Flora Growth to Expand Physical Presence in Europe Through JustCBD Partnership with Greenyard
23 March 2022 - 10:05PM
Business Wire
- Flora’s recently acquired JustCBD brand to open four
brick-and-mortar locations in 2022 in Germany and the Czech
Republic, with additional store openings planned in 2023.
- The locations will be managed in partnership with German-based
Greenyard and are currently under construction, with store openings
expected in Q2 2022.
- JustCBD’s product portfolio will be distributed in additional
European countries as laws permit.
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.
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Overview of the new brick and mortar
locations for the JustCBD stores in Germany and the Czech Republic
(Photo: Business Wire)
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
Cautionary Statement Concerning Forward-Looking
Statements
This document contains forward-looking statements. In addition,
from time to time, we or our representatives may make
forward-looking statements orally or in writing. We base these
forward-looking statements on our expectations and projections
about future events, which we derive from the information currently
available to us. Such forward-looking statements relate to future
events or our future performance, including: the size of markets
for cannabis and cannabis products; Flora’s ability to execute on
its research and pharmaceutical strategies; the results of Flora’s
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Investor Relations: Evan Veryard
evan.veryard@floragrowth.com Public Relations: Cassandra
Dowell +1 (858) 264-6600 flora@cmwmedia.com
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