Kona Gold Solutions – a US-based cannabis ‘lifestyle brand’ – has agreed to acquire beverage brand Flo Beverages, as it aims to expand its position in the functional beverage category.
Founded in 2015, Flo Beverages originally entered the beverage market with its SoFlo organic energy drinks, and the brand recently launched a range of ketogenic energy drinks called LiKuid.
Kona Gold will also acquire Kona’s 6,000 square-foot production facility in Longwood, Florida, allowing the company to explore the production of a CBD energy drink.
A statement from the company claims that the acquisition should be completed in the next 30 days.
Robert Clark, CEO of Kona Gold Solutions, said: “I am very excited to announce the LOI to acquire Flo Beverages, an exciting company with smart ownership and great products.
“Flo brings to Kona Gold Solutions an exciting product line in LiKuid, a Ketogenic Energy Drink, and a team that runs a USDA organic certified facility that knows how to formulate great-tasting beverages.
“Flo operates its own production line, which brings exciting opportunities in offering co-packing for small to medium companies and producing limited seasonal runs.
“In 2020, we are looking to add a new product line, an all-organic CBD energy drink. The acquisition of Flo Beverages provides the Company now with in-house resources to tap into.”
© FoodBev Media Ltd 2020