Fort Lauderdale, Florida--(Newsfile Corp. - October 9, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") commends the German government's recent approval of new legislation aimed at liberalizing the cultivation of industrial hemp. Introduced by Cem Özdemir, Germany's Minister of Food and Agriculture, the updated regulatory framework will create new opportunities for the cultivation and commercialization of industrial hemp. The legislation, passed with broad support, removes the previously restrictive "abuse clause" and provides a more streamlined path for industrial hemp producers.
Industrial hemp, unlike cannabis used for recreational purposes, contains less than 0.3% THC and is valued for its versatility in applications ranging from textiles to wellness products. The new legislation reflects a progressive shift in Germany's agricultural policy, allowing for greater ease in cultivation, processing, and distribution, which will bolster the nation's growing hemp industry.
As an established player in the hemp cannabinoid space, Flora is well-positioned to capitalize on these regulatory changes. The company has built a robust portfolio of hemp-derived products, including those under its JustCBD and Vessel brands, which have experienced success in North America and beyond. Flora's proprietary cannabinoid expertise will enable the company to quickly enter the German market, offering a range of high-quality, low-THC hemp products tailored to the needs of German consumers.
"We believe that Germany's progressive move to liberalize industrial hemp cultivation marks a pivotal moment for the European hemp industry," said Clifford Starke, Chairman and Chief Executive Officer. "As a company with deep experience in cannabinoid extraction and product development, we are excited to bring our expertise to Germany, helping to drive innovation and growth in this newly accessible market."
"The removal of the 'abuse clause' and the simplified regulatory environment will unlock opportunities for producers and innovators alike," continued Mr. Starke. "We see potential in the European hemp market, and our plans to enter Germany reflect our broader commitment to expanding Flora's footprint in key international markets."
Flora is actively monitoring the finalization of the new hemp regulations and is engaging with local partners to ensure a smooth and compliant entry into the German cannabinoid market. The company anticipates consumer demand for its portfolio of hemp lifestyle products as the market develops in the coming months.
About Flora Growth Corp.
Flora Growth Corp.'s mission is to become the leading NASDAQ small-cap international cannabis company. Flora 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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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 include: Flora's plans to leverage expertise for market entry or at all, the new German legislation creating new opportunities for cultivation and commercialization of industrial hemp, allowing for greater ease in cultivation, processing and distribution, bolstering Germany's growing hemp industry, Flora being well-positioned to capitalize on these regulatory changes, Flora's proprietary cannabinoid expertise enabling it to quickly enter the German market or at all, offering a range of high-quality, low-THC hemp products tailored to the needs of Germany consumers or at all, the new regulations marking a pivotal moment for the European hemp industry, Flora driving innovation and growth in the new market, the removal of the 'abuse clause' unlocking opportunities for producers and innovators alike, Flora entering the new market in a smooth and compliant manner or at all, and there being consumer demand for Flora's portfolio of hemp lifestyle products. 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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