LOS ANGELES -- Jammin Java said it has secured $4 million in funding from two financial institutions to support an aggressive expansion for Marley Coffee, its flagship brand.
Jammin Java has signed a credit agreement with TCA Global Credit Master Fund that allows the company to borrow up to $2 million with a term of one year. It has also entered into an equity line of credit investment agreement with Fairhills Capital Management, which allows it to issue and sell up to $2 million worth of its common stock to Fairhills Capital.
Marley Coffee chairman Rohan Marley said the funding will support the Los Angeles-based company's plan to establish new distribution channels for its products nationally and internationally.
Marley Coffee chief executive Brent Toevs said the company and coffee brand has already strengthened its global presence through several important milestones achieved over the past year. "The reality is that we are executing on numerous initiatives, and with this financing in place we plan to strategically increase our workforce to successfully implement these business-building programs and continue our growth."
Marley Coffee is available for OCS in traditional fraction packages and single-serve pods, and is coming to full-line vending through branded machines.
