Fort Lauderdale, Florida--(Newsfile Corp. - April 11, 2024) - Flora Growth Corp. (NASDAQ: FLGC) ("Flora" or the "Company"), a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution around the world, is pleased to announce it has entered an exclusive distribution agreement with Me Raw Trade Ltd. ("Me Raw") to distribute both JustCBD and Vessel branded products in Poland.
Me Raw is an independent private company focused on bringing novel and high-end products to the Polish market, while bridging the rapidly changing cannabis laws between Poland and the rest of the world.
Me Raw will represent these brands to dispensaries, smoke shops, convenience stores and gas stations across Poland, including the ability to offer white label services to certain leading brands in the region. Me Raw will be the exclusive distributor to Polish retailers for a period of one year, with an option to extend. Flora Growth will also reserve the right to expand Me Raw's sales territory to include, at Flora's discretion, Lithuania, Latvia, Estonia, Georgia, and Uzbekistan.
The Polish Pharmaceutical Chamber estimates that the potential number of medical cannabis users could reach 300,000, while the number of legal cannabis users (both medical and CBD) is expected to reach 1.3 million by 2026. The Polish medicinal cannabis market is expected to be worth at least €2.0 billion by 2028. It is estimated that the vape pen and dry herb vaporisers represent a multi-billion-dollar industry and are expected to grow exponentially, from $5 billion to $15 billion in 2031.
"Poland is an exceptionally fast-growing cannabis market in the EU and the country has gone to great lengths to become a leader in cannabis regulations in the region," said Clifford Starke, Chief Executive Officer at Flora. "Through Me Raw, we are engaged in conversations with large scale retailers across the region who are now beginning to adopt a wide range of CBD products and cannabis accessories for which Flora Growth excels."
"This collaboration opens new possibilities for expansion and promotion of products that are expected to be warmly received by Polish consumers looking for innovative and high-quality CBD products and vaporization accessories," said Andrzej Jankowski of Me Raw. "Our shared mission, based on delivering products that meet the highest standards, will form the foundation for a long-lasting partnership that is anticipated to exceed expectations in the Polish and EU markets."
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About Flora Growth Corp.
Flora Growth Corp. is a 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.
https://www.phatebo.de/home-en
Investor Relations:
Investor Relations [email protected]
Clifford Starke [email protected]
Media:
Cautionary Statement Concerning Forward-Looking Statements
This press release contains "forward-looking statements," as defined by 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. 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 10K 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).
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