Flora Growth Teams Up With Cannabis Giant Canopy To Enter $94M Australian Medical Marijuana Market

Flora Growth Corp. (NASDAQ:FLGC) signed a distribution agreement with Canopy Growth Corp. (NASDAQ:CGC) for the distribution of Canopy’s Storz & Bickel medical line of vaporizers in Australia. Flora's subsidiary Australian Vaporizers will be in charge of distribution.

“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,” stated 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 will spearhead the distribution of Storz vaporizers to healthcare professionals and clinics across the country. This agreement will enable Flora to meet the growing demand for various medical cannabis consumption solutions and further advance the company's position in the burgeoning Australian medical marijuana industry. According to Grand View Research, the Australian medical cannabis market size was estimated at $94 million and is projected to grow at a CAGR of 33.6% from 2024 to 2030.

Canopy Growth’s Storz vaporizers are designed specifically to meet the needs of the medical cannabis community, focusing on patient safety and offering some of the most innovative products on the market. Each device is built with precision for optimal dosing and efficiency to ensure users receive a consistent and controlled experience.

Read Also: ‘The Whole World Is In Overdose,’ Says CEO Of Company Behind Cannabis Inhaler That Enables Controlled Dosing

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Flora Growth's Recent Milestones

The news follows up on Flora Growth's recent moves across Europe, such as an exclusive distribution deal with Canapuff, a Czech Republic-based provider of cannabinoid consumer products. This partnership will introduce Flora's Vessel brand of cannabis accessories into the Czech market, one of Central Europe's most progressive.

The company also recently signed a supply agreement with Blossom Genetics to bring Colombian medical cannabis to the German market.This collaboration will introduce two strains, Chemmy Jones and Northern Lights, to the European country. The move follows the company’s recent acquisition of Germany-based TruHC Pharma GmbH in response to the country's recent cannabis reform.

FLGC Price Action

Flora Growth shares closed Monday's market session 8.87% lower at $1.85 per share.

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