The 357 Company, a logistics and supply chain management organization, has launched a new division for international pot shipments in partnership with a renowned multi-brand cannabis organization, Flora Growth Corp. (NASDAQ: FLGC)
On Monday, the shipping company announced the launch of its 357 Canna Logistics division which will focus on shipping hemp and cannabis between countries where it is legally permitted.
357’s new global shipping arm will be an extension of its Hemp Logistics division which previously only handled shipping federally legal hemp in the United States.
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Currently, the company ships goods between the European Union, South America, the United Kingdom and the United States.
357 describes the cannabis import/export industry as being in its infancy and indicates that it consists mainly of shipments of non-industrial goods such as CBD oil and isolates containing less than 0.3% of THC due to the global regulatory landscape.
357 expects other countries to move towards easing cannabis regulations in the future
“Asia is beginning to ease its restrictions on cannabis. We plan to add countries in Asia, possibly as early as 2023, and then more countries in Europe, the Middle East and South America as they legalize cannabis,” said Jeremy Powers, strategic international business adviser for the company.
“Our international cannabis shipping and logistics management services are growing every week as we grow our repeatable standard operating procedures and customer base in each country,” Powers added.
Powers also added that the company’s diverse experience makes it suited to facilitate the growth of the import/export industry as the United States and other countries continue to ease or lift restrictions. on cannabis.
The company says the expected growth in the global cannabis market, which is largely attributed to increasing legalization and approval rates for medical cannabis use, will help ensure the success of its new division.
According to ReportLinker, the global cannabis market will reach US$82.3 billion by 2027 and, as reported by Grand View Research, the international cannabis market will be valued at US$134.4 billion by 2030 , a substantial increase from its current value of around US$28 billion. .
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“We are launching 357 Canna Logistics with our launch partner, Flora Growth, and several other cannabis companies, which currently ship throughout the EU, UK, US and South America, along with other countries to be added by the end of the year,” said Kevin Schultz, co-founder and president of 357.
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