Kona Gold Beverage Inc. (OTCMKTS:KGKG) Stock Soars After Subsidiary’s Record Monthly Revenue in August 2022

Kona Gold Beverage Inc. (OTCMKTS:KGKG) announced on September 12, 2022, about its wholly owned subsidiary, Gold Leaf Distribution LLC, earning record monthly revenue in August of approximately $348,000 in sales.

Trading Data

On Monday, KGKG stock rose 11.54% to $0.0058 with 6.31 million shares, compared to volume of 11.22 million shares. The stock moved within a range of $0.0052 – 0.0058 after opening trade at $0.0056.

Kona Gold Beverage, Inc’s Subsidiary Gold Leaf Distribution Posts Record Monthly Revenue in August

The increase in sales is due to a culmination of expanding the company’s sales team, including new products, and rising consumer demand.  Gold Leaf anticipates continued growth throughout the rest of the year. The company has positioned itself as a leading beverage and snack distributor in the state of South Carolina where it currently covers approximately 70% of the state.

Robert Clark, CEO of Kona Gold Beverage, Inc. is delighted to share this thrilling update with their shareholders. Gold Leaf Distribution was started in 2019 to distribute their own products where they generated around $80,000 in sales in the first year itself. After just three years, Gold Leaf has approximately $2.4 million in sales through the first 8 months of 2022. They expect this phenomenal growth to sustain all through 2023 as well.

Kona Gold LLC, the company’s beverage brand subsidiary, recently hired a Territory Manager in the state of Michigan.  The company’s new Territory Manager, Sam Toia, will work in tandem with Kona Gold’s Michigan distribution partner, Imperial Beverage, to grow the company’s brands throughout the great state of Michigan.

Key Quote

“I’m excited to share with our shareholders that our continued dedication to growing our subsidiaries, products, and market share is paying off,” stated Robert Clark, CEO of Kona Gold Beverage, Inc. “We started Gold Leaf Distribution in 2019 as a means to distribute our own products where we did approximately $80,000 in Sales our first year. 

Technical Data

KGKG stock is trading below the 50-Day and 200-Day Moving averages of $0.0060 and $0.0079 respectively. However, the stock is trading above the 20-Day moving average of $0.0056. The company has a total market capitalization of $10.33 million.