Flora Growth Corp. (NASDAQ:FLGC), a prominent player in cannabis-focused consumer-packaged goods and pharmaceutical distribution, has acknowledged the landmark passage of Germany’s recreational cannabis legalization bill by the country’s upper house. With the legislation set to take effect on April 1, 2024, Germany emerges as the largest federally legal market for both recreational and medicinal cannabis globally.

The newly approved German law, which received the green light from the lower house last month and has now overcome its final legislative hurdle, introduces several significant provisions. Among these are provisions allowing for the cultivation of up to three cannabis plants for personal use, possession of up to 50 grams at home, and 25 grams in public spaces. Furthermore, not-for-profit social clubs are slated to commence operations on July 1, 2024. In a bid to facilitate patient access and streamline prescription requirements, the parliament has also voted to reclassify cannabis, removing it from the narcotic category.

Flora Growth, with a history of operations in Germany dating back to 2017 through its wholly-owned subsidiaries, has been a pioneer in the country’s medical cannabis landscape. The company secured the first medical cannabis license in Germany and conducted the inaugural sale of medical cannabis. Clifford Starke, CEO of Flora, expressed his excitement regarding the new legislation, highlighting its strategic importance for the company’s growth trajectory and its well-established presence in the German market.

With a robust distribution network encompassing all 50 states in the U.S. and spanning 28 countries internationally, Flora Growth views the German market as a pivotal component of its global footprint. The legalization of recreational cannabis in Germany is anticipated to fortify Flora Growth’s standing within the industry and unlock significant growth opportunities.

This information is derived from a press release issued by Flora Growth Corp.