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Jones Soda, a craft soda brand, has bought a Canadian shell company and secured $11 million in concurrent financing in order to produce cannabis-infused goods.
The proceeds "will be used to grow the company's anticipated cannabis-infused beverages and consumables business line," Jones President and CEO Mark Murray stated in a news release on Tuesday.
According to an October filing with the US Securities and Exchange Commission, Seattle-based Jones could potentially make both THC- and CBD-infused beverages. Jones revealed ambitions to enter the cannabis beverage business through "one or more subsidiaries" in July 2021.
Sol Global Investments, whose portfolio includes cannabis companies, purchased $9 million in Jones shares in 2019 through its portfolio company HeavenlyRx. As part of its cannabis beverage effort, Jones also offered a $2 million convertible debenture to Sol Global in 2021.
Pinestar Gold, the Canadian shell firm Jones acquired, was once a mining exploration company. Jones stated that, subject to regulatory approvals, it intends to list its Canadian shares on the Canadian Securities Exchange.
According to Murray, such a move would "improve the liquidity of our shares (and) enable the company to appeal to potential investors in both Canada and the United States."