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Flora Growth Corp. (NASDAQ:FLGC) announced the certification of its Bogotá-based compound formulation laboratory, Flora Lab 4, following the required regulatory inspection by INVIMA (Colombia’s FDA). The inspection certifies the lab as meeting current good manufacturing practices standards as determined by INVIMA. Flora Lab 4 specializes in manufacturing compound formulations utilizing cannabis derivatives and traditional master formulas.
Flora Lab 4 will now begin offering its cannabis formulations as well as design, development and manufacturing services for third parties. The lab will also make available to clients its team members, knowledge of cannabis and modern facilities to promote the growth of the medical cannabis sector.
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To begin, the team has developed eight cannabis-based formulations, in both topical and ingestible formats, specially designed to aid in the treatment of specific ailments, including various skin conditions, multiple sclerosis, anxiety and dementia. The team hopes to gather patient-reported pilot-study data to better understand patient responses and outcomes.
With the approval from INVIMA, cannabis medicines can now be accessed by doctor networks throughout Colombia and can immediately be prescribed to patients over the age of 18. This offering comes as a law that went into effect on January 1, 2023, requires all insurance providers in the country to cover the cost of medical cannabis treatments for patients.
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Photo: Benzinga edit with photo by Africa Studio on Shutterstock
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.