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The company behind Arizona Iced Tea is getting into the market for marijuana-infused gummies and drinks in the U.S. and Canada, seeking new avenues for growth after losing ground in its core tea business.
Arizona Beverage Co. has reached a licensing deal with Dixie Brands Inc., a Denver-based cannabis company that makes and sells weed vaporizers, candies, drinks, tinctures and topical creams in five U.S. states. Under the agreement, Dixie will manufacture the products and sell them through licensed dispensaries. The deal, which is subject to approval by Dixie’s board, also gives Arizona the right to buy a stake of up to $10 million in the cannabis company.
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