2 Pre-market Movers: Ocugen Inc (NASDAQ:OCGN), Flora Growth Corp (NASDAQ:FLGC)

Ocugen Inc (NASDAQ:OCGN) stock is taking a hit in the pre-market session as the stock tumbled as much as 20% on high volume. Ocugen announces that the U.S. Food and Drug Administration has issued a clinical hold on the Company’s Investigational New Drug application to evaluate the COVID-19 vaccine candidate, BBV152 (7.10) BBV152, known as COVAXIN outside the United States.

The FDA plans to identify the specific deficiencies that are the basis for clinical hold and information on how to address those deficiencies. The Company expects to receive formal written communication with the additional information from the FDA and plans to work with the FDA in an effort to resolve its questions as promptly as possible.

Flora Growth Corp (NASDAQ:FLGC) stock is down 2.36% in the pre-market session. Flora Growth has entered into a definitive agreement with Canada-based Avaria Health & Beauty Corp. to form FloVaria Corp., a joint venture company equally owned by Flora and Avaria . Flora Growth and Avaria Health and Beauty form a joint venture for the sale of its award-winning KaLaya brand across Latin America, increasing the value of Flora Labs’ 2,500+ Colombian distribution channels.

Flora Lab, Flora Growth’s wholly-owned GMP-certified manufacturing facility, will be responsible for producing the cannabinoid-infused products for the JV, with an emphasis on incorporating cannabidiol into its product formulations.

KaLaya has sold over a million units and is distributed across Canada via major retailers including Loblaws and Walmart, where they hold the number two customer loyalty rate in Loblaws’ natural value skin care category.