Kona Gold Beverage Acquires S&S Beverage To Boost LEMIN Distribution
Hemp and CBD beverage company Kona Gold Beverage Inc. (OTCQB:KGKG) has acquired S&S Beverage Inc.
The Melbourne, Florida-based company has purchased Lemin Superior Lemonade maker in a cash and stock deal.
Lemin Lemonade, launched in 2018, comes in four flavors: Original, Blue Raspberry, Peach and Strawberry.
In 2019 — Lemin's first full year of sales — it generated $900,000.
The customers can purchase products in popular chains across the country, including Kroger stores in Wisconsin, as well as Sheetz, Woodmans, Festival Foods, Plaid Pantry, regional 7Elevens, Circle K North, and South Carolina stores.
Kona Gold Beverage CEO Robert Clark disclosed they are poised to provide Kona Gold Beverage with a "mainstream, better-for-you, beverage product in its portfolio, opening many doors for our existing products."
Considering that Lemin is featured in several popular chains nationwide, the company expects to "announce additional chains for the 2021 Spring sets," Clark noted.
Lemin founder Bill Stineman joined Kona Gold as VP of Product Management and Innovation.
"By combining our sales channels and Kona Gold'sGold's back office support, we will have the opportunity to take LEMIN and Kona Gold'sGold's beverage portfolio to the next level of retail chain relationships and larger distributor networks," Stineman said.
Beverages As Future Of Pot Industry
Kona Gold is just one of several cannabis businesses exploring the beverage space.
Over the last year, a number of companies, such as Canopy Growth Corp. (NASDAQ:CGC), Valens GroWorks Corp. (TSX:VLNS) (OTC:VLNCF), and BevCanna Enterprises Inc. (CSE:BEV) (OTCQB:BVNNF), to name a few, recognized beverages as the future of pot industry.
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