Cannabis firm Heavenly Rx invests $9 million in Jones Soda
Could CBD and craft soda be a match made in heaven? That’s what cannabis firm Heavenly Rx seems to think. Heavenly Rx is a hemp-focused group that’s a subsidiary of Sol Global Investments, and in addition to hemp and CBD companies, the group has just dropped a sizeable chunk of money into Jones Soda, probably the premiere craft soda company in the world. If you’ve never tried Jones Soda, they’re great, and they’re probably most known for having tons of different types of flavors, from more traditional choices like cola and lemon lime, to more out-there flavors like crushed melon, bubblegum, and we’ve even tried a Thanksgiving dinner soda from them once (it wasn’t great, actually, but it was fun!).
Turns out Jones is suffering a bit lately (they’ve always been pretty low on the distribution side, from what we’ve seen), so this $9 million infusion is probably welcome from their end, and it also grants an ownership stake of 25% to Heavenly Rx. The money will supposedly go towards putting together some CBD variants, but Heavenly Rx will also help them with marketing and distribution as well. Heavenly’s CEO Paul Norman used to work for Kellogg, and he says that Jones is going to “grow north of $20 billion,” largely due to improved distribution, which makes sense for sure. But of course, like most CBD producers, they’ll have to wait for official FDA approval, which is supposedly forthcoming, but not quite there yet.
We’re not huge fans of CBD by itself — THC is where the real fun is, in our opinion. But having more CBD products on shelves is great for the cannabis industry as a whole, and is a good step forward towards more mainstream acceptance of cannabis in general. Jones Sodas are already pretty tasty, and so if this infusion does help them improve their brand and helps bring CBD forward, it’s a win-win as far as we’re concerned.