MIAMI & TORONTO--(BUSINESS WIRE)--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.