Affinity Beverage Group Inc (OTCMKTS:ABVG) shares rose 33.33% on Friday after the company announced a partnership with its subsidiary Village Tea.
Affinity Beverage Group Inc (OTCMKTS:ABVG) shares rose 33.33% on Friday to $0.00040 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $668K at 1.67 billion shares outstanding.
Formerly Strategic Rare Earth Minerals Inc, 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, Inc is an owner of the Village Tea brand of loose leaf tea and accessories. The Village Tea brand is 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.
In a press release, Affinity Beverage Group Inc announced that Village Tea has agreed to a 50/50 joint venture partnership 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 Wellness is one of the world’s leading suppliers of organic cannabidiol/hemp derived CBD oil and has over 5,000 wholesale clients and over one million end users.
In 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, with an emphasis on specialty grocers/retailers, health and wellness and direct to consumer. They are working on the initial product line which will consist of a functional loose leaf tea assortment in a variety of blends targeting Focus, Sleep/Relaxation and Energy.
Prior to this, 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. As a vendor, Village Tea will 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.
“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 Distribution and Affinity Beverage Group, Inc.
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