Seattle, Washington-based Jones Soda is planning a cannabis-infused sodas and edibles line and seeks to raise $10 million for the venture. The cannabis operations would be separate from its craft beverage business.
Jones President and CEO Mark Murray said infused beverages and edibles “are a perfect fit for the iconic personality of the Jones brand” and the proposed transactions to raise funds for the new business “will lay the groundwork for a strategic transformation of the company to an additional business line” that builds on Jones’ current business model.
Jones said it raised $2 million through an unsecured convertible debenture that was issued to SOL Global Investments Corp. The beverage maker will also receive $8 million through a deal involving Pinestar Gold Inc.
“We are also confident that SOL, along with certain large shareholders of Pinestar will provide Jones with the knowledge, expertise, and resources necessary to help us deliver on our growth plans within the cannabis sector.”—Murray in a press release
According to a Bloomberg report, SOL is led by Andy DeFrancesco who was an early investor in Canadian licensed cannabis producer Aphria Inc.
Former CannaRoyalty CEO and current Cresco Labs Inc. Director Mark Lustig is one of the main shareholders in Pinestar, according to Bloomberg.
According to an MJBizDaily report, sales of cannabis-infused beverages were up 40% in 2020 from the previous year.
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