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Reed's Kombucha Secures D.C. Distribution Agreement
LOS ANGELES, CA--(Marketwire - Nov 27, 2012) - Reed's, Inc. ( NASDAQ : REED ), maker of the top-selling sodas in natural food stores nationwide, announced today that Hana Food Distributors Inc. will be distributing their new Reed's Culture Club Kombucha throughout the greater Washington, D.C. market. Headquartered in Forestville, Maryland, Hana Food Distributors is a full service gourmet and specialty foods distributor. Their customer base includes supermarkets, grocery stores, delicatessens, convenience stores, gas stations and newsstands located throughout Maryland, Virginia and North Carolina markets. Distributing brands like Bolthouse Brands, GT Synergy, Naked Juice, Horizon Organic Dairy, Organic Valley Dairy Products and San Pellegrino Water, Hana's primary focus is to deliver gourmet quality, healthier, all natural foods throughout their marketplace.
Neal Cohane, Senior Vice President of Sales & Marketing for Reed's, Inc., commented, "Hana Distributors opens Reed's Culture Club Kombucha to Mid Atlantic consumers looking for the best tasting Kombucha in the market today. Securing this distribution with Hana will provide Reed's new exposure and a foothold in open coolers, as well as refrigerated dairy and produce sections throughout supermarket and specialty stores in this key marketplace."
Reed's Kombucha Lands in Whole Foods!
From their Facebook page, with a photo included. Most likely the partial Whole Foods launch that CEO Chris Reed discussed on the Q3 conference call (available at reedsinc.com) with a full launch coming later.
WSJ: Knight Weighs Sale of Unit
Knight Capital Group Inc. KCG -1.58% is in talks about possibly selling the company's biggest and most profitable business, according to people briefed on the discussions.
The Jersey City, N.J., securities firm has been approached by at least two rivals about its market-making operation, which uses complicated computer models to match buy and sell orders in stocks and options.
http://online.wsj.com/article/SB10001424127887324712504578137300622922348.html
New Institutional Investors
From http://www.nasdaq.com/symbol/reed/institutional-holdings
I've only included funds that have reported, more should be updated soon.
New Institutional Investors:
Driehaus Capital Management LLC bought 317,561 shares in Q3.
Bridgeway Capital Management bought 20,700 shares in Q3.
Spark Investment Management LLC bought 17,300 shares in Q3.
PNC Financial Services Group Inc bought in with 1,000 shares in Q3.
Previous Institutional Investors:
EAM Investors LLC sold 63,488 shares in Q3 and still own 324,930.
Blackrock Fund Advisors sold 1,730 shares and now own 13,760.
UBS AG bought 686 shares and now own 1,060.
Q3 Call Notes (long)
(Chris at jury duty so speaking softly and keeps jumping in and out of call, with CFO and COO picking up at various points).
Private Label (PL) up due to better contract terms
Kombucha (K) responsible for gross margin decline (plant and labor intensive)
K margins higher than others
Paid down $77,000 in long term debt
Chris:
• Q3 usually has less YOY growth
• Main activity at HQ is the launch of K
• Data suggests that they have a winner in a tough category
• One company (GT Synergy) is dominating the Kombucha market with 90% of the business
o Estimated at $150-$200 million in wholesale sales with no defined #2 competitor.
• Reed’s still tinkering with plant efficiency, but Reed’s has pushed the limits with their technology because of things like the curved glass with a label on it
• Efficiencies are working themselves out and they expect that Q1 will smooth out completely
• Results of coming in of Kombucha
• Didn’t ignore others, new distribution agreements
• Geyser agreement came because of Kombucha
• Told sales team that their whole commission structure is going to be based for the next couple months on Kombucha
• Kombucha line dollars sales could anywhere from 33% to 200% of core business, too early to tell now.
• Bidding smarter on the private labels, anticipate better margins moving forward on that
• Lots of PL accounts have come back, lots of new business for 2013.
• Hopefully Kombucha is the biggest driver of growth for the company.
• K has over 800 new accounts, the universe is probably 10,000 accounts with reed’s that they could put K in, 3,500 whole foods type stores as well.
• They will be developing new K flavors, will most likely have some new ones in Q1. Already getting lots of requests. Chemical engineers have been developing them.
• PI helped with the development of K flavors because they have been knocking off sodas for the PI.
