Flora Growth Corp. Announces Supply Agreement with Blossom Genetics to Bring Colombian Medical Cannabis to Germany
Flora Growth Corp. (NASDAQ: FLGC) has announced a strategic supply agreement with Blossom Genetics to introduce Colombian medical cannabis to the German market. The partnership will bring two exotic strains, Chemmy Jones and Northern Lights, to Germany, addressing the growing demand for high-quality medical cannabis following the country's legalization on April 1, 2024.
Flora's wholly-owned subsidiaries have been active in Germany since 2017, obtaining the first medical cannabis license and selling the first gram of medical cannabis in the country. The company's distribution network reaches over 1,200 pharmacies across Germany. Flora plans to leverage its expertise to deliver these strains to Germany's evolving medical cannabis market, with deliveries starting in Q4 2024.
Flora Growth Corp. (NASDAQ: FLGC) ha annunciato un accordo di fornitura strategico con Blossom Genetics per introdurre cannabis medica colombiana nel mercato tedesco. Questa partnership porterà due varietà esotiche, Chemmy Jones e Northern Lights, in Germania, rispondendo alla crescente domanda di cannabis medica di alta qualità dopo la legalizzazione nel paese il 1° aprile 2024.
Le sussidiarie interamente controllate di Flora sono attive in Germania dal 2017, ottenendo la prima licenza per cannabis medica e vendendo il primo grammo di cannabis medica nel paese. La rete di distribuzione dell'azienda raggiunge oltre 1.200 farmacie in tutta la Germania. Flora prevede di sfruttare la propria expertise per consegnare queste varietà nel mercato in evoluzione della cannabis medica in Germania, con le consegne che inizieranno nel quarto trimestre del 2024.
Flora Growth Corp. (NASDAQ: FLGC) ha anunciado un acuerdo estratégico de suministro con Blossom Genetics para introducir cannabis médica colombiana en el mercado alemán. Esta asociación traerá dos variedades exóticas, Chemmy Jones y Northern Lights, a Alemania, atendiendo la creciente demanda de cannabis médico de alta calidad tras la legalización en el país el 1 de abril de 2024.
Las subsidiarias totalmente propiedad de Flora han estado activas en Alemania desde 2017, obteniendo la primera licencia de cannabis médico y vendiendo el primer gramo de cannabis médico en el país. La red de distribución de la empresa alcanza más de 1,200 farmacias en toda Alemania. Flora planea aprovechar su experiencia para entregar estas variedades al mercado en evolución de cannabis médico de Alemania, con entregas que comenzarán en el cuarto trimestre de 2024.
플로라 그로스 코퍼레이션(나스닥: FLGC)은 블로섬 제네틱스와 전략적 공급 계약을 체결하고 콜롬비아 의료용 대마초를 독일 시장에 도입한다고 발표했습니다. 이번 파트너십은 Chemmy Jones와 Northern Lights라는 두 가지 이국적인 품종을 독일에 제공하여, 2024년 4월 1일에 법제화된 이후 고품질 의료용 대마초에 대한 증가하는 수요에 대응할 것입니다.
플로라의 전액 출자 자회사는 2017년부터 독일에서 활동해 왔으며, 첫 번째 의료용 대마초 라이센스를 취득하고 국내에서 첫 그램의 의료용 대마초를 판매했습니다. 회사의 유통 네트워크는 독일 전역의 1,200개 이상의 약국에 도달합니다. 플로라는 전문성을 활용하여 독일의 진화하는 의료용 대마초 시장에 이 품종을 제공할 계획이며, 배송은 2024년 4분기부터 시작될 예정입니다.
Flora Growth Corp. (NASDAQ: FLGC) a annoncé un accord de fourniture stratégique avec Blossom Genetics pour introduire cannabis médicinal colombien sur le marché allemand. Ce partenariat apportera deux variétés exotiques, Chemmy Jones et Northern Lights, en Allemagne, répondant à la demande croissante de cannabis médicinal de haute qualité suite à la légalisation du pays le 1er avril 2024.
