The growing marijuana of a cannabis company in Colombia goes public in the US – CNN
Major cannabis stocks initially rose in 2021, in part due to more states legalizing marijuana and the fact that Democrats now control Congress and the White House. But Merchan is confident that the company will eventually make a living as a producer of low-priced cannabis-related products, even in an increasingly crowded market. He added that selling recreational cannabis – meaning pre-rolled joints or different merchandise that consumers can smoke or vape – is not a priority at this time. Alternatively, Flora Progress specializes in things like cannabis-infused chocolate and different sweets, plus private care products. Flora has a partnership with Paulina Vega, Miss Universe 2014 and former Miss Colombia, to promote CBD-infused skincare products. CBD, or cannabidiol, is a non-psychoactive part derived from cannabis and hemp plants. Merchan said Flora decided to apply for an initial public offering to show investors that it will likely handle the heightened scrutiny that comes with filing documentation with the Securities and Exchange Commission. He added that he believes the licensed markets for cannabis and CBD, which are growing rapidly as more states and countries legalize the sale of recreational and medical marijuana, can accommodate many players.
Large corporations that sell within the US and Canada also often want their merchandise to grow closer to their residence. For example, Canopy Progress (CGC), a leading Canadian cannabis company whose main investor is Constellation Brands (STZ), which owns Corona, reported last year that it was ending growing operations in Colombia with a view to focusing more on native providers around the world. However, traders weren't very impressed with Flora Development, which makes cannabis-based food and beauty products. The shares fell more than 4%. The company valued its offering at the upper end of its proposed range. Flora Development remains small compared to the larger cannabis companies such as Canopy, Cronos (CRON) and Tilray (TLRY) backed by Altria (MO), which recently merged with Aphria to create the world's largest marijuana company. Flora generated just $ 106,000 in revenue last year because it started ramping up production, and the business is nothing but profitable. However, Merchan noted that at a time when many personal corporations have chosen to go public through mergers with blank special purpose acquisition companies (SPACs), Flora made a conventional preliminary public offering.
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