Flora Growth Corp. Completes Build-Out of Specialized Beverage Facility, Marking Entry into the $220 Million Beverage Market

Core Insights - Flora Growth Corp. has completed its specialized beverage facility, marking its entry into the $220 million THC-infused beverage market [2][3] - The facility utilizes proven technology from Peak, aiming to ensure high product quality and create a competitive edge in the rapidly expanding sector [3][5] Company Developments - The new facility allows Flora to produce over 100 formulations, with the goal of replicating Peak's success in Canada within the U.S. market [3][6] - Flora's CEO emphasized the importance of this facility in innovating and responding to market demands, solidifying the company's position in the beverage space [3][6] Market Context - The THC-infused beverage market is currently a small segment of the U.S. cannabis market, representing only about 1% to 3%, indicating significant growth potential [4] - Data Bridge Market Research projects that the U.S. infused beverages market could reach $500 million by 2030, with a compound annual growth rate (CAGR) of 14.7% [4] Strategic Partnerships - In June 2024, Flora entered a joint venture with Peak to leverage both companies' strengths in the U.S. beverage market, combining Peak's production expertise with Flora's marketing capabilities [7]