One of the most important patterned signals traders can find in small and micro-cap stocks is a prolonged consolidation with clear and consistent signs of support defining a narrowing range, and then an eventual move to challenge the consolidation’s upper boundaries, with the current action in Kona Gold Solutions Inc (OTCMKTS:KGKG) providing an excellent example. This week, the stock is approaching some key potential breakout levels, fueled in part by its recent announcement that it has partnered with sixteen new distributors within the last thirty days.
According to the release, “These new distribution partners are located in California, Idaho, Indiana, Kentucky, Louisiana, Minnesota, Nevada, New Mexico, New York, Oklahoma, Texas, Virginia, Washington, and Wisconsin. With its Kona Gold Hemp Energy Drinks and HighDrate CBD Energy Waters, the Company continues to grow its market share in the hemp and CBD infused beverage sector by adding new distribution partners, further solidifying itself as a leader in its market. Kona Gold currently has distribution partners in 24 states.”
Kona Gold Solutions Inc (OTCMKTS:KGKG) promulgates itself as a company that, through its subsidiary, Kona Gold LLC, focuses on the development of hemp energy drinks, energy patches, hemp apparel, and hemp shampoo.
Kona Gold Solutions, Inc. is a premier hemp lifestyle brand focused on product development in the functional beverage sector.
Kona Gold Solutions, Inc. has created wholly owned subsidiaries, Kona Gold LLC and HighDrate, LLC. Kona Gold, LLC has developed a premium Hemp Infused Energy Drink line, Energy shots, and Apparel. HighDrate, LLC has developed the beverage industry’s first CBD Energy Water, available in 4 delicious flavors.
Kona Gold has expanded to their new warehouse and office space in Florida that gives the Company the space needed to store and distribute their new hemp energy drink, CBD energy waters, and expand rapidly. It also focuses on engaging in hydroponics activities.
The company is headquartered in Charleston, South Carolina.
According to company materials, “Kona Gold Solutions, Inc., a Delaware Corporation, has created wholly owned subsidiaries, Kona Gold LLC and HighDrate, LLC. Kona Gold, LLC has developed a premium Hemp Infused Energy Drink line; please visit the Company’s website at www.konagoldhemp.com. HighDrate, LLC has developed the beverage industry’s first CBD Energy Water, available in 4 delicious flavors; please visit the Company’s website at www.highdrateme.com. The Companies are located on the east coast of Florida in Melbourne.”
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As noted above, KGKG just announced it has partnered with sixteen new distributors within the last thirty days.
We’ve witnessed 33% piled on for shareholders of the name during the trailing month. In addition, the company has registered increased average transaction volume recently, with the past month seeing 43% beyond its prior sustained average level.
“The Company is growing its market presence at its fastest pace to date and our revenue is a reflection of that growth,” stated Robert Clark, CEO of Kona Gold Solutions, Inc. “This month, Kona Gold has moved the largest amount of product it has ever moved in a one month timeframe, over 10,000 cases, and with our new flavors launching next month, we do not anticipate that to slow down.”
Currently trading at a market capitalization of $253.55k, KGKG has virtually no cash on the books, which is balanced by virtually no total current liabilities. KGKG is pulling in trailing 12-month revenues of $211K. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 1356.6%. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $KGKG stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $KGKG, either long or short, and we have not been compensated for this article.