Flora Growth Cannabis Expands European Presence With Strategic Supply Agreement For Medical Marijuana
Portfolio Pulse from Jelena Martinovic
Flora Growth Corp. (NASDAQ:FLGC) has announced a supply agreement with Blossom Genetics to introduce Colombian medical cannabis strains to the German market. This move is part of Flora's strategy to expand its presence in Europe, following its acquisition of TruHC Pharma GmbH. Flora has been active in Germany since 2017 and holds an EU-GMP facility with access to over 1,200 pharmacies. The company's shares rose by 6.6762% following the announcement.
September 19, 2024 | 2:28 pm
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Flora Growth Corp. has signed a supply agreement with Blossom Genetics to introduce Colombian cannabis strains to Germany, enhancing its European market presence. This follows its acquisition of TruHC Pharma GmbH and aligns with Germany's cannabis reform.
The supply agreement with Blossom Genetics is a strategic move to expand Flora's presence in the European market, particularly in Germany, which has recently reformed its cannabis laws. This expansion is likely to increase Flora's market share and revenue potential in Europe, positively impacting its stock price. The recent 6.6762% increase in share price reflects investor optimism about this development.
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