Kona Gold Beverage, Inc. Announces Gold Leaf Distribution Expansion
MELBOURNE, Fla. – Kona Gold Beverage, Inc. (OTCQB: KGKG), a holding company focused on product development in the better-for-you and hemp and CBD functional beverage sector, announced its wholly owned subsidiary, Gold Leaf Distribution, and is expanding its distribution operations to Myrtle Beach, SC. Gold Leaf Distribution currently has distribution warehouses in Greer, SC and Melbourne, FL and services over 900 accounts.
Gold Leaf Distribution recently signed a warehouse lease in Conway, SC which will begin on October 1st, 2021 and is approximately 30 minutes outside of Myrtle Beach, SC, a popular tourist destination. The new Conway location is comprised of 10,000 sq ft of warehouse and office space. The expansion will allow Gold Leaf Distribution to now cover 75-80% of South Carolina. Gold Leaf has identified and will be hiring a VP of Operations for the Conway location. In addition, the Company will be filling two additional sales positions for that location.
Gold Leaf Distribution has added substantial bottom line revenue for Kona Gold Beverage in 2021. Gold Leaf has grown revenues from approximately $330,000 in 2020 to over $770,000 in its first 9 months of 2021. The Company anticipates Gold Leaf to close out 2021 with approximately $1.2 million in sales, approximately a 264% year-over-year growth. With the new Conway, SC expansion, the Company is projecting 2022 Gold Leaf revenues to be $3.5-$5 million.
“I am extremely proud of our Gold Leaf Distribution team and what they have accomplished this year,” stated Robert Clark, CEO of Kona Gold Beverage, Inc. “In a short amount of time, we have grown Gold Leaf to be the go-to distributor in our markets. We have successfully built a solid team, and with our Conway expansion, we now have the ability to cover the majority of South Carolina, which will be attractive to major brands.”
Clark continued, “Once our Conway location is up and running smoothly, we will be looking to expand into additional locations in early 2022. Additional markets that we are currently looking to expand our Gold Leaf operations to are Tampa and Jacksonville.”
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions. The Company may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Registration Statement on Form S-1. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company’s control. The Company does not undertake any obligation to update publicly or to revise any statements in this release, whether as a result of new information, future events, or otherwise.
(This information is primarily sourced from Kona Gold Beverage, Inc. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).
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