New Age Beverage inks deal with Walmart to sell Marley brand drinks in stores; shares jump

New Age Beverages Corporation (NASDAQ:NBEV) exploded Monday after the company announced a deal to sell its Marley brand drinks at Walmart Inc (NYSE:WMT).

The stock skyrocketed more than 38% to close at $6.63.

The wellness-focused beverage company acquired the Bob Marley-based brand in 2017, which includes Marley Mate, a caffeinated yerba tea, and Marley Cold Brew. In 2018, demand for Marley products increased by 70%.

READ: New Age Beverages rises after drinks company zips past Street’s 4Q revenue estimate

The drinks will be available at Walmart beginning in April. Marley Mate comes in three flavors: Be Jammin’ Berry, Ya Mon Mint and Jamaican Me Mango.

“This is such a great accomplishment for New Age,” Vice President of Key Accounts Craig Thibodeau said. “This is just the first initiative that we expect to do with [Walmart] on the Marley brand and other New Age products on which we are in active discussions.”

The Denver, Colorado-based company is also planning to launch a cannabidiol infused version of its Marley Mellow Mood teas late this year.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors