Flora Growth Corp. Partners with Althea Group to Enter Hemp Beverage Market
Partnership aims to build on Flora’s brand development, Althea’s production experience.
Flora Growth Corp. has formed a joint venture with Althea Group Holdings to enter the hemp-derived beverage market.
"Aligning with Althea instantly bolsters our credibility within the beverage sector,” said Flora Growth CEO Clifford Starke. “Their very special, world-class emulsion technology has established the very foundation of this category. Coupled with our expertise in brand development, sales and marketing, this partnership will position us as a frontrunner in the market, setting a standard that competitors will find challenging to emulate. Our focus lies not solely on cannabis but on providing an alternative to alcohol. Our objective is to establish a nation-wide brand.”
The partnership is strategically positioned to establish beverage distribution in the U.S. by facilitating market access via CPG channels like wine and liquor stores.
The joint venture will leverage the strengths and resources of both Peak and Flora to capitalize on current commercial opportunities in the beverage market in the U.S., driving mutual growth and success. Peak contributes production know-how, while Flora brings brand launching, sales and marketing expertise. Flora has introduced some of gummies, edibles, vapes and accessories in the U.S. through its e-commerce platform of over 350,000 customers and a robust business-to-business distribution network.
Althea's Peak estimates that it produces close to 40% of all cannabis beverages available in Canada.
"Today's milestone in the establishment of our joint venture with Flora is testament to Althea's relentless dedication to innovation and growth,” said Althea CEO and Managing Director Joshua Fegan. “As we embark on this strategic venture, we are unwavering in our commitment to delivering excellence in the rapidly evolving cannabis beverages market in the U.S. With our combined expertise and shared vision, we are poised to drive success and create lasting value for our stakeholders.”
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