Flora Growth Corp. to Target $450 Million German Cannabis Market with Curaleaf Holdings, Inc. Supply Agreement
Fort Lauderdale, Florida--(Newsfile Corp. - October 30, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") is pleased to announce a new supply agreement with Curaleaf Holdings, Inc. ("Curaleaf"). The agreement will facilitate the importation of high-quality medical cannabis products into Germany, one of the fastest-growing markets in Europe following the legalization of cannabis on April 1, 2024.
Germany, now a major player in the global cannabis industry, has seen an exponential rise in demand for medical cannabis products. As the country embraces broader cannabis reforms, Flora is strategically positioned to meet this demand through its EU-GMP certified facility, which is designed to ensure compliance with European quality standards for medical cannabis. Flora's continued efforts to expand its footprint in Germany includes sourcing top-tier products from globally respectable supplies, like Curaleaf.
Clifford Starke, Chairman and Chief Executive Officer, commented, "we are eager to partner with Curaleaf to bring their premium cannabis products to the German market. With the legal landscape evolving rapidly since the April 2024 legalization, there is a robust opportunity for cannabis to meet the needs of patients across Germany. At Flora, we remain committed to sourcing the best products, and Curaleaf's proven expertise and quality align with our vision to serve this growing market through our EU-GMP facility."
The agreement will enable Flora to import Curaleaf's medical cannabis strains and products, ensuring a consistent and reliable supply for Germany patients and healthcare providers. Flora is focused on expanding its distribution network across the country, leveraging its existing relationships with over 1,200 pharmacies.
According to Prohibition Partners, sales of German medical cannabis sales are expected to reach $450 million in 2024. Germany continues to lead the way in European medical cannabis with the total number of cannabis patients in Europe is estimated to be 500,000, and growth of around 500% is expected over the next five years. Furthermore, the legal German cannabis market is projected to reach an estimated $4.6 billion in value by 2034 according to a recent market analysis by researchers at The Niche Research.
About Flora Growth Corp.
Flora Growth Corp.'s mission is to become the leading NASDAQ small-cap international cannabis company. FLGC is a cannabis-focused consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution around the world. For more information on Flora, visit www.floragrowth.com.
https://www.phatebo.de/home-en
https://www.australianvaporizers.com.au/
Investor Relations:
Investor Relations ir@floragrowth.com
Clifford Starke Clifford.Starke@floragrowth.com
Media:
Cautionary Statement Concerning Forward-Looking Statements
This press release contains "forward-looking statements," as defined by U.S. federal securities laws. Forward-looking statements reflect Flora's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward-looking statements. Such forward-looking statements include: the agreement will facilitate the importation of high-quality medical cannabis products into Germany, one of the fastest-growing markets in Europe following the legalization of cannabis on April 1, 2024, Flora is strategically positioned to meet this demand through its EU-GMP certified facility, and the agreement will enable Flora to import Curaleaf's medical cannabis strains and products, ensuring a consistent and reliable supply for Germany patients and healthcare providers. Such forward-looking statements are subject to various and risks and uncertainties, including those described under section entitled "Risk Factors" in Flora's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the "SEC") on March 28, 2024, as such factors may be updated from time to time in Flora's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov/edgar. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora's filings with the SEC. While forward-looking statements reflect Flora's good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based on information currently available to Flora (or to third parties making the forward-looking statements).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228274
