Shares of Kona Gold Solutions Inc (OTCMKTS:KGKG) are back on the breakout path once again with another sharp move higher to take out recent range highs. This follows our call for a breakout a few weeks ago. At this point, the stock is now trading sharply above all its major moving averages and seeing increased volume with increasing share prices, which is a strong indication. Helping to continue fuel that fire, the company just announced it has signed an LOI to lease warehouse space in Greer, South Carolina, right outside of Greenville.
According to the release, “the warehouse encompasses 30,000 square feet, in which the Company will acquire 15,000 square feet with the option to lease the additional 15,000 square feet within two years. The new warehouse space will operate as Kona Gold’s distribution hub, where all product will be stored and shipped to distributors around the country. The location will also serve as a new Gold Leaf Distribution hub as the Company expands Gold Leaf’s distribution footprint in new markets. Gold Leaf is currently targeting potential distribution acquisitions to expand its territories and product offerings.”
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 signed an LOI to lease warehouse space in Greer, South Carolina, right outside of Greenville. Traders will note 70% added to share values of the name over the past month of action.
What’s more, the company has registered increased average transaction volume recently, with the past month seeing 89% beyond what we have been seeing over the larger time frame.
“With the extension and high demand of our product lines, we are now producing 100 to 150 pallets each month, exceeding what our current warehouse in Florida can accommodate,” stated Robert Clark, CEO of Kona Gold Solutions, Inc. “We made the strategic decision to lease warehouse space in South Carolina, which will become our distribution hub for all Kona Gold products. Shipping lanes are very expensive out of Melbourne, FL, and the expense saved by shipping to our 40 plus distributors from South Carolina, will come close to offsetting the new monthly lease. I am very excited by the Company’s continued growth and success and this move positions us to continue on that upward path.”
Now commanding a market cap of $94M, 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 $472K. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 2437.9%. We will continue to keep a close eye on the stock and update our view as events dictate. 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.