Althea DRF to invest in LA company
Los Angeles’ Flowerkist Incorporated has entered into a proprietary agreement with Delhi-headquartered Dabur Research Foundation (DRF) to develop and launch a wide range of 100% hemp-based CBD infused topical products with its patent-pending “Rapid Penetration Technology™”.
Under the terms of the agreement, DRF will provide formulation development as well as verification of safety and efficacy, said Flowerkist on 12 Dec 2019.
Flowerkist will be responsible for global distribution and marketing of the products.
Althea DRF, an affiliated organization of Dabur Research Foundation, has also entered into an agreement to invest an undisclosed amount in Flowerkist.
Established in 1979, DRF is a world renowned GLP and AAALAC accredited product development and research organization with an in-house research and development arm for new innovations for Dabur.
Through product innovation and superior performance, Dabur has become one of India’s largest Ayurvedic medicine and natural consumer product companies.
Traded on National Stock Exchange in Mumbai, Dabur has annual revenue of over US$1 billion.
“In 2016 we saw the emerging market in medical cannabis and decided to focus on topical hemp-based products and avoid any association with psychoactive substances (i.e., THC),” commented co-founder and CEO of Flowerkist, Barry Clark.
“However, until the Farm Bill was passed in December 2018, which made 100% hemp-based products federally legal, we had multiple challenges in attracting the optimal resources,” said Clark.
“We are very excited about the opportunity to be a partner and, through Althea DRF, an investor in Flowerkist,” said Dr. Manu Jaggi, COO of DRF.
“For the last several years, we have been investigating the biology of cannabinoids including CBD and working on various technologies to overcome challenges in delivery of efficacious products in this space. What attracted our attention was Flowerkist’s superior vision on how to best capitalize on this emerging global category,” said Dr Jaggi. fiinews.com