Les filiales entièrement détenues par Flora sont actives en Allemagne depuis 2017, ayant obtenu la première licence de cannabis médical et vendu le premier gramme de cannabis médical dans le pays. Le réseau de distribution de l'entreprise couvre plus de 1 200 pharmacies à travers l'Allemagne. Flora prévoit de tirer parti de son expertise pour livrer ces variétés sur le marché en évolution du cannabis médicinal en Allemagne, avec des livraisons débutant au quatrième trimestre 2024.
Flora Growth Corp. (NASDAQ: FLGC) hat eine strategische Liefervereinbarung mit Blossom Genetics angekündigt, um kolumbianisches medizinisches Cannabis auf dem deutschen Markt einzuführen. Diese Partnerschaft wird zwei exotische Sorten, Chemmy Jones und Northern Lights, nach Deutschland bringen und auf die steigende Nachfrage nach hochwertigem medizinischem Cannabis reagieren, nachdem das Land am 1. April 2024 legalisiert wurde.
Floras vollständig im Besitz befindliche Tochtergesellschaften sind seit 2017 in Deutschland aktiv, haben die erste medizinische Cannabislizenz erhalten und das erste Gramm medizinisches Cannabis im Land verkauft. Das Vertriebsnetz des Unternehmens erreicht über 1.200 Apotheken in ganz Deutschland. Flora plant, seine Expertise zu nutzen, um diese Sorten auf dem sich entwickelnden Markt für medizinisches Cannabis in Deutschland anzubieten, wobei die Lieferungen im vierten Quartal 2024 beginnen sollen.
- Strategic supply agreement to introduce Colombian medical cannabis to the German market
- Access to over 1,200 pharmacies across Germany through Flora's distribution network
- Expansion into the growing German medical cannabis market following legalization
- Introduction of two high-demand exotic strains: Chemmy Jones and Northern Lights
- Deliveries scheduled to start in Q4 2024
- None.
Insights
This supply agreement marks a strategic expansion for Flora Growth Corp. in the newly legalized German medical cannabis market. While specific financial terms aren't disclosed, the deal could potentially boost Flora's revenue and market share in Europe's largest economy. The company's established distribution network of over 1,200 pharmacies provides a solid foundation for growth. However, investors should note that the impact on financials may not be immediate, as deliveries are slated to begin in Q4 2024. The partnership aligns with Flora's European strategy, potentially enhancing long-term value if executed effectively. Investors should monitor future updates for concrete financial projections and market penetration metrics.
The German cannabis market presents a significant opportunity for Flora Growth Corp. Following legalization on April 1, 2024, there's been a sharp increase in demand for medical cannabis, creating a favorable environment for new entrants. Flora's first-mover advantage, having sold the first gram of medical cannabis in Germany, positions them well. The introduction of exotic strains like Chemmy Jones and Northern Lights could differentiate Flora in a competitive landscape. However, success will depend on factors such as pricing strategy, product quality and regulatory compliance. Investors should watch for market share gains and patient adoption rates as key indicators of Flora's performance in this evolving market.
Flora Growth's strategic move aligns with Germany's recent cannabis legalization, effective April 1, 2024. The company's existing medical cannabis license and EU-GMP facility in Germany provide a strong regulatory foundation. However, investors should be aware that the cannabis industry remains heavily regulated and any changes in German or EU laws could impact Flora's operations. The supply agreement with Blossom Genetics suggests Flora is navigating the legal landscape effectively, but ongoing compliance with import regulations and quality standards will be crucial. Monitoring Flora's ability to maintain necessary licenses and adapt to potential regulatory shifts will be key for assessing long-term stability in this market.
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.
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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 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).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223692
FAQ
What is the new supply agreement announced by Flora Growth Corp. (FLGC)?
When did Germany legalize cannabis, according to the Flora Growth Corp. (FLGC) press release?
How many pharmacies does Flora Growth Corp. (FLGC) have access to in Germany?
When will Flora Growth Corp. (FLGC) start delivering the new cannabis strains to Germany?
