Fort Lauderdale, Florida--(Newsfile Corp. - October 31, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") today announced its strong support for Germany's historic cannabis model city projects in Frankfurt and Hannover. These initiatives, marking Germany's first controlled cannabis retail efforts, will allow the cities to gather valuable insights on consumption behaviors, public health, and strategies to combat the illegal cannabis market, moving the country's cannabis policy from theory to practice.
Scheduled to launch in early 2025, the model city projects were established to support scientific research into cannabis consumption under regulated, controlled conditions. In Hannover, the initiative-championed by Mayor Belit Onay-will involve up to three authorized sales locations for THC products, including cannabis flowers and hashish, available to registered adult participants only.
Similarly, Frankfurt will implement a controlled cannabis distribution system led by Social and Health Officer Elke Voitl, who has structured the project to ensure purchases are restricted to healthy adult residents registered within the city's dedicated cannabis shops. As part of the five-year study, participants in both cities will undergo regular health assessments to measure any impact on their health and well-being.
"We commend Germany's progressive approach in advancing cannabis regulation through these model projects," stated Clifford Starke, Chief Executive Officer. "The transition from a theoretical framework to an applied model in controlled retail represents an extraordinary opportunity for robust public health research. This effort aligns with Flora's vision to provide safe, effective cannabis products under the highest standards of regulatory compliance and to enhance consumer understanding of cannabis in Europe."
Mr. Starke continued, "Flora is particularly motivated by the role that Hannover and Frankfurt will play as trailblazers in Europe, helping shape the future of responsible cannabis retail on the continent. These controlled studies are critical steps in informing future regulations across Europe, and Flora is proud to contribute our capabilities and insights to support Germany in this endeavor."
The introduction of these controlled retail models represents an important milestone in Europe's cannabis industry and underscores Germany's commitment to pursuing evidence-based cannabis policy. Flora looks forward to being part of this transformative journey as the German government seeks to build a safer, transparent, and well-regulated cannabis market for its citizens.
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. 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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