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$Flora Growth (FLGC.US)$ Flora Growth Corp. Provides Update on Hoshi Investment in Portugal
newsfile· 3 mins ago
Facility Received GACP License, First Commercial Harvest Expected in 2025
Fort Lauderdale, Florida--(Newsfile Corp. - October 23, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") is pleased to announce important progress on its strategic investment in Hoshi International Inc. ("Hoshi") in Portugal. This update highlights the ongoing developments since Hoshi secured a new financial partner in 2023, which has accelerated the advancement of its operations.
Hoshi's new financial partner agreed to take over the capital expenditures and operational expenses in exchange for an equity stake in the company. As a result of this collaboration, Hoshi has made headway in the following areas:
Facility Construction:Completing the first phase of construction at the facility, which includes a 1,200-square meter greenhouse with a production capacity of up to 1,500 Kilograms per year. Licensing Inspection:Conducting a licensing inspection by the Portuguese regulator and receiving its good agricultural and collecting practice ("GACP") production and processing license.Cannabis Clones:Receiving the first 70 cannabis clones as part of the pre-licensing process.
The project in Portugal currently employs 18 full-time staff. To date, approximately $20 million has been invested into the facility.
newsfile· 3 mins ago
Facility Received GACP License, First Commercial Harvest Expected in 2025
Fort Lauderdale, Florida--(Newsfile Corp. - October 23, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") is pleased to announce important progress on its strategic investment in Hoshi International Inc. ("Hoshi") in Portugal. This update highlights the ongoing developments since Hoshi secured a new financial partner in 2023, which has accelerated the advancement of its operations.
Hoshi's new financial partner agreed to take over the capital expenditures and operational expenses in exchange for an equity stake in the company. As a result of this collaboration, Hoshi has made headway in the following areas:
Facility Construction:Completing the first phase of construction at the facility, which includes a 1,200-square meter greenhouse with a production capacity of up to 1,500 Kilograms per year. Licensing Inspection:Conducting a licensing inspection by the Portuguese regulator and receiving its good agricultural and collecting practice ("GACP") production and processing license.Cannabis Clones:Receiving the first 70 cannabis clones as part of the pre-licensing process.
The project in Portugal currently employs 18 full-time staff. To date, approximately $20 million has been invested into the facility.
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