Fort Lauderdale, Florida--(Newsfile Corp. - March 28, 2024) - Flora Growth Corp. (NASDAQ: FLGC) ("Flora" or the "Company"), 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, is pleased to announce the signing of an exclusive distribution agreement with Althea Group Holdings Limited ("AGH") for Vessel brands in the United Kingdom ("UK"). Vessel is a wholly owned subsidiary of the Company and a market leading brand of vape pens and smoking accessories.
It is estimated that the vape pen and dry herb vaporisers represent a multi-billion-dollar industry and are expected to grow exponentially over the next decade, from $5 billion to $15 billion in 2031.
AGH becomes the sole supplier of Vessel hardware and smoking accessories in the UK medical market. Leveraging its extensive network and strong relationships with other industry participants, AGH aims to drive sales through both Business to Business and Business to Consumer channels.
Vessel's range of premium products are uniquely positioned to address a gap in the market for vape hardware and smoking accessories, catering to the growing number of UK medical cannabis dried flower and vape cartridge patients. MyAccess Clinics ("MyAccess") is a leading medical cannabis clinic in the UK and a wholly owned subsidiary of AGH. MyAccess is expected commence selling Vessel products in the second quarter of 2024.
"We are proud of our partnership with AGH, which shares our underlying philosophy and business plan for Vessel. As part of this deal, we intend to reach a growing number of customers through new channels of distribution," said Clifford Starke, Chief Executive Officer of Flora.
"AGH's exclusive distribution agreement for Vessel brands marks a significant milestone in our commitment to providing high-quality products and exceptional service to medical cannabis patients across the UK. Vessel is a revered brand in North America, and we are excited to bring Vessel's premium range of hardware and accessories to the UK," said Joshua Fegan, Chief Executive Officer of AGH.
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About Flora Growth Corp.
Flora Growth Corp. 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
Investor Relations:
Investor Relations ir@floragrowth.com
Clifford Starke Clifford.Starke@floragrowth.com
Media:
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This press release contains "forward-looking statements," as defined by 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. 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 10K filed with the United States Securities and Exchange Commission (the "SEC") on March 31, 2023, 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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