US drinks group Jones Soda has sold its cannabis beverage business, including all assets under the Mary Jones brand, to MJ Reg Disrupters.
All equity interests in the cannabis subsidiaries were sold to MJ Reg Disrupters for $3m.
The payment included $489,399 in cash paid on closing, with the remaining sum covered by a promissory note and payments up to 2028.
In a statement, Seattle-based Jones Soda said it was looking to “streamline operations and focus on its core soda offerings, modern functional beverages and emerging adult beverage category”.
The company’s brands include Jones Soda, Jones Zero Sugar and Lemoncocco, as well as adult beverages under the Spiked Jones brand.
CEO Scott Harvey described the sale is “an important milestone in our effort to focus our resources on areas where we see the strongest long-term growth and profitability”.
Harvey, a coffee and foodservice veteran, joined the group as CEO in February this year, along with Brian Meadows as CFO.
Jones Soda launched the Mary Jones cannabis-infused drinks in 2022.
MJ Reg Disrupters director Joe Oblas added: “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.”
Oblas is the co-founder and CEO of sports-nutrition business ProSupps USA. He is also the former CEO at US meat-snacks group Stryve Foods.
As part of the sale, Jones Soda and MJ Reg have 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.
Jones Soda generated a net loss of $9.9m in 2024, compared to a $4.9m loss in 2023.
Revenue increased by 15% to $19.1m, with $17.8m from beverages and $1.4m from the cannabis segment.
In the first quarter of 2025, Jones Soda's revenue was $4.6m, down 8% from the corresponding period in 2024. The cannabis segment generated sales of $0.4m.
Jones Soda's net loss decreased to $0.9m from $1.2m in the year-ago quarter.
