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Althea Group (ASX:AGH) has inked agreements “to establish [a] joint venture” with Flora Growth Corporation to make cannabis-based beverages.
Althea cited figures on Monday claiming the cannabis beverages market is worth just short of USD$1B – claims which analysts will likely want to see the market research for.
Regardless, the company said on Monday it already has six beverages in the US “jointly developed … intended to launch online and through wine and liquor stores across the US in Q1FY25.”
Althea’s subsidiary Peak USA will be responsible for manufacturing. The company was able to get to this point by raising only $2M.
“We are excited to have signed the establishing agreements with Flora, marking a significant step forward in Peak Canada’s expansion into the US cannabis beverages market.
“The JV represents a major growth opportunity for Peak Canada, combining our industry-leading expertise in cannabis beverages with Flora’s expansive distribution network.”
AGH last traded at 2.1cps.
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