MIAMI & TORONTO--(BUSINESS WIRE)--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.
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.
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.
“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.
1Published Date: May 2021 | Publisher: Graphical Research Report ID: GR1823
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