Kona Gold Beverage, Inc. has raised $3 million in capital via a securities purchase agreement with YA II PN, LTD.
Kona Gold Beverage will use the proceeds from the capital raise to facilitate growth across its subsidiaries, Kona Gold LLC and Gold Leaf Distribution LLC. From these proceeds, Kona Gold LLC is rebranding its Kona Gold Hemp Energy Line and extending its Ooh La Lemin product line.
Additionally, Kona Gold will undertake an extensive marketing push for all brands and hire for key positions, such as territory managers and a chain stores-focused representative. Gold Leaf Distribution proceeds will be used for opening new distribution operations in new markets, which will include warehouse space, delivery vehicles, and multiple new hires.
"We have experienced fantastic growth in 2021 across all subsidiaries, hitting record revenues in 2021, and this recent round of funding will assist in accelerating that growth," said Robert Clark, CEO of Kona Gold Beverage, Inc. "We have a lot of exciting things happening across the company, including the expansion of our team from just nine employees at the start of 2021 to 20 employees by the end of the year. On the beverage side, we will be hiring an industry expert with chain store experience and contacts to facilitate growth and opportunities into large chain grocery and convenience stores, and additional territory managers. Our team is currently working on line extensions for our Ooh La Lemin brand, and we will be hiring a national branding firm to lead our efforts in rebranding and refreshing our popular Kona Gold Hemp Energy Drink line. We will also be drastically increasing our marketing efforts across all brands in our continued effort to build brand awareness."