What's Up With Reed's Stock Popping Off Today?

Reed's, Inc. REED shares traded higher by 44% at $1.44 after the company announced an expanded distribution agreement with CVS Health Corp CVS.

In a press release Tuesday morning, Reed's shared news of the expanded distribution agreement.

"Over the past year, Reed's Inc. has been rapidly expanding our distribution across all channels, and we are excited to increase the availability of Reed's and Virgil's beverages at CVS Pharmacy locations across the country," said Norman Snyder, CEO of Reed's.

Reed's sells handcrafted, all-natural beverages sold in over 40,000 outlets nationwide including the natural and specialty food channel, grocery stores, mass merchants, drug stores and convenience stores. The company's two core brands are Reed's Craft Ginger Beer and Reed's Real Ginger Ale and Virgil's Handcrafted soda.