On October 14, 2024, Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) announced a distribution agreement with Canopy Growth Corp. (NASDAQ: CGC) to distribute Canopy’s Storz & Bickel medical line of vaporizers in Australia through Flora’s subsidiary, Australian Vaporizers. This agreement signifies an expansion of Flora’s presence in the Australian medical cannabis market. Market research indicates that the Australian medical cannabis market size was estimated at $94 million and is expected to grow at a CAGR of 33.6% from 2024 to 2030. Additionally, the global handheld marijuana vaporizer market is approximately $5 billion and is projected to grow at a 13.4% CAGR by 2031.
Canopy Growth’s Storz vaporizers are known for their premium engineering and innovative technology tailored for the medical cannabis community. These products prioritize patient safety and offer high-quality vaporization, ensuring a consistent and controlled experience for users. Clifford Starke, Chairman and Chief Executive Officer, expressed enthusiasm about the partnership with Canopy Growth to introduce their Storz vaporizers to the Australian market through Australian Vaporizers.
Australian Vaporizers, as Flora’s subsidiary in Australia, will lead the distribution of Storz vaporizers to healthcare professionals and clinics nationwide. With a reputation for providing high-quality vaporization products, Australian Vaporizers is well-positioned in the country’s medical cannabis ecosystem. This collaboration allows Flora to address the growing demand for advanced medical cannabis consumption solutions and solidify its position in the Australian medical cannabis industry.
By partnering with Canopy Growth, Flora can leverage the company’s established global reputation and expertise in the medical cannabis sector. Moving forward, Flora aims to become the leading NASDAQ small-cap international cannabis company, serving consumers in all 50 states and 28 countries with over 20,000 points of distribution globally. For more information on Flora, visit their website at www.floragrowth.com.
