Jones Soda Co. announced its intention to operate its planned cannabis operations through one or more subsidiaries that are separate from its craft beverage business.
Last week, Jones issued to SOL Global Investments Corp. a $2 million unsecured convertible debenture. It also entered into a nonbinding term sheet dated July 14 with Pinestar Gold Inc., a Canadian reporting issuer, and SOL. Jones said it will use the proceeds of the convertible debenture and transactions exclusively for its expansion into the production and sale of cannabis-containing beverages, edibles and related products.
“We believe that cannabis-infused beverages and edibles are a perfect fit for the iconic personality of the Jones brand," said Jones president and chief executive Mark Murray.
”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 added.
