FORT LAUDERDALE - Flora Growth Corp. (NASDAQ: FLGC), a global leader in cannabis-focused consumer-packaged goods and pharmaceutical distribution, has acknowledged the passage of Germany's recreational cannabis legalization bill by the country's upper house. The legislation, set to take effect on April 1, 2024, positions Germany as the largest federally legal recreational and medicinal cannabis market in the world.
The German law, which was approved by the lower house last month and has now cleared its final legislative obstacle, allows for the cultivation of up to three cannabis plants for private use, possession of up to 50 grams at home, and 25 grams in public spaces. Additionally, not-for-profit social clubs are slated to begin operations on July 1, 2024. The parliament has 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 secure a medical cannabis license in the country and made the inaugural sale of medical cannabis. Clifford Starke, CEO of Flora, expressed enthusiasm for the new legislation, emphasizing its significance for the company's strategic growth and its established German business operations.
The company, serving markets across all 50 states in the U.S. and 28 countries internationally, with over 20,000 points of distribution, views the German market as a key component of its global operations. The legalization in Germany is anticipated to bolster Flora Growth's position in the industry and enhance its potential for growth.
This news is based on a press release statement from Flora Growth Corp.
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