Flora Growth Corp. Reaffirms Medical Cannabis Supply Agreement with Curaleaf
Flora Growth Corp. (NASDAQ: FLGC) has reaffirmed its medical cannabis supply agreement with Curaleaf Holdings' subsidiary Northern Green Canada. The new agreement, dated October 31, 2024, replaces a previous 2020 supply agreement and enables Flora to distribute Curaleaf's medicinal cannabis products in the German market. The agreement includes minimum purchase and supply obligations for both parties. Key terms specify that products must be used solely for medicinal purposes, and Flora cannot resell products for non-medical use without Northern Green's prior written consent. This is a transaction and not a broader commercial partnership.
Flora Growth Corp. (NASDAQ: FLGC) ha riaffermato il suo accordo di fornitura di cannabis medica con la sussidiaria di Curaleaf Holdings, Northern Green Canada. Il nuovo accordo, datato 31 ottobre 2024, sostituisce un precedente accordo di fornitura del 2020 e consente a Flora di distribuire i prodotti di cannabis medicinale di Curaleaf nel mercato tedesco. L'accordo include obblighi minimi di acquisto e fornitura per entrambe le parti. Termini chiave specificano che i prodotti devono essere utilizzati esclusivamente per scopi medicinali e Flora non può rivendere i prodotti per uso non medico senza il previo consenso scritto di Northern Green. Si tratta di una transazione e non di una partnership commerciale più ampia.
Flora Growth Corp. (NASDAQ: FLGC) ha reafirmado su acuerdo de suministro de cannabis medicinal con la subsidiaria de Curaleaf Holdings, Northern Green Canada. El nuevo acuerdo, fechado el 31 de octubre de 2024, reemplaza un acuerdo de suministro anterior de 2020 y permite a Flora distribuir los productos de cannabis medicinal de Curaleaf en el mercado alemán. El acuerdo incluye obligaciones mínimas de compra y suministro para ambas partes. Términos clave especifican que los productos deben ser utilizados exclusivamente con fines medicinales, y Flora no puede revender productos para uso no médico sin el consentimiento previo por escrito de Northern Green. Esta es una transacción y no una asociación comercial más amplia.
플로라 그로스 코퍼레이션 (NASDAQ: FLGC)은 큐렐리프 홀딩스의 자회사인 노던 그린 캐나다와의 의료용 대마 공급 계약을 재확인했습니다. 2024년 10월 31일자로 체결된 새로운 계약은 2020년의 이전 공급 계약을 대체하며, 플로라가 독일 시장에서 큐렐리프의 의약용 대마 제품을 유통할 수 있도록 합니다. 이번 계약은 양측의 최소 구매 및 공급 의무를 포함하고 있습니다. 핵심 조건은 제품이 오직 의약용으로만 사용되어야 하며, 플로라는 노던 그린의 사전 서면 동의 없이 비의료용으로 제품을 재판매할 수 없음을 명시합니다. 이는 거래로, 광범위한 상업적 파트너십이 아닙니다.
Flora Growth Corp. (NASDAQ: FLGC) a réaffirmé son accord de fourniture de cannabis médical avec la filiale de Curaleaf Holdings, Northern Green Canada. Le nouvel accord, daté du 31 octobre 2024, remplace un précédent accord de fourniture de 2020 et permet à Flora de distribuer les produits de cannabis médicinal de Curaleaf sur le marché allemand. L'accord comprend des obligations minimales d'achat et de fourniture pour les deux parties. Conditions clés stipulent que les produits doivent être utilisés uniquement à des fins médicinales, et Flora ne peut pas revendre les produits à des fins non médicales sans le consentement écrit préalable de Northern Green. Il s'agit d'une transaction et non d'un partenariat commercial plus large.
Flora Growth Corp. (NASDAQ: FLGC) hat seine Vereinbarung über die Lieferung von medizinischem Cannabis mit der Tochtergesellschaft von Curaleaf Holdings, Northern Green Canada, bekräftigt. Die neue Vereinbarung, datiert auf den 31. Oktober 2024, ersetzt eine frühere Liefervereinbarung aus dem Jahr 2020 und ermöglicht es Flora, die medizinischen Cannabisprodukte von Curaleaf auf dem deutschen Markt zu vertreiben. Die Vereinbarung enthält Mindestabnahme- und Lieferverpflichtungen für beide Parteien. Wichtige Bedingungen legen fest, dass die Produkte ausschließlich zu medizinischen Zwecken verwendet werden dürfen und dass Flora Produkte ohne die vorherige schriftliche Zustimmung von Northern Green nicht für nichtmedizinische Zwecke weiterverkaufen darf. Dies ist eine Transaktion und keine breitere kommerzielle Partnerschaft.
- Secured medical cannabis supply agreement with major industry player Curaleaf
- Established distribution rights for German medical cannabis market
- Agreement includes guaranteed minimum supply commitments from Northern Green
- Agreement is in scope, not a broader commercial partnership
- Restrictions on product resale limit business flexibility
- Previous confusion over agreement status may impact market confidence
Insights
The reaffirmation of the medical cannabis supply agreement between Flora Growth and Curaleaf's subsidiary Northern Green Canada represents a strategic continuation in the German medical cannabis market. The deal includes key provisions like minimum purchase and supply obligations, though it's important to note this is a transaction rather than a comprehensive partnership.
This agreement replaces the 2020 supply agreement between Terra Verde LDA and ACA Müller, maintaining Flora's presence in the German medical cannabis distribution channel. However, the strict limitation to medical-only sales and requirement for written consent for any non-medical transfers suggests tight operational constraints. The market impact is relatively modest given Flora's current market cap of
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.
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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).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228754
FAQ
What is the new supply agreement between Flora Growth (FLGC) and Curaleaf?
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