Fort Lauderdale, Florida--(Newsfile Corp. - October 30, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") is proud to announce the launch of its parallel import business ("PI Business") in Germany and the European Union ("EU"). This strategic expansion underscores Flora's broadening footprint in key international markets.
The Company's entry into the PI Business follows the appointment of Dr. Manfred Ziegler as Managing Director. Dr. Ziegler's tenure at CC Pharma marked a period of growth and strategic innovation. As Managing Director, he transformed the company into one of Europe's leading pharmaceutical distributors, with a robust portfolio and a significance presence in the European market. His leadership was instrument in the successful acquisition of CC Pharma by Tilray, a transaction that underscored the value of the CC Pharma and its strong market position.
The PI Business will enable Flora to provide European consumers with a diverse range of pharmaceuticals at competitive prices while ensuring compliance with the stringent regulations governing the EU market. Flora is a prominent distributor of pharmaceutical products in the European Union and a holder of a medical cannabis licence in Germany.
"Our vision is to become a market leader in the European pharmaceutical and medical cannabis market. Our current access to an extensive distribution network of German pharmaceuticals represents the perfect platform to launch the PI Business. Our goal is to deliver accessible pharmaceuticals to European patients." said Clifford Starke, Chief Executive Officer.
The PI Business will initially focus on Germany, which is the largest market in Europe, with plans to expand into other EU member states. In addition to enhancing product availability and affordability, the PI Business will contribute to the Company's overall turnover and bottom line.
According to the European Affordable Medicines, the size of Germany's parallel import business, including exports, is close to $4 billion with 47% of exports to EU countries coming from Germany.
In a PI Business, products are typically sourced from countries where they are available at a lower price due to factors such as exchange rates, taxes, or other market conditions. These products are then imported into another country where they are sold at a lower price compared to the officially imported or distributed products. Parallel import businesses often operate by benefit from price differentials between markets, offering consumers access to genuine products at more competitive prices.
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 about: Flora launching the PI Business in Germany and the European Union, Flora broadening its footprint in key international markets, Flora providing European consumers with a diverse range of pharmaceuticals at competitive prices while ensuring compliance with the stringent regulations governing the EU market, Flora maintaining its status as a pharmaceutical distributor in Europe, Flora maintaining its medical cannabis license, Flora becoming a market leader in the European pharmaceutical and medical cannabis market, Flora delivering accessible pharmaceuticals to European patients, the PI Business contributing to Flora's turnover and bottom line, and the impact of Dr. Manfred Ziegler on the PI Business, if any. 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).
