Flora Growth (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has signed a definitive agreement with Avaria Health & Beauty Corp. Based on the agreement, the two companies will form a joint venture (“JV”), named FloVaria Corp., aimed to facilitate the sale of its award-winning KaLaya brand; sales efforts will be directed in Latin America (“LATAM”). KaLaya has currently sold more than a million units throughout Canada and is carried in major retail locations including Walmart and Loblaws, where the brand has earned the number-two customer loyalty rating in the natural-value, skin-care category. The agreement increases the value of FLGC’s Colombian distribution channels, which currently numbers more than 2,500. The agreement calls for Flora Growth’s wholly owned, GMP-certified manufacturing facility to produce the cannabinoid-infused products that will be sold through the JV. In addition, Flora will be responsible for distribution, supply chain, and marketing support of KaLaya’s pain-management products in Colombia, Mexico and other LATAM countries, while Avaria will initially provide the finished product to the JV company. In addition, the company also announced that it is entering the cannabis beverage market. The company has entered a licensing agreement with Tonino Lamborghini to produce and distribute CBD beverages. The Tonino Lamborghini product line will launch early next year. Under the agreement, Flora Growth will retain the right of first refusal to distribute any cannabis products globally under the Tonino Lamborghini brand. “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 Flora Growth president and CEO Luis Merchan in the press release. “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 U.S. market.”
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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. For more information about the company, please visit www.FloraGrowth.ca.
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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