Flora’s acquisition of Vessel Brand Inc. will help Flora sell hemp products such as fabrics and creams in US, and also give it access to the growing market for cannabis vaping products, explained Flora CEO Luis Merchan, as quoted by Bloomberg. Yet while the deal between the two companies has been set, the specific terms are still being negotiated.
A recent presidential decree in Colombia allows Flora to begin exporting its marijuana. However, US law still prevents Flora from importing cannabis products or engage in any cannabis-related business on US soil. Outside the US, Flora is able to sell marijuana which customers can use with the Vessel devices.
Recreational marijuana licensing scheme in Detroit
Meanwhile, US citizens in Detroit have been able to apply for recreational marijuana certification, and should be able to receive these licenses soon. City officials Mayor Mike Duggan and councilman James Tate announced the licensing scheme in December 2020 and the first licenses were to be issued by last June.
“It’s by far the most controversial provision,” said Duggan. “The city will not issue a license to any business unless 50% of the licenses in that category are Detroiters. Which means if you’re from outside the city, you can’t get a license unless a Detroiter already has one. We’ll never go below 50%.”
The city leaders explained that the aim of the scheme is ensuring marijuana users benefit from the highly profitable industry, rather than be affected by the nation’s failed “War on Drugs.” “It was imperative for us to ensure we right that wrong,” Tate said. “We have individuals who are making a very good living on marijuana today, the same plant that created this situation of mass incarceration around our country in the city of Detroit, so this is an opportunity for us.”