Benzinga | Nov 30, 2021 04:08PM EST

Tonino Lamborghini Cannabis Beverages Soon Available In US & Colombia Via Deal With Flora Growth

Cannabis producer Flora Growth Corp. (NASDAQ:FLGC) announced on Monday that it has inked 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.

Under the terms of the agreement, the Miami and Toronto-based company revealed that it 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 manufactured through Flora's division, 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.

The company will also retain the right of first refusal to distribute any cannabis products globally under the Tonino Lamborghini and will target both e-commerce and brick-and-mortar channels.

Luis Merchan, Flora's CEO said that he is "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."

He called the partnership "yet another step" and part of the company's "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."

Initially, the products will be produced in Florida for sale in US states where CBD ingestibles are legal. The product line will launch in the first three months of 2022.

Ferruccio Lamborghini, CEO and VP of the Italian company said the collaboration with Flora will yield "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," Lamborghini continued. " I am especially enthusiastic about the molecular tagging and authentication technology Flora will use to track with full transparency the top-notch ingredients origin."

More recent news from Flora Growth:

* Flora Growth Forms JV With Canada's Avaria Health & Beauty Corp Following $34.5M Raise Via Public Unit Offering

* Flora Growth Raises $34.5M Via Public Unit Offering

* Flora Growth's Stock Plummets On Announcing Pricing of $30 Million Public Offering

FLGC Price Action

Flora Growth's shares traded 0.3909% lower at $1.97 per share at the time of writing Monday morning.

Photo: Courtesy of Tonino Lamborghini