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Jones Soda To Enter Cannabis Market With $10M Financing

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In #finance, Jones Soda announces plans to secure up to 10 #million #dollars to fund a new line of #cannabis – #infused products. The #Seattle-based #manufacturer, which are known for their uniquely-flavored, #craft soft #drinks, will facilitate the #expansion through the issuance of a 2 million dollar #unsecured #convertible debenture to investment firm Sol #Global. The remaining 8 million will come from a deal with #Canadian reporting issuer Pinestar #Gold, in which Jones will acquire all of their outstanding common shares in exchange for 4 million common stock shares and approximately 1.7 million exercisable warrants of the soda company. Pinestar will then engage in a subscription receipt offering priced at 50 cents each to raise the #capital. Jones plans to use the proceeds to develop and launch cannabis-infused #beverages, #edibles, and other related goods through one or more of its #subsidiaries. This comes after #Jones received a 9 million dollar infusion from #Toronto-headquartered hemp and #CBD #business Heavenly #Rx back in 2019. According to #CEO Mark #Murray, who oversaw Jones’s turnaround over #2020 following a year and a half of consecutive declines, says their CBD drinks are ready for market pending further regulatory clarity from the #FDA. Murray believes cannabis beverages and edibles are a perfect fit for the soda brand, and investors seem to agree, as the company’s stock saw a more than 50 percent bump following the #news.

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