The Flora Growth Corp has signed a licensing agreement with Tonino Lamborghini to produce and distribute CBD beverages in North America and Columbia.
Tonino Lamborghini and Flora Growth Corporation stated that the product line will contain CBD and also cannabigerol (CBG) as part of the licensing deal. There has been an increase in interest surrounding CBG in products from oils to skincare as it is thought to offer many benefits alongside CBD including regulating appetite and sleep.
The products will be produced in Florida initially with a focus on e-commerce and retail channels and will launch in the first quarter of 2022.
The Lamborghini brand is best known for luxury cars and Formula One but they also offer menswear, sunglasses and suitcases as part of their lifestyle brand. The brand is also involved in real estate projects.
Luis Merchan, CEO of Flora said: “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.”
“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,” he added.
The CBD industry is thought to develop into a US$20bn dollar market by 2024 with a large percentage of growth from the edible and beverage sectors.
The company will be using Applied DNA Sciences. Inc molecular tagging and authentication technology to ensure product verification. The new technology will allow Flora to reduce the concerns of any illicit market or counterfeit products.
Molecular tagging, which is similar to small DNA particulars acts as a type of molecular barcode. It can be used to advance tracking and tracing in the cannabis industry. The molecular tags can be added to plants, oils, lotions, edibles, and packaging. It is invisible to the eye and safe to ingest according to the Food and Drug Administration (FDA).
Ferruccio Lamborghini, CEO and VP of the Italian company said: “Together with Flora, we aim at creating new and innovative products and experiences for the modern consumer’s wellbeing. 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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