Flora Intends to Submit Applications for Upcoming Cannabis Pilot Programs Run by BMEL
Fort Lauderdale, Florida--(Newsfile Corp. - December 12, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") today announced its intention to submit applications for participation in upcoming cannabis pilot programs in Germany to the Federal Ministry for Agriculture and Food ("BMEL"). These programs aim to effectively reduce the illicit market, expand health prevention, and provide an objective foundation for ongoing discussions surrounding cannabis.
Leading this endeavor will be Sammy Dorf, Executive Chairman, and Manfred Ziegler, Managing Director for Germany. Prior to joining the Company, Mr. Dorf played a key role in obtaining over 40 licenses across 14 U.S. states, including Illinois, Maryland, Nevada, Pennsylvania, and Ohio during his tenure at Verano Holdings. Assisting Mr. Ziegler will be TruHC's executive team, led by Hendrik Knopp who won the first tender for the cultivation of medical cannabis in Germany for Tilray (formerly Aphria).
"The German market represents a significant opportunity for Flora to showcase our expertise and drive innovation. We are excited about the potential of these pilot programs to advance cannabis and inform future policy decisions in Germany," said Clifford Starke, Chief Executive Officer. "With our background deeply rooted in leading the German medical market and the recent appointment of Sammy Dorf as our Executive Chairman earlier this week, we are extremely well positioned. Sammy's experience in successfully navigating the U.S. licensing landscape will be valuable as we pursue these opportunities in Germany."
"Beyond the THC-infused beverage opportunity, we could not be more excited to finally enter the German legal market, of which we were the pioneers. We believe our history in the country will allow us to secure participation in these pilot programs and contribute to the responsible development of the German cannabis market," noted Sammy Dorf, Executive Chairman.
The Company believes that its active participation in these pilot programs will not only contribute significantly to the advancement of cannabis but also solidify Flora's position as a leader in the German medical cannabis market.
About Flora Growth Corp.
Flora Growth Corp.'s mission is to become the leading NASDAQ small-cap international cannabis company. Flora 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 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. These forward-looking statements include, but are not limited to, statements regarding: the Company's ability to successfully submit applications for participation in upcoming cannabis pilot programs in Germany; the Company's belief that it is well-positioned to contribute meaningfully to these initiatives; the Company's belief that Mr. Dorf's experience will be invaluable in pursuing these opportunities in Germany; the Company's confidence that it can successfully secure participation in these pilot programs and contribute to the responsible development of the German cannabis market; and the Company's ability to achieve its business objectives. 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).
