Flora Enters Into Agreement to Acquire Kasa Wholefoods Company S.A.S.

TORONTO, Jan. 03, 2020 (GLOBE NEWSWIRE) -- Flora Growth Corp. (a??Floraa?? or the a??Companya??) is pleased to announce that it has entered into a letter of intent (a??LOIa??) to acquire a 90% equity interest in Kasa Wholefoods Company S.A.S. (the a??Transactiona??), a Colombian producer of exotic (Amazonian) fruit juices and chocolates. A Kasa operates under the a??Mambea?? brand in Colombia.
Under the Mambe brand, Kasa produces fruit juices and pulps from organic exotic fruits such as mango, acai, passion fruit, camu and guava, as well as more commonly used fruits such as bananas, strawberries, oranges and apples.A  Kasa also produces chocolate confectionary using 70% Colombian cacao.Mambe products are already widely distributed in Colombia, being sold in Colombiaa??s largest retailers including Carulla, Tostaoa?? CafA© & Pan, Deli Reposteria and is available for purchase through Uber Eats. A A Over the last year, Kasa has been researching and developing CBD-infused juices and chocolate.A  Kasa already has a line of CBD-infused juices (10 mg CBD/250 ml of juice) and chocolate bars (40 mg CBD/100 mg of chocolate).A  Kasa is ready to sell such CBD-infused products in the Latin American market immediately upon receiving regulatory approval, which is expected in 2020.Kasa has received several awards and grants from the Colombian government for its innovative products and social impact. Kasa works with local farmers and indigenous Amazonian communities to cultivate fruits for the Mambe beverages which provides sustainable economic opportunities to these communities and is a viable alternative to Amazon deforestation and illegal mining in these areas.
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