CBD company ups stake in beverage brand to secure 50-state distribution

A Toronto-based hemp and CBD investment company increased its stake in a traditional soda company with an eye toward developing CBD-infused beverages with the brand.

HeavenlyRx bought 15 million shares in Jones Soda Co. for $9 million and now holds 39% of the Seattle-based beverage manufacturer.

The deal also gives HeavenlyRx two seats on Jones Soda’s board.

Jones Soda is distributed in all 50 U.S. states, including convenience stores, grocery stores and quick-service restaurants, and the purchase gives HeavenlyRx access to those distribution channels, Paul Norman, CEO of the Canadian company, told Hemp Industry Daily.

Jones Soda trades on over-the-counter markets as JSDA. HeavenlyRx is privately held.

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