Latest news with #ScottHarvey
Yahoo
27-06-2025
- Business
- Yahoo
Jones Soda to push on with HD9 products
US drinks group Jones Soda says it will keep its hemp-derived THC product line, HD9, following the sale of its marijuana-derived THC drinks business. Earlier this week, Jones Soda announced it had sold all equity interests in its cannabis beverage business to MJ Reg Disrupters for $3m. The deal, at the time, was said to have included all "related cannabis-specific assets" under the Mary Jones brand. In a statement yesterday (26 June) however, Jones Soda clarified it had "retained and continues to focus on its fast growing hemp-derived THC product (HD9) line". The HD9 range includes Mary Jones sodas, shooters, and gummies. Jones Sodas president and CEO Scott Harvey said: "Although we made the strategic decision to sell our marijuana-derived THC business, we are excited about the opportunity to increase our focus on and continue to expand our distribution of our Mary Jones HD9 products, which have been some of our fastest growing product categories.' The HD9 portfolio has achieved four successive quarters of sales revenue increase through the first quarter of 2025, the Seattle-based company said. Harvey, who joined the group in February this year, added: "I believe the divestiture of our marijuana-derived THC business will enable us to sharpen our strategic priorities and accelerate investment in our core soda, functional beverage, and adult beverage categories, including our hemp-infused THC segment." "This is a segment were we already have significant retail distribution and strong distributor networks comprised of over 26 of the top DSD distributors in the country," Harvey concluded. As part of the sale, Jones Soda and MJ Reg struck a ten-year trademark deal. MJ Reg will use the Mary Jones brand for consumable products with THC, paying an annual licensing fee of $150,000 in the first year and $225,000 annually thereafter, totalling $2.1m over ten years. In 2024, Jones Soda reported total revenue of $19.1m, a 15% increase from the previous year. The beverage segment contributed $17.8m, while the cannabis segment added $1.4m. However, the company reported a net loss of $9.9m in 2024, up from $4.9m in 2023. In the first quarter of 2025, revenue fell 8% to $4.6m compared to the same period in 2024, with the cannabis segment generating $0.4m. Despite the revenue decline, Jones Soda reduced its net loss to $0.9m from $1.2m in the first quarter of 2024. "Jones Soda to push on with HD9 products" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
26-06-2025
- Business
- Cision Canada
Jones Soda Co. Reiterates its Focus on Hemp-Derived (HD9) THC Market in Connection with its Recent Divestiture of Its Marijuana-derived THC Product Lines
"Although we made the strategic decision to sell our marijuana-derived THC business, we are excited about the opportunity to increase our focus on and continue to expand our distribution of our Mary Jones HD9 products, which have been some of our fastest growing product categories," stated Scott Harvey, Jones Sodas' President and Chief Executive Officer. "I believe the divestiture of our marijuana-derived THC business will enable us to sharpen our strategic priorities and accelerate investment in our core soda, functional beverage, and adult beverage categories, including our hemp-infused THC segment," continued Mr. Harvey. "This is a segment were we already have significant retail distribution and strong distributor networks comprised of over 26 of the top DSD distributors in the country." About Jones Soda Co. Jones Soda Co.® (OTCQB: JSDA), headquartered in Seattle, Washington, is a craft beverage company that markets and distributes premium sodas under the Jones® Soda and Jones® Zero Sugar brands, as well as adult beverages under the Spiked Jones™ brand. Known for its bold flavors, photo-labeled bottles, and loyal customer base, Jones is focused on expanding its footprint in North America through innovation, channel growth, and brand engagement. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as well as applicable securities legislation in Canada. Forward – looking statements are typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions readers that any forward – looking statements provided by the Company are not a guarantee of future results or performance and that such forward – looking statements are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release, including, without limitation, that the divestiture of the Company's marijuana-derived THC business will enable the Company to sharpen its strategic priorities and accelerate investment in its core soda, functional beverage, and adult beverage categories, including its hemp-infused (HD9) THC segment. Forward – looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward – looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. For a discussion of additional risks and uncertainties, please refer to the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The forward – looking statements contained in this news release are made as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward – looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Yahoo
24-06-2025
- Business
- Yahoo
JONES SODA CO. ANNOUNCES DIVESTITURE OF CANNABIS BEVERAGE BUSINESS
