Flora Growth’s Newly Acquired, JustCBD, Signs Deal with Distribution Giant OTG Management to Sell CBD Products in Airports
April 07 2022 - 7:05AM
Business Wire
- Flora’s JustCBD brand will launch sales of its premium CBD
products in airports across the US, distributed by distribution
company OTG Management
- Initial airports to distribute JustCBD include Houston’s George
Bush Intercontinental/Houston Airport (IAH) and Washington, DC’s
Ronald Reagan Washington National Airport (DCA)
- JustCBD’s night-time gummies and its regular JustCBD gummies
are the first SKUs ordered by OTG Management
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 its newly acquired brand,
JustCBD, has signed a deal with airport distribution juggernaut OTG
Management to sell their CBD products in airports.
As part of the deal, JustCBD will begin selling its premium CBD
products in US airports through distribution company OTG
Management, which is a leading operator of airport restaurants and
retail storefronts.
“Airport retail sales represent a billion-dollar business and
we’re proud to have our JustCBD brand be accepted as one of the
first world-class CBD lines of product to be distributed in US
airports,” Flora CEO Luis Merchan said. “As Flora continues to
execute on its strategy to build a global house of brands and
become one of the world’s largest distributors of cannabis
derivatives, availability of JustCBD products in airports across
the US is a meaningful step forward in our growth. We hope to
expand our relationship with OTG as we explore the opportunity
their significant footprint represents across our house of
brands.”
OTG Management placed orders to distribute JustCBD’s night-time
gummies and its regular JustCBD gummies in Houston’s George Bush
Intercontinental/Houston Airport (IAH) and Washington, DC’s, Ronald
Reagan Washington National Airport (DCA). Flora expects future
orders to extend to additional products and other airports in the
US.
The CBD gummy market is the fastest-growing segment of the
burgeoning CBD industry, with a projected compound annual growth
rate of 30.7% from 2021 to 2028, according to Grand View Research,
representing a $13.28 billion market opportunity.
About Flora Growth Corp.
Flora is building a connected, design-led collective of
plant-based wellness and lifestyle brands delivering 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 [media] 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: expected future
revenue, the proposed acquisition of Vessel; Vessel’s financial
performance; our financial performance and projections; our growth
in revenue and earnings; 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220407005388/en/
Investor Relations: James Williams
james.williams@floragrowth.com
Public Relations: Cassandra Dowell +1 (858) 264-6600
flora@cmwmedia.com
Flora Growth (NASDAQ:FLGC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Flora Growth (NASDAQ:FLGC)
Historical Stock Chart
From Sep 2023 to Sep 2024