MIAMI & TORONTO -Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, announced today that its brand JustCBD has partnered with German company Greenyard to open brick-and-mortar stores throughout Germany and the Czech Republic. In addition to the opening of brick-and-mortar stores, JustCBD products will be distributed by Greenyard throughout Germany, the Czech Republic, Poland, Austria, Switzerland, Ukraine, Georgia and Estonia.
With 2020 sales of CBD eclipsing USD $1.9 billion in the European Union and a projected compounded annual growth rate of +35%1 from 2020 to 2027, formal entry into this market will continue to strengthen Flora and JustCBD’s global position.A total of four stores in Germany (2) and the Czech Republic (2) are under construction and are anticipated to open by the end of Q2, with up to 50 additional stores opening in 2023. The stores will carry JustCBD’s complete product line, including gummies, tinctures, vape cartridges, creams, pet wellness, and more.
“As a leading wellness brand in the United States, we believe the quality of JustCBD’s sought-after products will result in strong demand in the European market. This inaugural European expansion is expected to be the first of many initiatives in a broader international growth strategy,” said JustCBD founder Hussein Rakine. “We couldn’t be more excited about launching this partnership with Greenyard and are honored to bring our quality wellness products to the European market.”
JustCBD is an established CPG wellness brand with over 300 products and a seamless omnichannel approach that includes a direct-to-consumer business with over 300,000 customers and a network of over 14,000 distribution points across the United States and internationally. Flora acquired the brand in February of 2022, a move that Flora’s executive team believes will strengthen their foothold in the North American market and globally.
About Flora Growth Corp.
Flora is building a design-led collective, of plant-based wellness and lifestyle brands, that delivers the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.floragrowth.com or follow @floragrowthcorp on social for more information.
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This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: the size of markets for cannabis and cannabis products; Flora’s ability to execute on its research and pharmaceutical strategies; the results of Flora’s research; the collaboration with third parties; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, or the forward-looking events discussed in this document and other statements made from time to time by us or our representatives not occurring, except as may be required by applicable law.