Flora Growth is partnering with German company Greenyard to expand physical stores into Europe.
Flora Growth brand JustCBD has entered into the partnership that will see four physical stores open in Germany and the Czech Republic. The stores are currently under construction and are anticipated to open by the end of Q2 2022, with up to 50 additional stores opening in 2023.
The partnership will also see Greenyard distribute JustCBD products in Germany, the Czech Republic, Poland, Austria, Switzerland, Ukraine, Georgia and Estonia.
JustCBD founder, Hussein Rakine, commented: “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.
“We couldn’t be more excited about launching this partnership with Greenyard and are honoured to bring our quality wellness products to the European market.”
Read more: Flora Growth discusses the benefits of a regulated cannabis market
The stores will feature JustCBD’s complete product line, including gummies, tinctures, vape cartridges, creams, pet wellness, and more.
The company has highlighted that, with 2020 sales of CBD eclipsing USD $1.9bn (~£1.73bn) in the European Union and a projected compounded annual growth rate of more than 35 per cent from 2020 to 2027, entry into the European market will strengthen Flora and JustCBD’s global position.
The company is also looking toward Europe for its medical cannabis products, as in October 2021, Flora Growth received its Good Agricultural and Collection Practices (GACP) Certification opening up dry flower exports to international GMP active pharmaceutical ingredient producers to markets where cannabis flower can be imported.
The company stated it is already in discussions with groups in European markets including Germany, France, Spain, Portugal, Poland, and Luxembourg to name a few.
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