Flora Growth Corp. [NASDAQ: FLGC] declared that it has inked a non-binding letter of Intent (LOI) with Robust Farm Inc. Robust Farm has earned a reputation as an international importer and distributor based in Panama. Flora has inked a LOC to offer cannabinoid-containing food and beverages through its Kasa Wholefoods division and finished cannabis derivative products for medical cannabis patients.
Previously, the National Legislative Assembly of Panama has passed Bill 153 to authorize the use of medical cannabis and its therapeutic properties on August 30th. Panama is likely to be the first country in Central America to legalize the use of medical cannabis, but the new guidelines must be accepted by President Laurentino Cortizo.
In addition to this, the new law aims to encourage, and guarantee controlled and managed access to medical cannabis products by collaborating with a number of government divisions and agencies. As per the new Cannabis law, pharmacies will be liable for the dissemination of medical cannabis products and must apply for a license and qualify for an on-the-spot inspection.
Furthermore, the new law stated that domestic production will be held, though only seven licenses for the production of cannabis seeds, plants, and derivatives will be awarded. Robust disclosed that it has decided to apply for its import license of cannabis products which Flora is hoping to ship its medical-grade cannabis products following the receipt of this updated licensing.