Kona Gold Solutions Inc (OTCMKTS:KGKG)experienced a trade volume of 9.59 million, as compared to an average of 5.46 million, after it announced that it was expanding its retail presence in Alabama. The company stated that it would particularly focus on the city of Alabaster and adjoining areas, for expansion. Moreover, KGKG is also actively pursuing distribution agreements for the state. Kona Gold also noted that the new retail locations would include liquor stores, convenience stores and grocery stores, which would sell the hemp infused drinks from the company.
The company noted that its products are already being sold at a total of nine retail locations, but would be expanding further. Added to this, KGKG is also conducting negotiations with a number of distributors, to deliver its products to the retailers. The CEO of Kona Gold, Robert Clark, claimed that they had an opportunity in Alabaster and they used it to bring their energy drink to the market. He also expressed his excitement at being able to enter the state of Alabama, where the response has so far been positive. It should be noted here that the company sells its hemp energy drinks, through their online website, as well as Amazon.com and about 36 retail locations, spread across Florida and Alabama.
New Age Farm Inc (OTCMKTS:NWGFF), another company operating in the legal cannabis industry, announced earlier this month that it would be implementing its plan of arrangement, to spin-off its wholly owned subsidiary, NHS Industries Ltd. As per the spin-off plan, the company would provide infrastructure and other facilities for NHS, in Langley, British Colombia, in preparation for the recreational marijuana market in Canada. Moreover, the new entity would also be held by the company’s current shareholders, with one new share being issued to for each share of New Age Farm.
The share distribution was set to occur on November 30, 2016, but the company is yet to update on the matter. As far as the property distribution is concerned, NHS would receive the properties in Langley, while the ones in Washington State would go to NWGFF. Following the distribution, the company plans to have NHS listed on a stock exchange as well.