• It would be shocking to Chris if their prediction that they move into the #2 competitor slot as they believe they will.
• Going into 2013 is the most exciting time in the company’s history.
• Haven’t even tapped into convenience yet.
Question 1:
o Insider acquisition – Why did 2 insiders buy stock that is greater than their annual salaries?
• Undervalued tremendously to start the year, switched IR to in-house, Chris is on the road talking about the stock (5-6 days this Q) and would do more but too busy, Annie’s Natural went public and that had a effect because it opened peoples eyes to natural foods.
Question 2:
o Rollout of Kombucha into Trader Joe’s or Publix?
• Have already started picking up some supermarket chains, but initial rollout in the Southeast will be with Whole Foods. TJ’s has not made up their mind on if they will sell Kombucha.
Question 3:
o Spend to launch for Kombucha for the 800 stores? Margin?
• In a perfect world it’s a little bit more per bottle to produce than a bottle of ginger brew but you can charge twice as much. To morph plant into Kombucha production facility cost some money but it should level out. Believe they are producing it more efficiently than most because of their brewing experience.
• It would be disappointing if they didn’t have at least $5 million in K sales within the first 12 months of this launch.
Question 4:
o Rolled out aggressively with K, you will see some BOGO type offers but they will be specific. No big slotting expense with K which is great, it’s a one-time slotting fee.
o Secondary pull through with K, some stores have 3-4x pull through. It’s all about taste, not even because of marketing.
Question 5:
o How many people does Reed’s reach?
• Quite frankly, whole US.
• DSD, whole west coast is covered. Pretty much covered in Maine down to Florida.
• Working our way in.
? Just opened up Chicago. Got Utah.
• Won’t be long before they have the whole country covered.
o Chris:
• Sorry, I got dropped off the call 5 minutes ago, I have jury duty today.
• In 99% of natural food stores.
• Picky about distributors, it took us a while to get into San Fran and 18 months to get into Chicago.
Question 6
o Sorry I forgot and signed up for jury duty this weekend, for K we have it as a moving target but we’re feeling better about it all the time. PL has been increasing and we can get $2-3 million more next year. Branded does about $4 million more each year.
o We’re hoping to hit $40 million this year, that’s not guidance or anything but just generally on what we think we could do. We could spend more of the revenue to increase growth but don’t want to be unbalanced.
o Our K is premium because
o We we use spring water instead of city water, oylang tea, and we age it longer for more health properties.
Question 7:
o Some of the PL business in seasonal business in celebration bottles. Skew heavy in 4th Q. But now we have picked up some good summer business so we should see it level out soon.
o Generally, our PL runs 3-4% behind margins on branded business, the thing about PL is that you don’t have fees (?), K will be higher margins could be about 5-10% higher. PL contracts could be all over.
Question 8:
o We’re brewing it so it’s not alcoholic, our recipe is proprietary. We keep alcohol under the .5% max. We usually keep it under .2%. Our K is alive and some K companies dilute their K. Ours is not diluted so the taste is good.
o We’re not making this bottle for you (caller), we want to make it for the market that is out there worth $200 million. Some people say it tastes vinegary, but we are going after those K drinkers.
o No liability if people don’t refrigerate it because it’s like OJ, milk, etc.
Question 9:
o K probably only in 15% of their accounts.
o Went into a hard launch on Nov. 1
o It’s so young into the K launch but it’s not hard to sell.
o Probably bringing in 30ish accounts new day.
o Sometimes sell K for $3.99 at full price or 2 for $5. Other company is selling it for $3.50ish.
o New flavors are already being developed for the next round. Next bring trade show in March will likely get some new flavors.
Question 10:
o We’re not putting out our specific brewing processes but we are producing 20,000+ cases (12 per case) of K and we’re gearing up for 30,000+ cases per month.
Reed's and Snoop Dogg Join Forces to Help Jamaica (Video)
Q3 Call - 11/14 - 4:15 EST
The Company will conduct a conference call @ 4:15PM EST on November 14th to discuss its 2012 third quarter results and outlook for the future. To participate in the call, please dial the following number 5 to 10 minutes prior to the scheduled call time (866) 240-5139. International callers should dial (713) 481-0091.
