- Flora and Althea have established Peak USA JV LLC (“Peak USA”) – a 50/50 joint venture aiming to capitalize on the beverages market. Each party to the joint venture contributed $250,000 of operating capital.
- Peak USA will link Flora’s U.S.-based CPG team with Althea’s Peak Processing Solutions (“Peak”), which is a recognized market leader in cannabis-infused beverages. Peak has a 40% market share in Canada.
- Peak USA will combine Flora’s brand-launching expertise with Althea’s processing experience to produce the next generation of beverages for the U.S. market.
- According to Headset Data, the beverage market segment currently represents only 1% to 3% of the U.S. cannabis market. First-time daily cannabis use overtook alcohol, with roughly 17.7 million users compared to 14.7 million for alcohol.
Fort Lauderdale, Florida–(Newsfile Corp. – June 4, 2024) – Flora Growth Corp. (NASDAQ:FLGC) (“Flora” or the “Company”) has formed a joint venture with Althea Group Holdings (ASX: AGH) (“Althea”) to enter the hemp-derived beverage market.
