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.
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.