Kona Gold Beverages Inc. (OTC:KGKG) Stock In Focus After Latest News
The beverage space has continued to be an intriguing one for investors due to its growth, and one of the companies in the sector that could be worth tracking is Kona Gold Beverages Inc. (OTC:KGKG). The company operates as a holding company but focuses on the development of functional and healthy beverages. On May 8, the company hit the news cycle after it announced that in the month of April, its revenues had surpassed $586,000. Kona Gold Beverages noted that it was a particularly strong performance since it further strengthened its market share following the launch of new products to its already strong beverage portfolio.
The company noted that there was a significant contribution from Covert LLC in its strong start to the second fiscal quarter in the month of April. Covert generated revenues to the tune of $376k for the month. In the news release, Kona Gold Beverages also stated that there was rising anticipation about Covert’s performance since it would launch a range of new products soon along with an e-commerce site. The company also stated that its subsidiaries had delivered strong performances, and among those, Surge Distribution performed particularly strongly, having generated revenues in excess of $210000 in April.
Kona Gold Beverages stated that the performance was also a demonstration of the strength of its diversified business strategy. The chairman of the company, Brandon White, spoke about the development as well. He stated that everyone at the company was excited at the introduction of three new beverage lines, thereby meeting the demands of the evolving tastes of consumers through an expanded portfolio. Towards the end of May, the company is expected to launch HighDrate D9 Drinks, and that could help boost revenues further. It was noted that the launch would mark a major milestone for the company.
