Affinity Beverage Group Inc (OTCMKTS:ABVG) shares popped 33.33% higher on Friday and were unchanged in after-hours trading. The company has a market cap of $668K at 1.67 billion shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.00.
Last week, Affinity Beverage Group Inc announced that its subsidiary Village Tea Company Distribution agreed to a 50/50 joint venture partnership (“new venture”) with Green Roads Wellness, LLC to develop, distribute and market a line of co-branded functional teas and potentially other organic food and beverage products that are infused with Green Roads pharmaceutical grade Hemp Oil.
Green Roads is one of the world’s leading suppliers of organic cannabidiol/hemp derived CBD oil and distributes its world-class Hemp/CBD products throughout the USA and holds its product to the highest industry standards. Its products are formulated by a compounding licensed pharmacist in an ISO6 clean room to ensure the highest quality finished products. The company ses a pharmaceutical-grade 99% pure cannabidiol and rich full spectrum cannabidiol oil that is packed with the nutrients from the hemp plant.
Under this partnership, the two companies plan to leverage their collective experiences to develop a line of products that can be sold through each company’s existing channels of distribution. They are working on the initial product line which will consist of a functional loose leaf tea assortment in a variety of blends.
Earlier in the month, Affinity Beverage Group Inc also announced that Village Tea has been invited by The Florida Panthers and On the Move, Florida’s Convenience Store to participate in a unique sales and promotions partnership opportunity. This allows Village Tea to feature its’ new Single Serve POS display with variety of flavors and potentially other products at select On the Move store locations in South Florida in a partnership supported by the Panthers Radio Network.
“We are excited about the partnership with On the Move and the Florida Panthers and we welcome the opportunity to introduce new customers across South Florida to the Village Tea Company brand of premium loose leaf teas through our newly launched food service and hospitality platform. This is especially important as we are developing additional sales and marketing initiatives in the region and we hope to make this program an integral part of those efforts,” stated Janon Costley, CEO of Village Tea Company.
Affinity Beverage Group Inc is a holding company that focuses on branded consumer product acquisition opportunities in the health and wellness sector. It targets lifestyle brands, company and/or product distribution rights focusing on traditional and non-traditional healthy beverage options. Its brands include Village Tea Company and Pura Organic Agave.
Its subsidiary Village Tea Company Distribution is an owner of the Village Tea brand of loose leaf tea and accessories that are sold in major retailers in North America, including Vitamin Shoppe, Whole Foods Markets, Winners, HomeSense, Akins/Chamberlin Natural Foods Markets, and other independent specialty and grocery store retailers. It will also seek opportunities involving young brands specializing in all natural/organic foods, bio-food, supplements and personal care products for strategic partnerships, distribution agreements and potential acquisition.