Flora Growth Corp. (NASDAQ:FLGC) confirmed Tuesday it renewed its sales orders for the Czech Republic and Slovakia through Just Brands UK's customer Mirfa s.r.o.
Flora's four-year partnership with Mirfa is valued at a total demand of approximately $500,000 annually. The Florida-based cannabis operator has been supplying Mirfa with JustCBD branded products, including gummies, tinctures and oils.
"Our long-standing relationships in Europe are a testament to the strength of collaboration and mutual trust," said Clifford Starke, chairman and chief executive officer. "Over the past four years, this partnership has been a part of our European strategy, allowing us to bring premium products to customers in the Czech Republic and Slovakia. We are proud of the value this relationship continues to deliver, both in terms of revenue and brand recognition."
The collaboration has established Flora as a supplier in the Czech and Slovakian markets, utilizing its product innovation and compliance expertise alongside Just Brands UK's distribution network to deliver products to consumers.
The Czech Republic and Slovakia are among Europe's emerging cannabis markets, with increasing consumer acceptance and regulatory progress driving growth opportunities for innovative companies. According to Statista, the Czech CBD market reached $34 million in 2024.
Mirfa is a Czech company specializing in CBD-infused products designed to enhance the well-being of both humans and pets. Its offerings include CBD gummies aimed at improving sleep, reducing stress and alleviating pain, as well as CBD treats formulated to promote calmness and comfort in dogs.
Read Also: Flora Growth Quarterly Revenue Falls 28% YoY As Expenses Rise
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Flora Growth And International Markets
Renewed sales orders with Mirfa come on the heels of the company's medical marijuana supply agreement with Curaleaf Holdings (OTCQX:CURLF)'s subsidiary Northern Green Canada, Inc. Under the agreement, Northern Green will supply Flora with medicinal cannabis products that Flora will distribute in the German market.
In October, Flora also 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.
Price Action
Flora Growth shares closed Tuesday market session 2.65% higher at $1.55 per share.
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