Flora Growth Corp. (NASDAQ: FLGC) has announced signature of a non-binding Letter of Intent to form a joint venture with Avaria to manage registration, sales and distribution of KaLaya products in Colombia, Mexico and other LATAM countries. Avaria will supply finished product to the JV. Flora Lab will work to product KaLaya’s CBD infused products using cannabis from Flora’s cultivation facility.
Avaria’s KaLaya pain cream brand has had immense success since inception. With over three years of tripe digit growth through their industry leading e-commerce channels. In this time period, KaLaya has received consumer praise and industry awards such as:
-Canada’s fastest growing topical decongestants and analgesics brand (40% YoY Revenue and 34% YoY unit grow) according to Nielsen Market Track, October 2020
-Awarded TSC’s (The Shopping Channel) #1 2020 Wellness Brand
-Amazon.ca’s Consumer Choice for topical pain relief (4.5+ Stars across 1,500+ reviews)
-#1 Ranked Topical Analgesic brand throughout Purity Life (Canada’s largest distributor of natural wellness products)
“We are very excited to partner with Avaria to bring their established, award-winning KaLaya brand to our LATAM distribution network. We believe the product will receive a similarly strong reception as it has in Canada,” commented Flora Growth President and CEO, Luis Merchan. “Moving forward, Flora Lab will work with the Avaria team to produce CBD-infused versions of KaLaya products for distribution across LATAM as well as export into the United States. Given CBD’s association with wellness, KaLaya’s established formulation, and Flora Growth’s low-cost high-quality cannabis, this is a natural partnership we are excited to bring globally.”