Fort Lauderdale, Florida--(Newsfile Corp. - September 18, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") is pleased to announce a strategic supply agreement with Blossom Genetics to bring Colombian medical cannabis to the German market. This partnership will introduce two high sought-after exotic strains, Chemmy Jones and Northern Lights, to Germany, supporting Flora's mission to meet the country's growing demand for high-quality medical cannabis following the legalization of cannabis on April 1, 2024.
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. Flora also has an EU-GMP facility in the country. Flora's distribution network in Germany is far reaching and has access and sold to over 1,200 pharmacies across the country.
With this agreement, Flora will leverage its expertise in distribution to deliver Chemmy Jones and Northern Light, both known for their potential properties, to Germany's evolving medical cannabis market. The transaction underscores Flora's commitment to scaling operations in Europe, ensuring that German patients have access to some of the world's best cannabis strains.
As part of Flora's broader European strategy, this partnership highlights the growing importance of the German market, which has been a sharp increase in demand for medical cannabis since legalization. Beginning April 1, 2024, patients across Germany have sought new strains for medical use, and Flora is poised to fulfill this need through its agreement Blossom Genetics, starting deliveries in the fourth quarter of 2024.
Clifford Starke, Chairman and Chief Executive Officer, commented, "This supply agreement with Blossom Genetics is a pivotal step in our efforts to expand Flora's global presence and provide top-tier cannabis products to Germany. The demand for medical cannabis has surged since legalization, and we are confident that the strains we will bring to the market, will resonate with patients and healthcare providers alike."
About Flora Growth Corp.
Flora Growth Corp.'s mission is to become the leading NASDAQ small-cap international cannabis company. It 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.
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. These forward-looking statements include, but are not limited to, statements about: the introduction of two high sought-after exotic strains, Chemmy Jones and Northern Lights, Flora's ability to meet the growing German demand for cannabis or at all, Flora's ability to distribute medical cannabis in Germany including the strains of Chemmy Jones and Northern Lights, Flora delivering medical cannabis from Colombia to Germany in the fourth quarter of 2024 or at all, Flora expanding its global presence and providing top-tier cannabis products to Germany, and Flora's strains resonating with 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).
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