On July 11, 2019, HeavenlyRx Ltd. announced a significant investment in Jones Soda Co. (OTCQB: JSDA), a leading premium soda-maker based in Seattle, Washington.

Pursuant to the investment, HeavenlyRx acquired from Jones Soda 15 million common shares, representing approximately 25% of the total issued and outstanding common shares of Jones Soda after giving effect to the issuance. As part of its investment, HeavenlyRx was issued a warrant to acquire 15 million common shares that, if exercised, would increase HeavenlyRx's common share ownership of Jones Soda to approximately 39%. Additionally, from time to time prior to the exercise in full of the warrant, HeavenlyRx may purchase Jones Soda shares in the open market of up to 50% of the number of shares purchased upon partial exercise of the warrant.

HeavenlyRx holds controlling ownership interests in various industry-leading assets in the hemp/CBD and THC-free cannabinoid wellness space.

Gowling WLG was Canadian counsel to HeavenlyRx with respect to this investment with a team that included Peter Simeon, Josh Almario, Amanda Stevens and Stephen Franchetto (corporate/M&A) and Anita Yuk (tax).