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While legalizing the medical use of marijuana was a step in the right direction, the local industry has been saddled by red tape.

"We're getting some great results from a margin perspective, 60% margin, 65% margins on those categories."- Luis Merchan

The deal would establish a foothold in Germany for medical cannabis sales across 1,200 pharmacies and the distribution of pharmaceutical products across 28 countries.

PharmaCielo says it has more than doubled revenue to $3.8 million in the first nine months of 2022.

Flora Growth grows, cultivates, and develops products derived from medicinal cannabis that are sold to pharmacies, clinics, and cosmetic businesses worldwide.

Merchan says the change by the Ministry of Health puts Colombia at the vanguard for medicinal cannabis in the world.

The new law enables domestic production and marketing of non-psychoactive cannabis products, and further defines import and export rules.

The export of the high-THC product is pending the dried-flower checklist from the Colombian government from the 2021 update to the cannabis law.

Medical marijuana derivatives are included in the expansive resolution for the first time, though some private insurers had already included cannabis trreatments.

Flora Growth Corp (NASDAQ: FLGC) last month became the first ever cannabis cultivator to list on the NASDAQ stock exchange in the US without using a SPAC (Special Purpose Acquisition Company), reverse merger, or dual listing, and became the first all-outdoor cannabis grower to...