Flora Growth Corp. Enters $94 million Australian Medical Cannabis Market with Canopy Growth Corp. Distribution Agreement for Storz & Bickel Vaporizers
Fort Lauderdale, Florida--(Newsfile Corp. - October 14, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") is pleased to announce a distribution agreement with Canopy Growth Corp. (NASDAQ: CGC) for the distribution of Canopy's Storz & Bickel ("Storz") medical line of vaporizers in Australia through Flora's subsidiary, Australian Vaporizers. This agreement marks an expansion of Flora's footprint in the medical cannabis market in Australia. According to Grand View Research, the Australia medical cannabis market size was estimated at $94 million and is projected to grow at a CAGR of 33.6% from 2024 to 2030. According to Transparency Market Research, the global handheld marijuana vaporizer market is approximately $5 billion and is anticipated to grow at a 13.4% CAGR and by 2031.
Canopy Growth's Storz vaporizers are recognized worldwide for their premium engineering and cutting-edge technology, designed specifically to meet the needs of the medical cannabis community. With a focus on patient safety and delivering high-quality vaporization, the Storz line includes some of the most innovative and reliable products on the market. Each device is built with precision for optimal dosing and efficiency, ensuring users receive a consistent and controlled experience.
"Canopy Growth is a market leader with a $400 million market capitalization. We are very much interested in partnering with Canopy Growth to bring their highly regarded Storz vaporizers to the Australian market," said Clifford Starke, Chairman and Chief Executive Officer. "With Australian Vaporizers at the forefront of this initiative, we are confident that our distribution of Canopy's Storz products will further enhance the standard of care for medical cannabis patients in Australia."
Australian Vaporizers, Flora's subsidiary in the Australian market, will spearhead the distribution of Storz vaporizers to healthcare professionals, and clinics across the country. Known for its comprehensive range of high-quality vaporization products, Australian Vaporizers has established itself as a trusted name within the country's medical cannabis ecosystem. This agreement will enable Flora to meet the growing demand for advanced medical cannabis consumption solutions, further positioning the company as a key player in the burgeoning Australian medical cannabis industry.
Through this partnership, Flora will also benefit from Canopy Growth's well-established global reputation and expertise in the medical cannabis sector.
About Flora Growth Corp.
Flora Growth Corp.'s mission is to become the leading NASDAQ small-cap international cannabis company. Flora is a cannabis-focused consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution around the world. For more information on Flora, visit www.floragrowth.com
https://www.phatebo.de/home-en
https://www.australianvaporizers.com.au/
Investor Relations:
Investor Relations ir@floragrowth.com
Clifford Starke Clifford.Starke@floragrowth.com
Media:
Cautionary Statement Concerning Forward-Looking Statements
This press release contains "forward-looking statements," as defined by U.S. federal securities laws. Forward-looking statements reflect Flora's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the expansion of Flora's footprint in the medical cannabis market in Australia, Australian Vaporizers spearheading the distribution of Storz vaporizers to healthcare professionals, and clinics across Australia, the agreement with Canopy enabling Flora to meet the growing demand for advanced medical cannabis consumption solutions, further positioning the company as a key player in the burgeoning Australian medical cannabis industry, Canopy Growth bringing their highly regarded Storz vaporizers to the Australian market, the Storz line of vaporizers being an ideal fit for Flora's strategy of delivering medical cannabis products to Australian patients, Canopy's Storz products enhancing the standard of care for medical cannabis patients in Australia, and Flora benefitting from Canopy Growth's well-established global reputation and expertise in the medical cannabis sector. Such forward-looking statements are subject to various and risks and uncertainties, including those described under section entitled "Risk Factors" in Flora's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the "SEC") on March 28, 2024, as such factors may be updated from time to time in Flora's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov/edgar. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora's filings with the SEC. While forward-looking statements reflect Flora's good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based on information currently available to Flora (or to third parties making the forward-looking statements).
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