Fort Lauderdale, Florida--(Newsfile Corp. - March 22, 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, commends Germany's upper house lawmakers for passing the recreational cannabis legalization bill, after it was approved by the lower house last month. The law is now expected to come into effect on April 1, 2024.
The law cleared its final hurdle, making German laws on cannabis use among the most progressive in the world.
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, initially passed on Germany's lower house and subsequently ratified by the upper house, 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.
"We welcome Germany's definitive legalization of recreational cannabis. Our German business represents a significant component of Flora's global operations and a strategic growth market for the Company. We are excited about the potential of the new legislation on our company," said Clifford Starke, Chief Executive Officer.
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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:
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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.
