Flora Growth Enters Cannabis Beverage Market Through Licensing Agreement with Tonino Lamborghini
November 29 2021 - 7:05AM
Business Wire
- Flora enters burgeoning cannabis beverage market through
executed licensing agreement with Tonino Lamborghini to produce and
distribute CBD beverages under their renowned luxury lifestyle
brand, with an initial focus on the United States
- Tonino Lamborghini product line will first launch in Q1 of
2022
- Flora retains right of first refusal to distribute any cannabis
products globally under the Tonino Lamborghini brand
- Product line to be produced using Applied DNA Sciences
molecular tagging technology to ensure product verification and
brand protection
Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a
leading all-outdoor cultivator and manufacturer of global cannabis
products and brands, announced today that the Company has signed a
licensing agreement with Tonino Lamborghini to produce and
distribute Tonino Lamborghini branded cannabis beverages across
North America and Colombia under their renowned luxury lifestyle
brand.
The Tonino Lamborghini product line will be produced through
Flora’s division and contain CBD and other premium cannabinoids
such as cannabigerol (CBG). Under the licensing deal, Flora will
retain the right of first refusal to produce and distribute any CBD
or CBG products globally under the Tonino Lamborghini brand. The
products will be produced in Florida initially for sale in US
states where CBD ingestible are legal. Flora will be responsible
for production and distribution and will target both ecommerce and
brick-and-mortar channels.
The Tonino Lamborghini product line will be produced using
Applied DNA Sciences, Inc. (NASDAQ: APDN) molecular tagging and
authentication technology to ensure product verification, in line
with the new age of cannabis consumer packaged goods (CPG). Flora
will leverage this technology to ensure that the Company’s products
are derived distinctly from Flora’s operations, which will
substantially reduce concerns of any illicit market or counterfeit
products across North America or Colombia.
The market for CBD products is projected to grow into a $20
billion market by 2024, and the growth of that market is expected
to largely come from beverages and edibles, according to data from
BDS Analytics and ArcView Market Research. Coffee is one of the
most popular beverage segments globally and infusing it with
cannabinoids is a strong differentiator for the product line,
beyond its association with the Tonino Lamborghini brand,
especially with the increase in demand for CBD-based products.
“We are excited to partner with such a well-known luxury brand
as Tonino Lamborghini, which already boasts a very successful line
of beverages and aligns with Flora’s brand portfolio of high-end
products,” said Luis Merchan, CEO of Flora. “This partnership is
yet another step in the execution of Flora’s strategic plan to
build a world-class house of brands and is also a major component
of our sales and distribution strategy in the lucrative US
market.”
“Together with Flora we aim at creating new and innovative
products and experiences for the modern consumer’s wellbeing," said
Ferruccio Lamborghini, CEO and VP of the Italian company. “Our
branded beverages are studied to help people to achieve a sense of
calm and coolness in both stressful times and ordinary daily
routine. I am especially enthusiastic about the molecular tagging
and authentication technology Flora will use to track with full
transparency the top-notch ingredients origin."
About Tonino Lamborghini
For 40 years Mr Tonino Lamborghini has been taking inspiration
from his family heritage and his vast experience in mechanics and
engineering to develop his homonymous lifestyle experience brand
dedicated to luxury design products and real estate projects.
Uncompromising spirit, Italian ingenuity, resourcefulness and
design - together with the talent of a company recognized
throughout the globe as a beacon of luxury, exclusivity and Italian
flair - are the values of the Tonino Lamborghini brand. Tonino
Lamborghini is the President of the company, joined in 2015 by his
first son Ferruccio, who became vice-president in 2016 and CEO in
2018.
Visit www.lamborghini.it or follow @toninolamborghinigroup on IG
for more information.
About Flora Growth Corp.
Flora is building a connected, design-led collective, of
plant-based wellness and lifestyle brands, that delivers the most
compelling customer experiences in the world, one community at a
time. As the operator of one of the largest outdoor cannabis
cultivation facilities, Flora leverages natural, cost-effective
cultivation practices to supply cannabis derivatives to its diverse
business divisions of cosmetics, hemp textiles, and food and
beverage. Visit www.floragrowth.com or follow @floragrowthcorp on
social for more information.
Cautionary Statement Concerning Forward-Looking
Statements
This document contains forward-looking statements. In addition,
from time to time, we or our representatives may make
forward-looking statements orally or in writing. We base these
forward-looking statements on our expectations and projections
about future events, which we derive from the information currently
available to us. Such forward-looking statements relate to future
events or our future performance, including: the size of markets
for cannabis and cannabis products; the collaboration with third
parties; and our business prospects and opportunities. You can
identify forward-looking statements by those that are not
historical in nature, particularly those that use terminology such
as “may,” “should,” “expects,” “anticipates,” “contemplates,”
“estimates,” “believes,” “plans,” “projected,” “predicts,”
“potential,” or “hopes” or the negative of these or similar terms.
In evaluating these forward-looking statements, you should consider
various factors, including: our ability to change the direction of
the Company; our ability to keep pace with new technology and
changing market needs; and the competitive environment of our
business. These and other factors may cause our actual results to
differ materially from any forward-looking statement.
Forward-looking statements are only predictions. The
forward-looking events discussed in this document and other
statements made from time to time by us or our representatives may
not occur, and actual events and results may differ materially and
are subject to risks, uncertainties and assumptions about us. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of uncertainties and
assumptions, or the forward-looking events discussed in this
document and other statements made from time to time by us or our
representatives not occurring, except as may be required by
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211129005213/en/
Investor Relations: Evan Veryard
evan.veryard@floragrowth.com
Public Relations: Cassandra Dowell +1 (858) 264-6600
flora@cmwmedia.com
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