the ticker symbol “CLC”.

In October 2018, CLC began its roadmap to becoming one of the largest firms in the country for outdoor cannabis cultivation and extraction by purchasing a cultivation building and fully-serviced 32-acre site in the Christina Lake region of British Columbia. CLC received approval for a standard cultivation license from Health Canada in early 2019, with a research and development license granted in the beginning of 2020. In summer 2020 the Company began harvesting more than 22,500 plants of eight unique cannabis strains, which is expected to yield a minimum of 22,500 kg/49,500 lb. With over 30 full-time staff members and seasonal workers, CLC is also the largest employer in its region. To date, the Company’s successive investment rounds have raised a total of approximately CAD $16,000,000, which enables CLC to maintain a reserve of funds for ongoing operations.

Nicco Dehaan, a founder of the Company and its Chief Operating Officer commented, “Having been part of CLC from the beginning, I am very proud of the progress made since 2018 for both the Company and the cannabis industry in general. We were very confident in the amount of growth potential this industry had, and we knew Christina Lake would be the perfect region in which to conduct outdoor growing of cannabis. As with any regulated industry, there were many hoops to jump through in order to obtain license approvals and build out a compliant operating structure. Further, applying to have CLC’s equity traded on a public stock exchange introduces a whole other set of requirements to meet and satisfy on an ongoing basis. Between obtaining our licensed producer status from Health Canada, hiring on full-time personnel for several key professional roles, and beginning to harvest our first crop for the 2020 growing season, receiving approval for trading on the CSE is an excellent addition to our momentum as we prepare to bring our first crop to market. We look forward to a productive Q4 2020, with very exciting developments to be had in 2021 and beyond.”

About Christina Lake Cannabis Corp.

Christina Lake Cannabis Corp is a Licensed Producer of cannabis under the Cannabis Act which also received a Research and Development License from Health Canada on May 20, 2020. CLC’s facility is comprised of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, as well as research facilities, and a facility dedicated to processing and extraction. CLC cultivates cannabis using strains specifically developed for outdoor cultivation and expects to produce 22,500 kg or more from its 32-acre facility before developing its adjacent 99-acre expansion property, which will bring its cultivation footprint to over 4.35 million square feet or over 88,000 kg of low-cost, high-quality, sun-grown cannabis annually.

For more information about CLC, please visit: www.clcannabis.com

On behalf of Christina Lake Cannabis Corp.:

“Joel Dumaresq”

Joel Dumaresq, CEO and Director

Jamie Frawley
Investor Relations
jamie@clcannabis.com
416-268-9432

Robyn Rabinovich
Media Inquiries
robyn.rabinovich@hkstrategies.ca
416-413-4775

Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.

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