Snoop Dogg Loves Reed's
Snoop Dogg has 1.3 million followers on Instagram. He just posted a picture of his refrigerator fully stocked with Reed's and Virgil's:
"Shout out to tha homies from @reedsgingerbrew for keepin me stocked!"
8,750 people have liked it so far, and 187 have commented on it.
It's also on Reed's Facebook page for those interested.
Dr. Oz Touts Stevia
http://seekingalpha.com/article/945181-investors-take-note-dr-oz-touts-stevia-as-the-best-of-the-sugar-alternatives?source=yahoo
The stevia industry recently got a big boost when cardiothoracic surgeon and television personality, Dr. Mehmet Oz, on his top 25 rated Dr. Oz show aired, "Should You Give Up Artificial Sweeteners?" In the opening segment he "set the record straight" on artificial sweeteners, and millions of people were introduced to his choice for the best sugar substitute available today, naturally-derived stevia. Given the near $60 billion spent on television advertising in 2011 to get products noticed, stevia, at no cost, was introduced as the best sugar substitute to millions of viewers by a doctor who is considered by Esquire Magazine as one of the 75 most influential people of the 21st century. To better understand that television has a great influence on getting a product into the hands of millions of people across the world, one needs to look no further than Oprah Winfrey's frequently-televised book club which would guarantee a writer as a best seller. However, it wasn't only that stevia was touted as the best sugar substitute that opened people's eyes, but it was explained to millions of viewers that, according to Dr. Oz, new research has shown that artificial sweeteners, such as Monsanto's (MON) aspartame, Tate & Lyle's (TATYY.PK) sucralose, and NutraSweet's neotame could actually cause weight gain. These sweeteners may also be the cause of metabolic syndrome, an epidemic sweeping the country. Metabolic syndrome is a combination of high blood pressure, excess belly fat, and insulin resistance-and per Dr. Oz, it has been shown that just one soda with artificial sweeteners is enough to lead to this syndrome.
According to Dr. Oz, stevia appears to be the only major sweetener with no ascertainable side effects. That may come to a surprise for users of the reduced calorie sugar alcohol products such as xylitol, a popular alcohol sugar-based sweetener developed by the DuPont Company's (DD) subsidiary, Danisco, and labeled "natural". According to The People s Chemist, Shane Ellison, xylitol is derived from the crushed fibers of sugar cane, which uses a multi-step chemical reaction "that involves the use of sulfuric acid, calcium oxide, phosphoric acid, and active charcoal. The end product is a bleached, powdery blend of sugar alcohols that taste sweet on the tongue, but are not absorbed by the body." He further stated when asked if xylitol is a natural product, "I don't consider anything natural if it's processed with man-made chemicals." Dr. Oz pointed out the two main issues he has with sugar alcohol sweeteners. One, it is basically a laxative, and after 10 grams-or half a sugar free cookie-bloating, gas, and other digestion issues may occur. The other is that the chemicals in sugar alcohol are causing the bladder muscle to be stimulated when the bladder is not full, thus causing the user to go to the bathroom when they normally wouldn't need to-and worse, the excess stimulation wears out the bladder.
Given that stevia has Dr. Oz's support, there is a good chance that the use of stevia could increase, and this bodes well for investment potential. The question is, which companies selling, manufacturing, or growing have the best chance at increased profits? Obviously, Coca Cola (KO) and PepsiCo (PEP) are two companies that have added stevia in their products worldwide and probably will continue to do so as the popularity of stevia continues to increase. But, as an investor, can you see big profits investing in either company on a stevia play? You probably cannot. However, there are some smaller bottlers and growers that might have better upside potential as more main stream media outlets, like the Dr. Oz show, continue to tout the benefits of stevia, and the public continues to demand more stevia products.
Monster Beverage Company (MNST), the second largest sellers of energy drinks, is also one of the leaders in zero and low-calorie stevia-based drinks with its Hanson's Natural Lo-Cal juice cocktails, and Blue Sky Zero sodas, both sweetened with Truvia, a stevia extract developed jointly by Cargill and Coca-Cola. Blue Sky Zero sodas come in seven flavors: Cherry Vanilla Creme, Lemon Lime, Lemonade, Jamaican Ginger Ale, Creamy Root Beer, and Cola. Monster also carries a lesser-known line of energy drinks, Blue Energy, including a zero-calorie stevia-based product. At this point it seems that Blue Sky Sodas are a niche market for those consumers who are looking for a more natural beverage with no preservatives or artificial colors. But as trends have been changing and natural products have gone more mainstream, given Monster's distribution outlet, the company has the ability, if it so desires, to mass produce and distribute Blue Sky and Blue Energy to outlets across the country. Considering that Starbucks (SBUX) is now in the low-cal stevia-sweetened energy drink business with its Refreshers line, one might see Monster add a stevia-based sugar free energy drink to its Monster line to combat Starbucks. To get a better idea of that potential impact on stevia sales, it should be noted that Monster energy drinks accounted for over 91% of the company s sales in 2011.
