Suspension of NAKA beverage sales

LYON, France–(BUSINESS WIRE)–Regulatory News:

The ALGREEN Group (Paris:ALGRE), which specializes in multi-faceted agri-food operations and whose strategy is to integrate companies, industries, farms, and brands within a single group while prioritizing traditional and innovative SMEs as part of the ecological transition, announces that NAKA, a company 51% owned by the ALGREEN Group and a pioneer in the production and distribution of CBD-based beverages (winner of the 2023 Can d’Or Award and the Auchan Innovation Award), which is experiencing strong growth (+21% in the first^er (first half of 2023) with its two products, NAKA Sunset and NAKA Moonlight, in mass-market retail chains in France (Monoprix, Franprix, Système U, Intermarché, Auchan) received a prefectural order requiring it to suspend sales.

By Prefectural Order No. DDPP-SSA-2023-19-12-01 dated December 21, 2023, the Prefect of the Rhône ordered NAKA SA to suspend the marketing of its products until it obtains authorization from the European Food Safety Authority (EFSA) as required by Regulation (EC) No. 2015/2283 of the European Parliament and of the Council of November 25, 2015, as amended, and to recall its products:

• Naka Sunset 250 ml Aluminum Can, 30 mg of CBD
• Naka Moonlight 250 ml Aluminum Can, 30 mg of CBD

NAKA SA will, on the one hand, contact EFSA to determine how long it will take for the agency to issue its authorization and, on the other hand, urgently challenge this decision before the administrative court in order to obtain its annulment or suspension through summary proceedings.

ALGREEN is also seeking to reach an agreement with Nextstage on a repayment schedule for its bond debt stemming from a November 2018 contract in the amount of €900,000 (€750,000 in principal and €150,000 in non-conversion premium), which matured on November 30, 2023.

Our Identity:

The Algreen Group, a French company specializing in the food industry and distribution, focuses on the multi-faceted food and agribusiness sector. Its strategy is to integrate companies, industries, and brands into a single group, while prioritizing traditional and innovative small and medium-sized enterprises.

Our goal is to become a major player in the food industry for consumers while respecting the environment, health, and «locally made» products.

Find all the information about the ALGREEN Group : https://algreen.fr/investisseurs/

ALGREEN (Euronext Growth Paris, Ticker: ALGRE – ISIN: FR001400IV58), a French company specializing in the food industry and distribution.

Contact

[email protected]