Hemp and CBD company HeavenlyRx Ltd., a portfolio company of SOL Global Investments (CSE: SOL) (OTCQB: SOLCF), has acquired a 25% stake in Jones Soda Co. (OTCQB: JSDA), a premium soda-maker based in Seattle, Washington.
HeavenlyRx has acquired from 15 million common shares of Jones Soda, representing approximately 25% of the total issued and outstanding common shares of the company.
As part of its investment, HeavenlyRx was issued a warrant to acquire 15 million common shares that, if exercised, would increase HeavenlyRx’s common share ownership of the soda-maker to approximately 39%.
Additionally, from time to time prior to the exercise in full of the warrant, HeavenlyRx may purchase Jones Soda shares in the open market of up to 50% of the number of shares purchased upon partial exercise of the warrant.
Upon closing of the initial share purchase, Heavenly Rx is entitled to designate two members to Jones Soda’s board of directors.
Jones Soda Business
Jones Soda offers flavored craft sodas. Its products include Jones Ginger Beer, Jones Soda, Jones Carbonated Candy, and Lemoncocco.
Jones Soda is sold in eye-catching glass bottles and cans and in fountains at restaurants and is distributed throughout North America.
The firm has redeveloped most of its product line using colors derived from natural sources.
HeavenlyRx believes there are numerous operational and strategic opportunities to maximize shareholder value in Jones Soda.
“I and the rest of the HeavenlyRx team are fully committed to investing in accelerating the growth of the existing core business of the iconic Jones Soda brand as well as developing a range of CBD-infused products,” Paul Norman, CEO of HeavenlyRx, stated.
“Jones Soda is in an ideal position to become a market leader in cannabinoid wellness beverages. The Jones Soda leadership has built an incredible brand, and we’re excited to help them enter this new growth phase,” Norman added.
