Shares of New Age Beverages (NBEV - Get Report) jumped 12% to $5.36 Monday after the Denver-based drinks maker announced that it was expanding its distribution agreement with Walmart (WMT - Get Report) for its Marley brand of beverages.
The company's Marley Mate brands will be sold on Walmart shelves in three flavors. New Age acquired Marley in mid-2017 and in 2018 it saw demand for the drink increase 70%.
The company's partnership with Walmart is its first national distribution deal.
"This is such a great accomplishment for New Age to gain its first national distribution, and to do so with the world's largest retailer in Walmart. This is just the first initiative that we expect to do with them on the Marley brand and other New Age products on which we are in active discussions," said New Age vice president of key accounts, Craig Thibodeau.
The company said that it will be dedicating significant market efforts behind its Marley brand this year in order to drive growth beginning in late April.
"We know Walmart is equally as committed as New Age to providing healthier products for their customers, and we expect to make the full portfolio of New Age's better-for-you products available as we expand the relationship," Thibodeau said.
Editor's Note: story has been updated to reflect that the drinks are not CBD-infused.