Fort Lauderdale, Florida--(Newsfile Corp. - November 4, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") today reaffirms its medical cannabis supply agreement with Curaleaf Holdings, Inc. subsidiary Northern Green Canada, Inc. This morning, Curaleaf also confirmed on X (Formerly known as Twitter) that “Curaleaf has entered into an agreement to supply cannabis products to Flora Growth for distribution through Flora in Germany. The terms of the agreement are disclosed in a Form 8-k filed on November 1, 2024 by Flora Growth Co. [https://www.sec.gov/Archives/edgar/data/1790169/000106299324018209/form8k.htm]. Curaleaf is pleased to have concluded this agreement with Flora.”
Although on October 30 and 31, 2024, Curaleaf tweeted that there was "no agreement in place between Curaleaf and Flora Growth Corp," the parties have now confirmed the supply agreement-first dated October 28, 2024 and, as revised and fully executed, dated October 31, 2024, by and between Flora and Northern Green Canada Inc. ("Northern Green"), an affiliate of Curaleaf Holdings, Inc. (together with its affiliates, "Curaleaf") (the "New Supply Agreement").
Pursuant to the terms of the New Supply Agreement, Northern Green agreed to supply Flora with medicinal cannabis products, with Flora to distribute such products in the German market. The New Supply Agreement provides for a minimum purchase obligation and a minimum supply obligation on Flora and Northern Green, respectively, subject to certain terms and conditions. All product received by Flora under the New Supply Agreement must be used solely for medicinal purposes, and Flora cannot re-sell or otherwise transfer any product to a third party for non-medical use without the prior written consent of Northern Green. The New Supply Agreement is a limited transaction and is not a broader, ongoing commercial relationship with Curaleaf.
The New Supply Agreement replaces the previously-existing cannabis supply agreement, by and between Terra Verde LDA ("LDA"), an affiliate of Curaleaf, and ACA Müller ADAG Pharma Vertriebs GmbH ("ACA Müller"), an affiliate of Flora, dated as of February 18, 2020 (the "2020 Supply Agreement"), which provided for the supply of medicinal cannabis products by LDA to ACA Müller, with ACA Müller to distribute such products in the German market.
About Flora Growth Corp.
Flora Growth Corp.'s mission is to become the leading NASDAQ small-cap international cannabis company. FLGC 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. 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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