Flora growth corp. announces update on sale of colombian assets; expects asset sale to contribute to anticipated annual savings of us$6.1 million

Fort lauderdale, florida and toronto, ontario--(newsfile corp. - july 25, 2023) - flora growth corp. (nasdaq: flgc) ("flora" or the "company"), a consumer-packaged goods leader serving all 50 states with 15,000+ points of distribution around the world and a pharmaceutical distributor in 28 countries, today provided an update with respect to the purchase and sale agreement for the sale of its colombian related subsidiaries and assets to a private company in consideration for c$0.8 million, entered into on july 5, 2023. the sale relates to all of flora's operations in colombia, including its interest in (i) its 361-acre cosechemos farm located in giron, colombia and its related processing facilities and inventory and (ii) all other assets relating to flora lab 2, flora lab 4 and flora's colombian food and beverage and consumer products business (collectively, the "colombian assets").
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