SEATTLE, June 23, 2025 /CNW/ - Jones Soda Co. (CSE: JSDA) (OTCQB: JSDA) ("Jones" or the "Company"), a craft beverage company known for its premium sodas and unique consumer engagement, today announced that it has sold its cannabis beverage business, including all related cannabis-specific assets under the Mary Jones™ brand, to MJ Reg Disrupters LLC ("MJ Reg"), a privately held company. The transaction is part of Jones' previously announced strategy to streamline operations and focus on its core soda offerings, modern functional beverages, and emerging adult beverage category. Pursuant to the terms of a share purchase agreement dated June 19, 2025, entered into between the Company, MJ Reg and the Company's subsidiaries that hold its cannabis beverage business (the "Cannabis Subsidiaries"), as amended, all of the equity interests in the Cannabis Subsidiaries were sold to MJ Reg for three million dollars in aggregate consideration consisting of $489,399 in cash that was paid on the June 19, 2025 closing date of the transaction, plus $2,510,601 in the form of a promissory note with the following payment schedule, $510,601 due on June 27, 2025, $500,000 due on June 19, 2026, $750,000 on June 19th, 2027 and $750,000 on June 19, 2028. As part of the transaction, the Company and MJ Reg entered into a multi-year exclusive and non-transferrable trademark licensing agreement (the "Licensing Agreement") dated June 19, 2025 (the "Effective Date") under which MJ Reg will have the right to use the Mary Jones brand name in any consumable product containing an emulsion derived from the marijuana plant with tetrahydrocannabinol (THC), in exchange for an annual licensing fee of: (a) $150,000 payable on the one (1) year anniversary of the Effective Date, and (b) $225,000 on each subsequent anniversary of the Effective Date. Assuming a 10 year term, the total amounts due to Jones Soda Co. would be $2,175,000. Scott Harvey, CEO of Jones Soda Co., stated: "The sale of the cannabis beverage business marks an important milestone in our effort to focus our resources on areas where we see the strongest long-term growth and profitability. We are proud of the innovation behind the Mary Jones brand, but I believe this divestiture enables us to sharpen our strategic priorities and accelerate investment in our core soda, functional beverage, and adult beverage categories." Joe Oblas, Director of MJ Reg Disrupters LLC, commented: "We are excited about the opportunity to build on the Mary Jones legacy and bring it to more consumers in the evolving cannabis beverage market. Jones Soda created a unique and high-quality product, and we are committed to continuing its innovation and reach." About Jones Soda Co. Jones Soda Co.® (OTCQB: JSDA), headquartered in Seattle, Washington, is a craft beverage company that markets and distributes premium sodas under the Jones® Soda and Jones® Zero Sugar brands, as well as adult beverages under the Spiked Jones™ brand. Known for its bold flavors, photo-labeled bottles, and loyal customer base, Jones is focused on expanding its footprint in North America through innovation, channel growth, and brand engagement. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as well as applicable securities legislation in Canada. Forward–looking statements are typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions readers that any forward–looking statements provided by the Company are not a guarantee of future results or performance and that such forward–looking statements are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release, including, without limitation, that the Company will realize the expected benefits of the divestiture of its cannabis business, and that the sale of the Company's cannabis business will enable the Company to sharpen its strategic priorities and accelerate investment in its core soda, functional beverage, and adult beverage categories. Forward–looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward–looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. For a discussion of additional risks and uncertainties, please refer to the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The forward–looking statements contained in this news release are made as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward– looking statements, whether as a result of new information, future events or otherwise, except as required by law. NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. View original content to download multimedia: SOURCE Jones Soda Co. View original content to download multimedia:
Yahoo
24-06-2025
- Business
- Yahoo
Jones Soda sells cannabis business for $3M
This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. Jones Soda sold its cannabis beverage business, including its Mary Jones brand, to MJ Reg Disrupters for $3 million. The transaction is part of Jones' previously announced strategy to streamline operations and focus on its core soda offerings, functional beverages and adult beverages. The sale included $489,399 in cash paid when the deal closed on June 19, with the remaining amount tied to a promissory note that will be paid out through 2028. Jones first entered the cannabis space in 2022 when it launched the Mary Jones brand. During its first quarter of 2025, Jones said its cannabis segment generated $380,000 in revenue compared to $410,000 in the same period a year earlier. Jones' decision to divest Mary Jones and the rest of its cannabis business will allow the Seattle company to focus its finite resources on these and other categories with greater growth potential. Cannabis was responsible for roughly 8% of its $4.6 million in sales during the first three months of 2025. "The sale of the cannabis beverage business marks an important milestone in our effort to focus our resources on areas where we see the strongest long-term growth and profitability,' Scott Harvey, Jones' CEO, said in a statement. 