Since this press release was published, Curaleaf has denied entering a supply agreement with Flora Growth Corp. That article is here.
FORT LAUDERDALE, Fla., Oct. 30, 2024 – PRESS RELEASE – Flora Growth Corp. announced a new supply agreement with Curaleaf Holdings Inc. 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 include sourcing top-tier products from globally respectable suppliers, like Curaleaf.
"We are eager to partner with Curaleaf to bring their premium cannabis products to the German market,” Flora Chairman and CEO Clifford Starke said. “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 health hcare 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 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.