Monster lost momentum in August when the company announced it missed the street estimated quarterly profits. Earlier this month, investment services company, Stifel Nicolaus, downgraded MNST from a buy to a hold as it expects a larger drop in sales growth through first quarter of 2013. The firm says Monster Beverage's sales growth missed expectations in second quarter of 2012 and subsequent U.S. scanner data has showed further slowdown. Stifel Nicolaus sees earnings multiples not likely to rise until sales increase and/or expectations are reduced. Monster has a market cap of $10.36 billion and is trading at $56.68 per share, down from its mid-June 52 week high of $83.96 per share, which still gives it a very high P/E ratio for its sector at 31.65. This may have also squashed the rumors of a possible buyout by Coca-Cola. On a positive note, if the demand for sugar-free stevia products continues to increase as it appears, Monster has put itself in a great position with its stevia-sweetened products already on the market shelves to continue to expand, and perhaps once again, catch the eye of a suitor such as Coca-Cola.
Reed's Inc. (REED), a small boutique, natural, new age beverage company based out of Los Angeles, CA has seen its stock skyrocket with a 650% increase year to date. The company has also rolled out its line of natural, sugar free sodas using stevia as the sweetener. Reed's Ginger Brews come in six varieties, all brewed with fresh ginger root, spices, and fruit juices, with no flavor crystals or chemicals as many of the major bottlers use. It also owns Virgil's, with its line of natural sodas including a brewed root beer, and a real cola. Reeds offers a low-calorie ginger brew, and Virgil's has a zero-calorie line featuring root beer and Dr. Better, each sweetened with stevia. In 2011 Reed's had sales of $25 million, a 23% increase over 2010. The company turned a profit in the second quarter of 2012, for the first time, and has an excess of $3.1 million in working capital. Revenue continues to increase into 2012, with its zero-calorie Virgil's stevia beverages increasing sales by 50% over last year. Reed's beverages, with sales increasing, are still a small niche market for those who want a quality, flavorful, natural soda, and are willing to pay a premium. However, given that the stevia craze is probably in its infantile stage, Reed's might be in the right place at the right time, with its products already on the market, ready for expansion. On Tuesday the company announced it had gained authorization for Reed's and Virgil's brands to be placed in the Tops Friendly Markets. Tops Friendly Markets, headquartered in Williamsville, NY, has 153 locations, and is another step for Reed's products into the mainstream channels. The one question is, given the stiff competition in the beverage industry; does Reed's stock have the gas to continue its amazing run that it's seen this year? The stock price shot up, from $1.10 per share in January to $8.18 per share today. Reed's might no longer be a sleeper, but it is still a true budding growth stock. However, it might be wise to wait for a good dip in the price before buying-if that dip comes.
Almost all of the stevia harvested today is grown outside of the U.S. on small farms predominantly in China, Vietnam, and Central America. Given that the World Health Organization estimates stevia could eventually replace 20-30% of all dietary sweeteners, clearly a consistent and reliable supply line would be necessary to meet those demands. An emerging nano-cap company hopes to be one of those future supply lines. Stevia First (STVF.OB), an early-stage agribusiness based in Yuba City, California (the state's most fertile agricultural region) is focusing on developing and producing stevia on an industrial scale. The $28.81 million market cap company recently licensed a new fermentation process developed by Vineland Research and Innovation Centre out of Canada. The license allows the manufacturer to consistently produce the sweet steviol glycoside, rebaudioside A, (Reb A), the sweetest and most desirable part of the leaf, without the need to necessarily grow the plant. If this process can work on a large scale, it should cut the costs of producing the sweet Reb A by as much as 70%. On August 29th, when Stevia First announced that it had bought the rights of this fermentation-based process from Vineland, its stock price soared from $0.40 up to $0.94 before settling in the mid $0.70s by the end of the trading day. Today the stock trades in the $0.50 to $0.57 range. These swings are consistent with micro-cap development-phase companies, especially those with no current sales. Share prices in develop-phase companies swing up or down based on perceptions of their future earnings or the possibility of future earnings. Stevia First is no different.
