Recent action in Kona Gold Solutions Inc (OTCMKTS:KGKG) continues to show promise as the stock consolidates sideways following its recent breakout to the upside at new multi-year highs. This is one we called a few weeks ago as a breakout candidate, and there’s no signs yet of danger for the trend, though it’s always a good idea to bank something after such a strong run (as much as 40% on the recent move).
To make matters more interesting, the company just announced it has signed a distribution agreement with Savannah Distributing Company, Inc. According to the release, “Savannah Distributing Company, headquartered in Savannah, Georgia, has placed an initial order of Kona Gold Energy Drinks. Savannah Distributing is a 75-year-old company serving the state of Georgia with premium beverage brands since 1938. Savannah Distributing is the oldest, and one of the most prominent distributors of American craft and imported beers, premium liquor brands, world-class wines and Champagnes throughout Georgia. Savannah Distributing is a leader in connecting the most sought-after brands with leading retailers serving their consumer market.”
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 a distribution agreement with Savannah Distributing Company, Inc.
Recent action has seen 78% during the past month in terms of shareholder gains in the name. What’s more, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 90% above the average volume levels in play in this stock over the longer term.
“I am excited to announce the signing of one of our biggest distribution agreements to date,” stated Robert Clark, CEO of Kona Gold Solutions, Inc. “Located in the beautiful state of Georgia, Savannah Distributing Company has a proven track record and covers the entire state. They are excited to launch the brand in key markets of Georgia and we look forward to growing the brand with them.”
Currently trading at a market capitalization of $329.71k, KGKG has virtually no cash on the books, which must be weighed relative to 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 update the story again soon as developments transpire. 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.