Splash Beverage (NYSEAMERICAN:SBEV) stock is soaring higher on Wednesday after the company revealed a new deal bringing its drinks to additional stores.
This deal has Splash Beverage Pulpoloco Sangria line of drinks coming to 187 Ralph’s Grocery stores. Ralph’s Grocery is a subsidiary of Kroger (NYSE:KR) and the stores in this deal are located in Southern California.
Robert Nistico, chairman and CEO of Splash Beverage, said the following about today’s news.
“This is another significant milestone for Splash and a meaningful step in our strategy to expand into major supermarket chains. After a successful test run, Ralph’s authorized all three SKU’s of Pulpoloco white, rosé and classic red. Ralph’s already carries Splash’s Copa di Vino varietals, which were added in early summer of 2021, and now all 3 Pulpoloco varietals.”
It’s worth pointing out this is the second major distribution deal for Splash Beverage in as many weeks. Last week, the company reported a distribution deal that brought its TapouT drinks to Walmart (NYSE:WMT) stores in Florida.
News of the deal with Ralph’s Grocery has SBEV stock experiencing heavy trading today. As of this writing, more than 47 million shares of the stock have been traded. To put that in perspective, the company’s daily average trading volume is closer to 2.9 million shares.
SBEV stock is up 27.3% as of Wednesday afternoon and is up 229.6% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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