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.
HeavenlyRx also has an ownership stake in Hemp2o, a beverage company with distribution in the western United States.
Jones Soda trades on over-the-counter markets as JSDA. HeavenlyRx is privately held.