Florida CBD operator Kona Gold has raised $3 million through a stock-purchase agreement with a hedge fund, YA II PN, LTD.
The securities purchase agreement announced Tuesday allows the hedge fund to buy up to 100 million shares of Kona Gold, a holding company based in Melbourne that develops hemp and CBD beverages.
Kona Gold says it will use the money to expand operations and distribution and to rebrand its Kona Gold Hemp Energy Line, among other things.
The company also says it plans to hire an expert to focus on “growth and opportunities into large chain grocery and convenience stores.”