Become A Featured Company

Flora Growth Plans to Expand Leading Global Genetics Business in Germany

Ryan Allway

March 25th, 2024

News, Top News

Fort Lauderdale, Florida–(Newsfile Corp. – March 25, 2024) – Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), 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, plans to launch a cannabis home grow kit, start up material seeds and cuttings in Germany in response to the first phase of Germany’s new recreational cannabis legalization law.

 

The German legal cannabis recreation market has the potential to reach $4.2 billion upon legalization with the total European market forecasted to achieve revenues of $10.2 billion. The Company estimates the potential value of the home grow market in Germany to reach $400 million after legalization.

 

The Company’s existing seedbank, which is the arguably the largest globally, and the over 200 strains held within, including several world-class genetics and winners of Cannabis Cups, is expected to be a key component to the Company’s strategy.

 

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.

 

Effective April 1, 2024, adults over the age of 18 in Germany are to be allowed to possess up to 50 grams of cannabis for private consumption and grow up to three plants. The Company intends to address the market demand for home grow and establish itself as a genetics provider in the country. Adults will be allowed to join nonprofit social clubs with a maximum of 500 members each starting July 1, 2024. Individuals will be allowed to buy up to 25 grams per day, or a maximum of 50 grams per month. The Company plans to supply social clubs with start up material in the form of seeds and cuttings.

 

In other markets where recreational cannabis was been legalized, such as Canada, studies have demonstrated that almost one in ten cannabis consumers reported home cultivation, with modest increases following legalization and most growing within the legal limit of plants per person.

 

The cannabis home grow kit, select genetics and cuttings on a limited quantity basis and for personal use for the German marketplace are expected to be available at justcbdstore.de, as well as at preferred partners.

 

“We are carefully examining Germany’s new legislation for immediate business opportunities. What Canada’s legalization case has taught us is that a notable percentage of adults reported home cultivation of cannabis immediately following legalization. We believe German adults will exhibit a similar pattern and we intend to give them the tools to do,” said Clifford Starke, Chief Executive Officer.

 

###

About Flora Growth Corp.

Flora Growth Corp. 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.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Network Partners

Follow Us on Social Media

LinkedIn

About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer

loading