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.
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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.
