Company to start making CBD soda
It’s common these days to hear about a food or beverage company investing in canna*is. It’s more unusual for a canna*is company to say, snap up a soda brand.
Heavenly Rx, a hemp portfolio company of canna* investment firm SOL Global Investments, invested $9 million to buy 15 million shares of Jones Soda, bringing its ownership stake in the Seattle soda company to 25%. The infusion is a welcome sum for Jones, which has been accumulating losses.
CBD, however, is becoming more widely recognized for having medical benefits.
For example, it can be used to ease chronic conditions such as arthritis and offer respite to people who have anxiety and depression.
“Completing this funding with a strategic partner that has vast experience in the retail industry is a significant step forward for Jones Soda,” Jones Soda chief Jennifer Cue said in a statement.
“We believe that Heavenly Rx seeking out the Jones brand is a testament to our unique beverages that resonate well with consumers, and we expect their involvement will help accelerate future CBD-infused beverage brand development.”
“We also believe this partnership will further bolster our product portfolio and significantly expand the network in which we sell our products while maintaining the independent, rebellious and fun brand image that customers have come to love.”
The collaboration intends to bring CBD beverages to the market. But it remains unclear when the infused products will hit the market.