'We are proud of the innovation behind the Mary Jones brand, but I believe this divestiture enables us to sharpen our strategic priorities and accelerate investment in our core soda, functional beverage, and adult beverage categories." Jones jumped into cannabis as part of a push to expand beyond its signature quirky soda flavors. In recent years, it also debuted a prebiotic drink, a beverage with added caffeine and a hard craft soda. For years, companies have looked to cannabis as a promising business opportunity in the U.S. But those hopes have routinely been dashed, with national legislation for regulating cannabis in food and beverage products failing to materialize. As the national landscape for cannabis legalization remains hazy, companies have focused on states where recreational use is legal. But entering those markets is far from easy or cheap, with the logistics of state launches varying significantly. Tilray Brands has focused more of its attention recently on beer, with its CFO recently saying there is a reduced likelihood of cannabis regulation in the U.S. Molson Coors exited a joint venture three years ago, citing 'no near-term pathway to federal legalization' and 'uncertainty in the market' for cannabis products. And Modelo distributor Constellation Brands has written down a large part of its roughly $4 billion investment in cannabis producer Canopy Growth. Recommended Reading Tilray wants to light up US market for hemp-derived drinks Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
23-06-2025
- Business
- Cision Canada
JONES SODA CO. ANNOUNCES DIVESTITURE OF CANNABIS BEVERAGE BUSINESS
SEATTLE, June 23, 2025 /CNW/ - Jones Soda Co. (CSE: JSDA) (OTCQB: JSDA) ("Jones" or the "Company"), a craft beverage company known for its premium sodas and unique consumer engagement, today announced that it has sold its cannabis beverage business, including all related cannabis-specific assets under the Mary Jones™ brand, to MJ Reg Disrupters LLC ("MJ Reg"), a privately held company. The transaction is part of Jones' previously announced strategy to streamline operations and focus on its core soda offerings, modern functional beverages, and emerging adult beverage category. Pursuant to the terms of a share purchase agreement dated June 19, 2025, entered into between the Company, MJ Reg and the Company's subsidiaries that hold its cannabis beverage business (the "Cannabis Subsidiaries"), as amended, all of the equity interests in the Cannabis Subsidiaries were sold to MJ Reg for three million dollars in aggregate consideration consisting of $489,399 in cash that was paid on the June 19, 2025 closing date of the transaction, plus $2,510,601 in the form of a promissory note with the following payment schedule, $510,601 due on June 27, 2025, $500,000 due on June 19, 2026, $750,000 on June 19 th, 2027 and $750,000 on June 19, 2028. As part of the transaction, the Company and MJ Reg entered into a multi-year exclusive and non-transferrable trademark licensing agreement (the "Licensing Agreement") dated June 19, 2025 (the "Effective Date") under which MJ Reg will have the right to use the Mary Jones brand name in any consumable product containing an emulsion derived from the marijuana plant with tetrahydrocannabinol (THC), in exchange for an annual licensing fee of: (a) $150,000 payable on the one (1) year anniversary of the Effective Date, and (b) $225,000 on each subsequent anniversary of the Effective Date. Assuming a 10 year term, the total amounts due to Jones Soda Co. would be $2,175,000. Scott Harvey, CEO of Jones Soda Co., stated: "The sale of the cannabis beverage business marks an important milestone in our effort to focus our resources on areas where we see the strongest long-term growth and profitability. We are proud of the innovation behind the Mary Jones brand, but I believe this divestiture enables us to sharpen our strategic priorities and accelerate investment in our core soda, functional beverage, and adult beverage categories." Joe Oblas, Director of MJ Reg Disrupters LLC, commented: "We are excited about the opportunity to build on the Mary Jones legacy and bring it to more consumers in the evolving cannabis beverage market. Jones Soda created a unique and high-quality product, and we are committed to continuing its innovation and reach." About Jones Soda Co. Jones Soda Co. ® (OTCQB: JSDA), headquartered in Seattle, Washington, is a craft beverage company that markets and distributes premium sodas under the Jones ® Soda and Jones ® Zero Sugar brands, as well as adult beverages under the Spiked Jones™ brand. Known for its bold flavors, photo-labeled bottles, and loyal customer base, Jones is focused on expanding its footprint in North America through innovation, channel growth, and brand engagement. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as well as applicable securities legislation in Canada. Forward –looking statements are typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions readers that any forward –looking statements provided by the Company are not a guarantee of future results or performance and that such forward –looking statements are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release, including, without limitation, that the Company will realize the expected benefits of the divestiture of its cannabis business, and that the sale of the Company's cannabis business will enable the Company to sharpen its strategic priorities and accelerate investment in its core soda, functional beverage, and adult beverage categories. Forward –looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward –looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. For a discussion of additional risks and uncertainties, please refer to the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The forward –looking statements contained in this news release are made as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward – looking statements, whether as a result of new information, future events or otherwise, except as required by law.
