The holding company Kona Gold Beverage Inc (OTCMKTS:KGKG) is involved in developing functional and wellness focused beverages. Yesterday, the company came into focus after it announced that it had inked a distribution agreement with the firm Hayden Beverage Company.
On Monday, KGKG stock moved down 0.89% to $0.0055 with more than 8.23 million shares, compared to volume of 8.24 million shares. The stock moved within a range of $0.0051 – 0.0057 after opening trade at $0.0052.
Kona Gold Beverage, Inc Signs Distribution Agreement with Idaho-Based Hayden Beverage Company
The signing of a distribution agreement is almost always seen as a positive development considering the fact that it indicates that the products are going to reach customers. In this situation, it could be a good idea for investors to perhaps take a look at the credentials of Hayden Beverage Company as a distribution and then make their minds up about the Kona Gold stock.
Hayden Beverage is based out of the state of Idaho and is regarded as the biggest and most efficient wine, beer and premium non-alcoholic beverage distributor. The company has managed to build up a distribution foot print that stretches across the states of Idaho and Montana. More importantly, the family owned company has been in business for more than half a century and has been in operation since as far long as 1970. It will be responsible for the distribution of non-sparkling and sparkling beverages from Kona Gold in its territories.
“I’m excited to share with our shareholders that we continue to grow our western region presence with the signing of Hayden Beverage Company, stated Robert Clark, CEO of Kona Gold Beverage, Inc. “Our West Region Territory Manager, Brett Catanzaro, is making a huge impact withing our team, leading our West Coast expansion. We are currently in talks with distribution partners in Utah, Arizona, Wyoming, Colorado, New Mexico, and Hawaii, which would fill out our expansion to western markets.”
KGKG stock is trading below the 20-Day and 50-Day Moving averages of $0.0059 and $0.0059 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0079.