Flora Growth Enters $220M Cannabis Beverage Market With New Facility, Using Peak's Technology

Flora Growth Corp. FLGC announced the build-out of its specialized beverage facility, marking its official entry into the $220 million U.S. THC-infused beverage market.

This facility, developed on time and within budget, allows Flora to capitalize on the rapidly expanding demand for cannabis-infused beverages, a sector showing strong potential for growth.

Leveraging Proven Technology For Competitive Advantage

The new facility employs technology developed by Peak, a Canadian company responsible for producing nearly 40% of all cannabis beverages in Canada.

By incorporating Peak's proven methods, Flora Growth is positioned to deliver high-quality THC-infused products. This will help the company maintain a competitive edge in the U.S. market.

With the facility boasting over 100 formulations, Flora aims to power major cannabis brands and replicate Peak's success in the Canadian beverage market.

“Our new specialized beverage facility is a game-changer for Flora and the U.S. beverage market as a whole,” said Clifford Starke, CEO of Flora Growth. “By incorporating Peak’s proven technology, we are not only ensuring the highest quality of our products but also creating a competitive advantage.”

Read Also: Summer Sizzles With THC-Infused Beverages: Market Report Reveals Top-Selling Weed Drinks In U.S.

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THC-Infused Beverages: A Growing Sector

The U.S. THC-infused beverage market, currently accounting for around 1% to 3% of cannabis sales, is poised for significant growth. As consumers increasingly seek alternatives to alcohol, the cannabis beverage sector has gained traction, particularly among premium retailers such as Total Wine and ABC, which have begun dedicating sections to THC-infused products.

Data Bridge Market Research projects the U.S. cannabis beverage market to reach half a billion dollars by 2030, with a CAGR of 14.7%.

Flora's new facility positions the company to meet that increasing demand.

• Read Next: From Bars To Homes: Cannabis Beverages Redefine Drinking Culture

Cover: IA generated image