Fort Lauderdale, Florida--(Newsfile Corp. - February 26, 2024) - Flora Growth Corp. (NASDAQ: FLGC) ("Flora" or the "Company"), 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, applauds the German parliament for voting in favor of legalizing cannabis for recreation use.
Flora's wholly-owned subsidiaries have been active in Germany since 2017, obtained the first medical cannabis license in Germany and are responsible for selling the first gram of medical cannabis in the country.
The law passed by Olaf Scholz's ruling party coalition legalizes cultivating up to three plants for private consumption, the possession of 50 grams of cannabis at one time at home, and 25 grams in public. Possession and cultivation are expected to be permitted by April 1, 2024, and not-for-profit social clubs to begin operation on July 1, 2024. The German parliament has also voted to declassify cannabis as a narcotic, ease narcotic prescription requirements and make patient access easier. The decision makes Germany the largest federally legal recreational and medicinal cannabis market in the world.
"The decision marks a historic day for cannabis in Germany. The legalization of recreational cannabis in Europe's leading economy and the easing of access to medicinal cannabis will benefit consumers and patients tremendously. On behalf of Flora, we welcome Germany's decision and look forward to playing an important role in the process," said Clifford Starke, Chief Executive Officer.
In August 2023, the Company announced a strategic partnership with TruHC Pharma GmbH ("TruHC"), a medical cannabis expert based in Hamburg, Germany, to grow market share in the country. TruHC holds an EU-GMP certification as an importer, distributor, and manufacturer of medical cannabis. TruHC's leadership has been pivotal in establishing Germany's medical cannabis landscape, including previously securing one of the first three cultivation licenses in the country.
"The reason for entering the strategic partnership with TruHC was to get organized and prepare for this day. We are now well positioned to execute on our plans," continued Mr. Starke.
"Our existing sales and distribution infrastructure in Germany is expected to provide us with an advantage as Germany's regulatory framework become more favorable to all stakeholders. Flora's German revenues are expected to be over 50% of consolidated revenues. With a clear political path towards legalization, we intend to adapt and execute on our business plan in the country," concluded Mr. Starke.
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About Flora Growth Corp.
Flora Growth Corp. 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.
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Investor Relations:
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Clifford Starke Clifford.Starke@floragrowth.com
Media:
media@floragrowth.com
Cautionary Statement Concerning Forward-Looking Statements
This press release contains "forward-looking statements," as defined by 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 are subject to various and risks and uncertainties, including those described under section entitled "Risk Factors" in Flora's Annual Report on Form 10K filed with the United States Securities and Exchange Commission (the "SEC") on March 31, 2023, 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).
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SOURCE: Flora Growth Corp.
