MIAMI and TORONTO, Nov. 29, 2021 – PRESS RELEASE – Flora Growth Corp., a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, announced 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 its 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 U.S., in states where CBD ingestible products 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. 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,” Flora CEO Luis Merchan said. “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.”
“Together with Flora we aim at creating new and innovative products and experiences for the modern consumer’s wellbeing," said Ferruccio Lamborghini, CEO and vice president 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."
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