Jones Soda Co. (JSDA.C), a Seattle, Washington-based craft soda maker, announced today that its subsidiary was slated to introduce a new 100 mg cannabis THC-infused soda product in the California market.
This new product will come in the same four Jones fan-favorite flavours as the popular 10-mg THC sodas that launched the line this summer.
The new cannabis beverage will be packaged in 16-ounce resealable child-resistant multi-serve cans designed to pace consumption.
These tall boy cans will contain THC-versions of Jones’ root beer, berry lemonade, green apple, and, orange and cream sodas. According to the release, each cannabis-infused flavour will taste exactly like the original.
Mark Murray, president and CEO of Jones Soda, commented, “Our strong Mary Jones launch validates the strategic decision we made to enter the cannabis industry in order to leverage our brand equity, diversify our portfolio and move into a profitable high-growth category to drive the company’s future. Building on our initial success, this new higher-potency 100-milligram product unlocks a valuable category with a higher-value product aimed at a more mature cannabis consumer. With our ambitious product road map and new partnerships enabling us to expand to other states, I’m confident that our cannabis division will be instrumental in our growth in 2023 and beyond.”
The company reported $9.29 million CAD in cash and cash equivalents as of June 30, 2022, with $6.0 million in revenues for the three months ending June 30, 2022, for a net loss of $1.44 million during the quarter.
Back in June, Jones announced that due to prevailing market conditions, it had mutually terminated a binding letter of intent, with Simply Better Brands, where Simply would purchase all the issued and outstanding shares of Jones Soda. The deal had been originally announced in April.
In the middle of August, it was announced that SOL Global Investments disposed of 1.5 million common shares in Jones for a total consideration of $504,885.
Jones currently trades for $0.38 per share for a market cap of $37.3 million.