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Flora Growth Begins Product Sales in Juan Valdez, Colombia’s Largest Coffeehouse Chain
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Flora Growth Corp. (FLGC) has entered an agreement with Procafecol S.A., the parent company of Juan Valdez coffee shops, to distribute its House of Brands products in Colombia. The deal adds 313 stores to Flora's distribution network, enhancing visibility and accessibility in one of Colombia's largest coffee chains. Initial offerings include Flora’s Mambe fruit juice, already available in 286 locations. This partnership complements Flora’s strategy to expand its distribution footprint, which currently includes 15,000 doors globally.
Positive
Agreement with Procafecol S.A. expands distribution to 313 Juan Valdez stores.
Initial product offering includes Mambe fruit juice available in 286 locations.
Partnership increases Flora's distribution footprint to 15,000 global points of sale.
Negative
None.
- Procafecol S.A., the parent company of Juan Valdez, one of the most well-known Colombian coffee brands, signed an agreement with Flora to supply Juan Valdez coffee shops with Flora’s consumer goods products.
- The agreement allows Flora to distribute into 313 stores, with national distribution in Colombia.
FORT LAUDERDALE, Fla. & TORONTO--(BUSINESS WIRE)--
Flora Growth Corp. (NASDAQ: FLGC) (“Flora'' or the “Company”), a leading cultivator, manufacturer and distributor of global cannabis products and brands, announced today it has successfully begun distribution of its House of Brands product offering through the Juan Valdez coffeehouse chain. The agreement was signed with Procafecol S.A., the parent company of Juan Valdez, the world's most well-known Colombian coffee brand and the largest chain of coffeehouses in Colombia.
Via this agreement, Flora’s products will be distributed in Colombia, where the Juan Valdez chain has more than 300 outposts selling Colombian coffee grown by a federation of 500,000 local farmers and other locally sourced drinks and food items. Flora’s natural fruit juice brand, Mambe, is the initial offering in-store and can now be found in 286 Juan Valdez locations.
“We are very proud to partner with the Juan Valdez brand to bring Flora products to market in the largest coffeehouse chain in Colombia,” said Luis Merchan, Chairman and CEO of Flora. “Our House of Brands division continues to focus on expanding our distribution network in Colombia and around the world. This partnership adds nearly 300 points of sale to our existing list of 15,000 doors globally and makes our products available in one of the most popular chains in Colombia.”
The agreement was finalized with Procafecol S.A. in December and allows Flora to distribute products to the 313 Juan Valdez coffeehouses in Colombia.
As the operator of one of the largest cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.
This press release contains ‘‘forward-looking statements,’’ as defined by federal securities laws. Forward-looking statements reflect Flora’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in Flora’s Annual Report on Form 20-F filed with the SEC on May 9, 2022, as such factors may be updated from time to time in Flora’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora's filings with the SEC. While forward-looking statements reflect Flora’s good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Flora (or to third parties making the forward-looking statements).
