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Flora Growth Corp. to Target $450 Million German Cannabis Market with Curaleaf Holdings, Inc. Supply Agreement

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Flora Growth Corp. (NASDAQ: FLGC) has announced a supply agreement with Curaleaf Holdings to import medical cannabis products into Germany, following the country's cannabis legalization on April 1, 2024. Flora will utilize its EU-GMP certified facility to distribute Curaleaf's products through its network of over 1,200 pharmacies. The German medical cannabis market is expected to reach $450 million in 2024 and grow to $4.6 billion by 2034. The European cannabis patient base, currently at 500,000, is projected to grow by 500% over the next five years, with Germany leading the market.

Flora Growth Corp. (NASDAQ: FLGC) ha annunciato un accordo di fornitura con Curaleaf Holdings per importare prodotti di cannabis medica in Germania, a seguito della legalizzazione della cannabis nel paese il 1 aprile 2024. Flora utilizzerà il suo stabilimento certificato EU-GMP per distribuire i prodotti di Curaleaf attraverso la sua rete di oltre 1.200 farmacie. Si prevede che il mercato tedesco della cannabis medica raggiunga $450 milioni nel 2024 e cresca fino a $4,6 miliardi entro il 2034. La base di pazienti di cannabis in Europa, attualmente a 500.000, è prevista crescere del 500% nei prossimi cinque anni, con la Germania che guida il mercato.

Flora Growth Corp. (NASDAQ: FLGC) ha anunciado un acuerdo de suministro con Curaleaf Holdings para importar productos de cannabis medicinal a Alemania, tras la legalización de la cannabis en el país el 1 de abril de 2024. Flora utilizará su instalación certificada por EU-GMP para distribuir los productos de Curaleaf a través de su red de más de 1.200 farmacias. Se espera que el mercado alemán de cannabis medicinal alcance $450 millones en 2024 y crezca hasta $4,6 mil millones para 2034. La base de pacientes de cannabis en Europa, actualmente en 500.000, se proyecta que crezca un 500% en los próximos cinco años, con Alemania liderando el mercado.

플로라 성장 주식회사 (NASDAQ: FLGC)큐레리프 홀딩스와 함께 독일로 의약용 대마초 제품을 수입하기 위한 공급 계약을 발표했습니다. 이는 독일이 2024년 4월 1일 대마초를 합법화한데 따른 것입니다. 플로라는 EU-GMP 인증 시설을 활용하여 1,200개 이상의 약국 네트워크를 통해 큐레리프의 제품을 유통할 것입니다. 2024년 독일 의약용 대마초 시장은 4억 5천만 달러에 이를 것으로 예상되며 2034년까지 46억 달러로 성장할 것입니다. 현재 500,000명인 유럽의 대마초 환자 수는 향후 5년 동안 500% 성장할 것으로 예상되며, 독일이 시장을 선도할 것입니다.

Flora Growth Corp. (NASDAQ: FLGC) a annoncé un accord d'approvisionnement avec Curaleaf Holdings pour importer des produits de cannabis médical en Allemagne, suite à la légalisation du cannabis dans le pays le 1er avril 2024. Flora utilisera son installation certifiée EU-GMP pour distribuer les produits de Curaleaf à travers son réseau de plus de 1.200 pharmacies. Le marché allemand du cannabis médical devrait atteindre 450 millions de dollars en 2024 et croître jusqu'à 4,6 milliards de dollars d'ici 2034. La base de patients du cannabis en Europe, actuellement de 500.000, devrait croître de 500 % au cours des cinq prochaines années, l'Allemagne étant à la tête du marché.

Flora Growth Corp. (NASDAQ: FLGC) hat eine Liefervereinbarung mit Curaleaf Holdings bekannt gegeben, um medizinische Cannabisprodukte nach Deutschland zu importieren, nachdem das Land am 1. April 2024 Cannabis legalisiert hat. Flora wird ihre EU-GMP-zertifizierte Anlage nutzen, um die Produkte von Curaleaf über ihr Netz von über 1.200 Apotheken zu vertreiben. Es wird erwartet, dass der deutsche Markt für medizinisches Cannabis im Jahr 2024 450 Millionen Dollar erreichen und bis 2034 4,6 Milliarden Dollar wachsen wird. Die europäische Patientenbasis für Cannabis, derzeit bei 500.000, wird voraussichtlich in den nächsten fünf Jahren um 500% wachsen, wobei Deutschland den Markt anführt.

