Jones Soda Co., (CSE: JSDA), (OTCQB : JSDA), has a newly-appointed c-suite and new funding to push deeper into the cannabis-infused beverage category.
Craft beverage manufacturer Jones announced Thursday that it had secured a $5 million revolving loan facility through Two Shore Capital Corp. This facility will replace a $2 million facility, which was due to expire in May 2024. Paul Norman, Jones board chair, said that the funding would support anticipated sales growth of modern soda and alcohol beverage lines.
The agreement contains a 13.75 percent annual rate, and warrants to purchase 750,000 shares for $0.45 each. It is still awaiting approval from the Canadian Securities Exchange.
Following the announcement of Wednesday, Scott Harvey was appointed CEO and Brian Meadows became CFO. Norman held these positions on an interim basis until late 2024.
Harvey is joining from Dunn Brothers Coffee. He was the president of this seven-state coffee chain. In his 40 year career, Harvey has held executive positions in Golden Krust Caribbean Bakery Black Rifle Coffee Company Einstein Noah Restaurant Group and Black Rifle Coffee Company. He also managed over 850 stores.
Meadows is a CFA, CPA, and he was most recently CFO of Simply Better Brands Corporation where he developed the TRUBAR Brand.
Mary Jones Hemp Delta-9 drinks, which are alcohol substitutes with THC, offer an alternative to the company’s craft sodas. Pop Jones is a functional soda that has 30 calories. Last month, Jones announced new distribution agreements covering 2,000 convenience stores – its first major convenience channel presence in nearly 30 years of operation, it said.
Norman stated in the statement that announced the appointments, “We’re confident we have everything in place now to achieve high growth and profitability.”