New Age Beverages Corporation (NASDAQ: NBEV) announced Wednesday that it has expanded its brand licensing agreement with the family of the late Bob Marley and the Marley brand for an additional 10 years.
Why It Matters
The expansion of the deal follows the successful growth of a partnership that began in 2017, when New Age acquired the licensing rights for Marley drinks.
Since then, New Age has overseen the development of additional product offerings like Organic Marley Mate and Marley Cold Brew. The company said the remaking of Marley's Mellow Mood Relaxation Drinks paves the way for the launch of the brand's Marley+CBD in 2019.
“Since taking over the Marley brand, we have successfully completely remade the brand in beverages together with the help of the family," Jay Barrow, New Age's head of marketing, said in a statement.
"We know the potential that the brand represents across beverage segments with its current portfolio and the impending products infused with CBD. We look forward to capturing that potential together with the support of the Marley family.”
The Marley brand represented one of New Age's top-growing nameplates in 2018, with demand increasing by 70 percent, according to New Age.
Under the terms of the expanded partnership, New Age and the Marleys will extend their business relationship through March 31, 2030.
New Age said it plans to continue its efforts working with the family to build and promote the brand through a concurrent advisory agreement that was added during the licensing agreement renewal.
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Photo courtesy of New Age Beverages.
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