Canadian Mineral Company Acquired By Jones Soda For $11M To Launch Cannabis Beverages

Beverage and soda producer Jones Soda operates in Seattle, but its latest move was the acquisition of a Canadian shell company worth $11 million. Reports say the deal will help fund and develop cannabis-infused beverages and other products. 

In a news release on Tuesday, Jones president and CEO Mark Murray said all proceeds would be used to develop the company’s “planned cannabis-infused beverages and edibles business line,” but we’re not sure when that might arrive. 

Because Jones Soda hails from Seattle, Washington, some reports say the company could even lean outside of CBD-infused products and into a THC market due to the region’s fully legal status for medical and recreational marijuana. 

According to Hemp Industry Daily, it wasn’t until July 2021 that Jones Soda had announced the company would branch out into the cannabis-infused beverage market. Some of this momentum stemmed from 2019 when frequent cannabis investor company Sol Global Investments bought $9 million worth of shares in Jones Soda through HeavenlyRx. 

When 2021 hit and Jones wanted to solidify plans for a cannabis beverage line, it issued a $2 million “convertible debenture” to Sol Global Investments to get the ball rolling. 

Jones Soda acquired Canadian shell company Pinestar Gold, which, prior to the acquisition, was a mineral exploration company, as per Hemp Industry Daily. Now, Jones’ acquisition of the company is sparking its interest in listing its Canadian shares on the Canadian Securities Exchange, if approved. 

If this were to happen, Jones CEO Murray says this would increase the “liquidity of our shares” and allow the company to “appeal to potential investors in Canada as well as the United States.”