The Colombian-Canadian open-air cannabis company is positioned as the first in the country to be listed on this stock market.
Flora Growth Corp, a Colombian-Canadian cannabis company, announced its listing on the Nasdaq Stock Exchange. The company has a portfolio that includes five divisions, more than 280 products and 70 medical and cosmetic licenses.
The company has its own open-air cannabis cultivation and the installed capacity to generate and commercialize the premium gram of cannabis flower below US $ 0.06, one of the lowest cost in the world.
Luis Merchán, leader of the company, said that “so far they have raised US $ 15 million in the IPO, thanks to the support of 10,600 investors, 85% live in the United States, who believe in Colombia.”
Merchán added that in 2020 this sector of the economy, only in the United States, grew by about 46%, with an exponential increase in almost all the territory where cannabis is legalized. Furthermore, “it is estimated that once it is legal in all states, the country will provide a legal and regulatory framework that would result in an increase in demand and supply. In such a way that, it could be a world market of more or less US $ 40 billion dollars ”.
The company has short-term plans to invest significantly in infrastructure. As explained in a statement, they contemplate an expansion process in Santander, the department where their open-air cultivation is located, and acquired a laboratory in Bogotá with state-of-the-art technology and more than 1,600 square meters and are preparing for expansion to Australia, United States and Europe.
According to Business Wire , the global CBD market size is expected to reach US $ 13.4 billion in 2028 and the market is projected to expand at a compound annual growth rate (CAGR) of 21.2% between 2021 and 2028. For its part, Globe Newswire estimates that the cannabis market in 2020 was US $ 22.9 billion and there will be a CAGR growth of 18.1% between 2021 and 2026.