Luxury goods maker Tonino Lamborghini enters cannabis market with Flora Growth deal

Nov 29 (Reuters) - Flora Growth Corp FLGC.O has signed a licensing agreement with luxury goods brand Tonino Lamborghini to sell cannabidiol-infused beverages in North America and Colombia, the Canada-based cannabis producer said on Monday.

The two companies will first launch coffee infused with cannabidiol (CBD), a non-psychoactive compound of cannabis that has found increased use as a relaxative.

"The cannabis market represents a very interesting niche and we intend to offer a different luxury experience," Tonino Lamborghini Chief Executive Officer Ferruccio Lamborghini, whose grandfather founded the supercar brand, said in an email. He added that his company has been in the coffee sector for over 30 years, with a line of premium espresso blends.

Tonino Lamborghini is not affiliated with the carmaker, now a unit of Volkswagen VOWG_p.DE, but run by members of the Lamborghini family.

Top cannabis operators across North America are trying to establish early dominance in the drinks market, with research firm BDS Analytics expecting sales of cannabis-infused beverages to be worth $1.4 billion by 2025.

Flora Growth said its coffee offering will first be made in Florida for sale across the United States, wherever cannabis-based products are legal, adding that it would be launched in the first quarter of 2022.

(Reporting by Manas Mishra in Bengaluru; Editing by Ramakrishnan M.)

((Manas.Mishra@thomsonreuters.com; www.twitter.com/Manasmishra24; within U.S. +1 646 223 8780))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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