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Cannabis investment company SOL Global (OTC:SOLCF) announced Tuesday that it took an 8.19-percent stake in Seattle-based Jones Soda Company (OTC:JSDA).
What Happened
SOL Global said it acquired 3,396,049 common shares of Jones Soda Co.
SOL Global is an international investment company with a focus on cannabis, CBD, hemp, and cannabis-related companies in the U.S. and the emerging European cannabis market.
The company said it has investment interests across cannabis cultivation, distribution and retail complements.
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Why it's Important
SOL Global said it sees many future opportunities to maximize shareholder value with Jones Soda and its own position in the cannabis industry.
"Jones Soda has an iconic, retro brand in the soda bottle and fountain beverage sector, and we believe the company's true value will be recognized by the market as its new offerings gain steam," SOL Global Chief Investment Officer Andy DeFrancesco said in a statement.
"It is clear that Jones Soda is committed to being on the front lines of innovative product development while staying true to their iconic brand."
The news is the latest in a series of crossover investments between the beverage and cannabis sectors that include alcohol company Constellation Brands, Inc. (NYSE:STZ)'s 38-percent stake in Canopy Growth Corp. (NYSE:CGC)
What’s Next
Jones Soda over-the-counter shares were rallying 40.43 percent to 66 cents at the time of publication Tuesday, while SOL Global was trading 0.89-percent higher at $2.78.
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Q&A: SOL Globa's CEO Brady Cobb Chats About The Brave New World Of Cannabis Investing
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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