At this time, Stevia First is strictly a development-phase company developing one of the hottest products on the market today, stevia. That alone should make the company worth a look. However, if its fermentation-based process turns out to be successful, that reality could put it on the forefront as an inexpensive and consistent supplier of stevia, and the company could be primed for a buyout by any of the many larger bottlers who are now adding stevia to its products. But caution must be taken, as this is a volatile company with high risks along with the potential high rewards. Considering that Dr. Oz broadcasted his pick of stevia as the best of the sugar substitutes to millions of viewers, this indicates a new awareness and helps to solidify the product's validity and demand. The odds are that stevia usage will continue to grow, and Stevia First might be one of the companies that could rise along with the stevia boom.
haha, 20 seconds.
Well, I think we can both agree that 153 new stores is a great addition for Reed's. I wonder if the Kombucha was a factor in the expansion.
Reed's, Inc. Expands Into Tops Friendly Markets
Reed's Brands Gain Distribution in the 153 Store Chain in the Upstate NY Marketplace
LOS ANGELES, CA--(Marketwire - Oct 16, 2012) - Reed's, Inc. ( NASDAQ : REED ), maker of the top-selling sodas in natural food stores nationwide, announced today that it has recently gained authorization for Reed's and Virgil's brands in Tops Friendly Markets, a 153 store supermarket chain headquartered in Williamsville, NY.
"The new authorization of Reed's and Virgil's brands at Tops Friendly Markets increases our availability in the upstate NY marketplace. Our brands will be going into their newly expanded craft soda section in the mainstream beverage aisle. This partnership with Tops is yet another significant move into mainstream channels for Reed's.
For more than 50 years, Tops Friendly Markets have been recognized for having strong brand recognition and retail presence, driving solid market share in the areas that they operate. We are proud to be partnered with a supermarket chain that seeks premium, quality brands, like Reed's and Virgil's, to be made available to their loyal consumers. We look forward to creating marketing programs and promotions that will further enhance the consumer reach for our brands in Tops," stated Chris Reed, Founder and CEO of Reed's, Inc.
Kombucha Sighting in Earthfare's Flyer:
Go to Earthfare's website. Click "Your Savings" on the top row.
Open the "Monthly Flyer." About five pages in, it features Reed's Kombucha with a 2 for $5 deal that saves 58¢.
CEO Chris Reed said it's just as expensive to produce one bottle of kombucha as it is a ginger beer, yet it's selling for $2.50 per bottle on sale and $2.79. Think about these margins...
"Could Test $11"
From SmallCapNetwork, October 10:
"What's interesting is the move came on no news, which is far more compelling to me than an obvious move on favorable news. Why? In small cap cases such as REED, it often means you've got some large shareholders, whether it's funds or insiders who aren't willing to part with shares.
Based on recent data, the stock has an insider holdings percentage of over 40%, which when compared to most small caps is extremely high. That tells us management is confident about what they're doing.
When you've got large players in a stock not willing to part with much of their position, it often creates a perfect supply and demand storm for the stock.
The Company is set to report third quarter numbers on November 13th, so there's plenty of room for the stock to move up from here going into their earning's numbers.
From a technical perspective, what happened yesterday could be a nice prelude of things to come. If you have a look at the monthly chart, the stock spent August and September testing a complete 5/8 retracement from its all-time high to its all-time low.
Twice it tested the $7.16 level and failed. Yesterday, three times a charm. Shares of REED broke above that $7.16 level and is being well rewarded this morning currently trading at $7.71 as I type.
I suspect if large holders continue to be patient, the stock could test its all-time high of just under $11 before it's all said and done. That would represent over 100% gains from our initial entry."
http://www.smallcapnetwork. com/REED-Runs-for-SCN-Members-Indexes-Hunt-for-Bottom/s/article/view/p/mid/7/id/1173/ (copy and paste, remove space between .com.
Part Three - Tidbits from the Conference:
3:48 - Kombucha is moving unlike any other product Reed's has created.
