Kona Gold Solutions Inc. (OTCMKTS:KGKG) is planning to produce a new organic CBD beverage this year after announcing the signing of a Letter of Intent (LOI) to acquire Flo Beverages.
Kona Gold to acquire Florida-based Flo Beverages
Flo Beverages is a Florida-based company located in Longwood, and Kona Gold intends to conduct due diligence on the beverage company in the coming days, and it is likely to finalize the acquisition in 30 days. Since its inception in 2015, Flo Beverage entered the energy drink space with the SoFlo organic drinks.
The company operates a 3,000 sq. ft. the facility in Longwood that is a USDA certified organic co-packing plant. Recently the company launched an all organic Ketogenic Energy Drink, Likuid, that is available in three flavors. They distribute the drink in Florida as well as Puerto Rico.
Kona Gold CEO Robert Clark indicated that he was excited that they have signed the LOI to purchase Flo Beverages. He indicated Flo is an exciting company with a great range of products. The company offers Kona Gold a great product line in the Ketogenic Energy Drink, LiKuid.
Flo Beverages presents Kona Gold opportunity to develop an energy drink
Equally, the CEO indicated that the acquisition will be bringing on board the great team that operates the USDA certified facility that has massive experience in the formulation of tasty beverages. Flo, which runs its product line this will bring exceptional opportunities to Kona Gold in co-packing for small-to-medium companies as well as the production of limited seasonal runs.
According to Clark, Kona Gold is planning to add a new product to its hemp and CBD lifestyle product line this year. The company has set sights in developing an all-organic CBD energy drink, and the acquisition of Flo Beverages will be vital in the process as Kona Gold will have in-house resources to leverage. The CEO expressed his pleasure regarding the opportunities that Flo brings to Kona Gold and the resource that Kona Gold has to build the distribution footprint of LiKuid.
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