Craft beverage maker Jones Soda has acquired a Canadian shell company called Pinestar Gold, who was previously a mineral exploration company.
Jones Soda is setting out to develop cannabis infused products and has raised $11 million so far.
Proceeds “will be used towards the development of the company’s planned cannabis-infused beverages and edibles business line,” Jones President and CEO Mark Murray said in a news release.
Seattle-based Jones could potentially produce both THC- and CBD-infused beverages, according to an October filing with the U.S. Securities and Exchange Commission.
It was last summer that Jones announced plans to enter the cannabis beverage sector via “one or more subsidiaries.”
Sol Global Investments, whose portfolio includes cannabis companies, bought $9 million worth of Jones shares via portfolio company HeavenlyRx in 2019.
Jones also issued a $2 million convertible debenture to Sol Global in 2021 as part of its cannabis drink push.
