Flora Growth Corp. FLGC has entered into a partnership with TruHC Pharma GmbH, a medical cannabis expert based in Hamburg, Germany.
Why It Matters
TruHC holds an EU-GDP certification as an importer, distributor and manufacturer of medical cannabis and operates a production facility with a cutting-edge cannabis laboratory for which an EU-GMP license is expected by the end of September.
As part of the deal, Hendrik Knopp, a lawyer and entrepreneur, agreed to join Flora's management team and the TruHC team. Knopp's leadership has been pivotal in establishing Germany's medical cannabis landscape, including securing one of the first cultivation licenses in the country.
"I am excited to collaborate with Flora as we navigate the evolving landscape of medical cannabis," Knopp said. "The potential for easier patient access presents a compelling opportunity to contribute to the remarkable growth of this industry."
What's Next
Clifford Starke, who assumed the position of Flora's CEO in June, said that TruHC and Flora would together "execute our strategic business plan and capture a meaningful market share in Germany."
The partnership comes on the heels of Germany's cabinet approving a marijuana legalization bill on Wednesday, sending it to the legislature for consideration. The draft legislation backed by Chancellor Olaf Scholz would legalize recreational cannabis use and personal cultivation of up to three plants, allowing adults to possess as much as 25 grams of weed, and would also allow buying weed at marijuana clubs.
Flora At Benzinga Cannabis Capital Conference
Meanwhile, Flora was awarded Best M&A Deal at the Benzinga Cannabis Capital Conference last year for the acquisition of JustCBD in 2022.
Through JustCBD, Flora's cannabis products reached Amazon and US airports through distribution company OTG Management.
Price Action
Flora's shares traded 1.4706% higher at $2.07 per share at the time of writing on Friday.
The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
Photo: Courtesy of geralt, lindsayfox Pixabay
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