Positive
  • Access to German market worth $450 million in 2024
  • Distribution network of over 1,200 pharmacies in Germany
  • EU-GMP certified facility ensures compliance with European standards
  • Partnership with established cannabis producer Curaleaf
Negative
  • None.

Insights

This strategic partnership represents a significant move into Germany's rapidly expanding cannabis market. The timing aligns perfectly with Germany's recent legalization, positioning Flora Growth to capture market share in a $450 million medical cannabis market. The company's EU-GMP certified facility and established network of 1,200 pharmacies provide a robust foundation for distribution.

The projected market growth is particularly noteworthy - with an expected $4.6 billion valuation by 2034 and a forecasted 500% increase in European cannabis patients over the next five years. This agreement with Curaleaf, a well-established player, strengthens Flora's competitive position and supply chain reliability. The partnership addresses a critical market need as Germany leads Europe's medical cannabis sector, with 500,000 current patients representing significant near-term revenue potential.

The EU-GMP certification is a important differentiator for Flora's German market entry strategy. This certification ensures compliance with stringent European quality standards, which is essential for medical cannabis distribution. The partnership with Curaleaf adds credibility and ensures a reliable supply chain for premium cannabis products.

The extensive pharmacy network of 1,200 locations provides a ready-made distribution infrastructure, significantly reducing market entry barriers and accelerating revenue generation potential. This vertically integrated approach, combining certified production facilities with established distribution channels, creates a scalable platform for capturing market share in Germany's evolving cannabis landscape.

Fort Lauderdale, Florida--(Newsfile Corp. - October 30, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") is pleased to announce a new supply agreement with Curaleaf Holdings, Inc. ("Curaleaf"). The agreement will facilitate the importation of high-quality medical cannabis products into Germany, one of the fastest-growing markets in Europe following the legalization of cannabis on April 1, 2024.

Germany, now a major player in the global cannabis industry, has seen an exponential rise in demand for medical cannabis products. As the country embraces broader cannabis reforms, Flora is strategically positioned to meet this demand through its EU-GMP certified facility, which is designed to ensure compliance with European quality standards for medical cannabis. Flora's continued efforts to expand its footprint in Germany includes sourcing top-tier products from globally respectable supplies, like Curaleaf.

Clifford Starke, Chairman and Chief Executive Officer, commented, "we are eager to partner with Curaleaf to bring their premium cannabis products to the German market. With the legal landscape evolving rapidly since the April 2024 legalization, there is a robust opportunity for cannabis to meet the needs of patients across Germany. At Flora, we remain committed to sourcing the best products, and Curaleaf's proven expertise and quality align with our vision to serve this growing market through our EU-GMP facility."

The agreement will enable Flora to import Curaleaf's medical cannabis strains and products, ensuring a consistent and reliable supply for Germany patients and healthcare providers. Flora is focused on expanding its distribution network across the country, leveraging its existing relationships with over 1,200 pharmacies.

According to Prohibition Partners, sales of German medical cannabis sales are expected to reach $450 million in 2024. Germany continues to lead the way in European medical cannabis with the total number of cannabis patients in Europe is estimated to be 500,000, and growth of around 500% is expected over the next five years. Furthermore, the legal German cannabis market is projected to reach an estimated $4.6 billion in value by 2034 according to a recent market analysis by researchers at The Niche Research.

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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Investor Relations:

Investor Relations ir@floragrowth.com

Clifford Starke Clifford.Starke@floragrowth.com

Media:

media@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 include: the agreement will facilitate the importation of high-quality medical cannabis products into Germany, one of the fastest-growing markets in Europe following the legalization of cannabis on April 1, 2024, Flora is strategically positioned to meet this demand through its EU-GMP certified facility, and the agreement will enable Flora to import Curaleaf's medical cannabis strains and products, ensuring a consistent and reliable supply for Germany 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/228274

FAQ

What is the value of the German cannabis market that Flora Growth (FLGC) is targeting?

Flora Growth (FLGC) is targeting the German cannabis market, which is expected to reach $450 million in 2024 and grow to $4.6 billion by 2034.

When did Germany legalize cannabis according to Flora Growth (FLGC) press release?

According to the press release, Germany legalized cannabis on April 1, 2024.

How many pharmacies does Flora Growth (FLGC) have in its German distribution network?

Flora Growth (FLGC) has relationships with over 1,200 pharmacies in its German distribution network.

Who did Flora Growth (FLGC) sign a supply agreement with for the German market?

Flora Growth (FLGC) signed a supply agreement with Curaleaf Holdings to import medical cannabis products into Germany.

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