Why Is Kona Gold Beverage (OTCMKTS:KGKG) Stock Up 90% In a Week

Distribution agreements are the life blood of companies like Kona Gold Beverage (OTCMKTS:KGKG), which are involved in the functional and wellness beverages sectors. Yesterday, the company was in the news after it announced that it had signed a pair of distribution agreements for distribution of its products in the state of Minnesota.

Market Action

On Wednesday, KGKG stock moved up 5.26% to $0.0040 with more than 11.27 million shares, compared to its average volume of 12.24 million shares. The stock moved within a range of $0.0035 – 0.0044 after opening trade at $0.0044.

Kona Gold Beverage, Inc Signs Distribution Agreements with Dahlheimer Beverage and Michaud Distributing in Minnesota

The agreements in question were signed with Michaud Distributing and Dahlheimer Beverage. The two companies are going to be responsible for the distribution of the fast growing 12 ounce and 16 ounce sparkling and non-sparkling variants of the Ooh La Lemin Lemonades in the state of Minnesota. In this situation, it could be a good move by investors to have a better idea about the distributors that Kona Gold roped in.

Dahlheimer has been in the business for more than 6 decades and is currently a family owned business which is in its third generation. At this point in time, the company is a specialist beverage distributor. The company serves 54 counties in Minnesota and represents as many as 4800 customers. Michaud Distributing is also a family owned business and is currently in its fourth generation. The company was also started more than six decades ago and currently serves Northern Wisconsin and Minnesota.

Key Quote

“I’m pleased to announce that in our efforts to distribute our Ooh La Lemin Lemonades across the entire state of Minnesota, we have partnered with two top distributors, Dahlheimer and Michaud,” stated Robert Clark, CEO of Kona Gold Beverage, Inc. “Our team is excited to be expanding our footprint in the great state of Minnesota with our Ooh La Lemin Lemonade beverage line.  Dahlheimer and Michaud will be key in facilitating growth and give us the coverage we need in their markets as we look forward to growing the partnerships in 2023.”

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