3:49 - Institutional investors have invited Chris to a meeting that starts in 12 minutes in NY. Thirty investors show up to plant tomorrow.
3:50 - Kombucha is doing well because the drinkers recognize authenticity. Baltimore Expo drinkers were overwhelmed with them.
3:56 - Recent run up is exaggerated because at the end of 2011 a big institutional investor got out and there were lots of tax selling. Stock should have been between $3.50-4.00. Chris thinks that Annie's going public helped Reed's because of the awareness of companies in the natural arena.
3:59 - "The stock may have run-up, but we're going to keep growing the heck out of this company. I have to go, I have a meeting with an investor in one minute."
Part 2 - Tidbits from Conference Today:
3:20 - Nausea Relief has gotten a relaunch with new language that the FDA made them retool. It's now available on some cruise lines and continues to do well for what it is.
3:22 - Continue moving past brands in IRI, up 33% last year.
3:24 - Think their brands still have room to grow in grocery and think they could reach over $60 million down the road.
3:27 - Reed's SQF certification is prestigious and allows them to attract big private label contracts.
3:29 - Three tiers in place: 1) Branded 2) Private Label 3) Kombucha
3:30 - Revenue on track north of $30 million in 2012.
3:34 - 2013 growth should stay on track with their recent growth.
3:39 - Part of Whole Foods has picked up kombucha, hope to get full corporate approval soon.
3:40 - Reed's has standing acquisition offers, when they're ready to retire they will do it. Not in a hurry to get sold, but if someone comes in with a "ridiculous offer, it will be hard to let that go."
3:42 - Kombucha adds 10-15% of margins onto business
3:43 - Developing marketing for kombucha, will most likely do it later though.
3:44 - Talking with some branding experts for a possible re-branding of the Reed's labels. Reed's is the first company in America to put a label on a curve like the kombucha bottle.
Part 1 - Tidbits From The Conference Today:
3:05 - Reed's uses 7700% more ginger in our drinks that Canada Dry.
3:13 - Sales currently comprised of: 40% Reed's, 40% Virgil's, 10% private label, 10% other non-beverage items.
3:14 - People who drink kombucha fill their shopping carts with it
3:15 - Demand at stores where kombucha is currently sold is greater than demand for all other Reed's products.
3:16 - Kombucha in 750 stores right now within 1.5 months.
3:16 - By the end of November they will have kombucha in about 1,500 stores.
3:16 - Think they will have kombucha in about 2,000 stores
3:17 - Some stores have contacted them only to get their kombucha.
3:17 - Some large stores have commited. Kombucha is "doing tremendously well and our focus is keeping up with sales."
Chris Reed: Kombucha Sales Should Approach $5 Million for the Year
The recent press release has the investor conference webcast recorded.
Some highlights:
Around 14:00 the kombucha talk starts, Chris says, "So we jumped into that category. It already has a run rate of a couple million after the first month. At the end of the year, it should be running close to $5 million per year.
You know it's really hard to predict these things, the $200 million (total kombucha category), if we can grab $15-20 million we will consider that a modest success. If we get to $100 million, we'll feel like we really did an aggressive good job for the company. But you know what, it's at its infancy. We don't know, but it's what you can expect from an aggressive, nimble, young company that scrapped to stay in business and is now moving into profitability."
Now what does this do? Based on modest projections, we might be doing $.06 to $.10 in earnings per quarter next year with the addition of this. From a company that wasn't profitable last year."
31:30 - Current distribution of kombucha: "We're in about 500 stores and the last 300-400 came in within the last week."
"We started out in the West Coast about a month ago.... There's not enough data points but it's like I just launched 10-20 new Extra Ginger Brews... It looks good right now, these things fly...We look good. We just hung out at the Baltimore Natural Products Show and we were at the front of the show. We weren't at the show, we were the show. We gave over 10,000 bottles out, and the feedback we've gotten back has been very exciting."
Two articles very bullish, could be an "undiscovered gem."
http://www.smallcapnetwork.com/The-Liquid-Revolution-An-Undiscovered-Gem-in-the-Making/s/article/view/p/mid/7/id/1134/
http://www.smallcapnetwork.com/Reed-All-About-This-Surprisingly-Delicious-Drink-Stock-MNST-JSDA-REED/s/via/10/article/view/p/mid/1/id/157/