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FORT LAUDERDALE – Flora Growth Corp. (NASDAQ: FLGC), a global leader in the distribution of cannabis-focused consumer packaged goods and pharmaceutical products, acknowledged the approval of the German recreational cannabis legalization bill by the Upper House of village. The legislation, which comes into force on April 1, 2024, positions Germany as the largest federally legal recreational and medicinal cannabis market in the world.
The German law, approved by the Lower House last month and which has now passed the final legislative hurdle, allows the cultivation of up to three cannabis plants for private use, the possession of up to 50 grams at home and 25 grams in public . spaces. Additionally, non-profit social clubs are expected to begin operating on July 1, 2024. Parliament also voted to reclassify cannabis, removing it from the narcotic category, simplifying prescription requirements and improving patient access.
Flora Growth, which has been operating in Germany since 2017 through its wholly owned subsidiaries, was the first to obtain a medical cannabis license in the country and make the inaugural sale of medical cannabis. Clifford Starke, CEO of Flora, expressed enthusiasm for the new legislation, underlining its importance for the company’s strategic growth and its consolidated business operations in Germany.
The company, which serves markets in all 50 U.S. states and 28 countries internationally with more than 20,000 distribution points, views the German market as a key component of its global operations. Legalization in Germany is expected to strengthen Flora Growth’s position in the industry and increase its growth potential.
This news story is based on a press release from Flora Growth Corp.
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