Flora Growth Corp. Provides Update on Germany's Cannabis Legalization
Fort Lauderdale, Florida--(Newsfile Corp. - March 22, 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, commends Germany's upper house lawmakers for passing the recreational cannabis legalization bill, after it was approved by the lower house last month. The law is now expected to come into effect on April 1, 2024.
The law cleared its final hurdle, making German laws on cannabis use among the most progressive in the world.
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.
The law, initially passed on Germany's lower house and subsequently ratified by the upper house, legalizes cultivating up to three plants for private consumption, the possession of 50 grams of cannabis at one time at home, and 25 grams in public. Possession and cultivation are expected to be permitted by April 1, 2024, and not-for-profit social clubs to begin operation on July 1, 2024. The German parliament has also voted to declassify cannabis as a narcotic, ease narcotic prescription requirements and make patient access easier. The decision makes Germany the largest federally legal recreational and medicinal cannabis market in the world.
"We welcome Germany's definitive legalization of recreational cannabis. Our German business represents a significant component of Flora's global operations and a strategic growth market for the Company. We are excited about the potential of the new legislation on our company," said Clifford Starke, Chief Executive Officer.
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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.
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