Flora Growth Corp. Applauds Reported Historic DEA Move to Reschedule Cannabis
Flora Growth Corp. (NASDAQ: FLGC) praises the reported DEA decision to move cannabis from Schedule I to Schedule III, following HHS advice. This significant shift, if formalized, would open up new opportunities in the US and German markets where Flora operates. President Biden's 2022 directive led to HHS recommending the rescheduling in August 2023, indicating a positive trend towards wider cannabis acceptance.
Potential access to expanded markets in the US and Germany due to cannabis rescheduling from Schedule I to Schedule III.
Positive implications for Flora Growth Corp's consumer-packaged goods and pharmaceutical distribution business.
Alignment with President Biden's directive and HHS recommendation suggests growing acceptance and legitimization of cannabis.
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Fort Lauderdale, Florida--(Newsfile Corp. - May 1, 2024) - Flora Growth Corp. (NASDAQ: FLGC) ("Flora" or the "Company"), a consumer-packaged goods leader and pharmaceutical distributor, is applauding the reported historic move by the U.S. Drug Enforcement Administration ("DEA") to reclassify cannabis from its list of Schedule I drugs to Schedule III, following a recommendation from the federal Health and Human Services Department ("HHS").
"This expected rescheduling would come shortly after Germany's legalization of recreational cannabis becoming effective earlier in April. Our business is close to being evenly split between the U.S. and Germany - two of the world's largest and most robust markets," said Clifford Starke, Chief Executive Officer.
In 2022, President Joe Biden instructed the HHS to conduct a review of cannabis as it relates to the scheduling of the plant. In August 2023, the HHS recommended that cannabis be reschedule to a Schedule III substance. Schedule III drugs are those with a moderate to low potential for abuse and currently accepted medical uses. They may lead to moderate physical dependence or high psychological dependence, which include ketamine, anabolic steroids, and certain barbiturates.
The DEA proposal, if formalized, must still be reviewed by the White House Office of Budget and Management, after which the DEA will take public comments before publishing its final rule.
"We commend the DEA for mirroring the recommendation of the HHS to reschedule cannabis to Schedule III. We at Flora believe that the benefits of cannabis should be accessible to everyone. Momentum is shifting in the right direction," concluded Mr. Starke.
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About Flora Growth Corp.
Flora Growth Corp. is a 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.
https://www.phatebo.de/home-en
Investor Relations:
Investor Relations ir@floragrowth.com
Clifford Starke Clifford.Starke@floragrowth.com
Media:
Cautionary Statement Concerning Forward-Looking Statements
This press release contains "forward-looking statements," as defined by 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 10K 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/207568
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