Flora Growth (NASDAQ: FLGC), a consumer-packaged goods leader and pharmaceutical distributor, has entered a joint venture (“JV”) agreement with Althea Group Holdings, a global leader in the manufacturing, sales and distribution of cannabis-based medicines and recreational cannabis products. The two companies are partnering to enter the hemp-derived beverage market and produce the next generation of beverages for the U.S. market. According to the announcement, Flora and Althea have established a 50/50 joint venture called Peak USA JV LLC with each company contributing $250,000 of operating capital. The joint venture is designed to bring together Flora’s U.S.-based CPG team with Althea’s Peak Processing Solutions, which is a recognized market leader in cannabis-infused beverages; the collaboration also leverages Flora’s brand-launching expertise and Althea’s processing experience. “Aligning with Althea instantly bolsters our credibility within the beverage sector,” said Flora Growth CEO Clifford Starke in the press release. “Their very special, world-class emulsion technology has established the very foundation of this category. Coupled with our expertise in brand development, sales, and marketing, this partnership will position us as a frontrunner in the market, setting a standard that competitors will find challenging to emulate. Our focus lies not solely on cannabis but on providing an alternative to alcohol. Our objective is to establish a nationwide brand.”
To view the full press release, visit https://ibn.fm/MMNrb
About Flora Growth Corp.
Flora Growth is a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 different countries with 20,000-plus points of distribution around the world. For more information about the company, please visit www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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