Benzinga | Oct 21, 2021 12:12PM EDT

Flora Growth Launches New Cannabis Wellness Brand Munzhi

Flora Growth Corp. (NASDAQ:FLGC) announced Thursday that its Flora Lab division is launching a new cannabis wellness brand, dubbed Munzhi.

Based in Miami and Toronto, the company said the new brand targets Colombia's wellness market, valued at $2.3 billion, with products including facial serum, shampoo, conditioner, shower gel, body ointment and moisturizing lotion, to name a few.

In addition, over time, the brand portfolio will increase based on evolving market demand and internal research and development projects.

"Through market studies, consumers have indicated they want the wellness benefits of cannabis, but at an affordable price," said Luis Merchan, president and CEO of Flora Growth. "Munzhi helps fill that need as well as an important gap in our product portfolio."

Merchan added that Munzhi's inaugural collection includes 12 products in four categories: wellness, hair, body and face. "The collection combines the benefits of cannabidiol as an active ingredient, with other plant-based ingredients such as lavender oil and chamomile coconut amongst others."

All products are certified by the Colombian regulatory body INVIMA and will be available in stores on November 1.

Munzhi will be distributed in over 800 distribution points by five Colombian distributors - Herson, Mintlab, Unidrogas, Roma and Axa.

Flora Lab serves as Flora Growth's manufacturing, research and development division for pharmaceuticals, cosmetics and nutraceuticals.

More recent news from Flora Growth:

* Flora Growth Launching Global Clinical Trials: How Does Cannabis Affect Fibromyalgia And Chronic Pain?

* Flora Growth Corp. Signs Letter of Intent to Export as Panama and Colombia Legalize Medical Cannabis Use

* Flora Growth Gears Up, Plans To Enter Panama Amid European Expansion

FLGC Price Action

During the pre-market session on Thursday morning, Flora Growth's shares traded 2.91% higher at $4.59 per share.

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