Jones Soda 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, a privately held company, 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 emerging adult beverage category.
As part of the transaction, MJ Reg entered into a multi-year exclusive trademark licensing agreement, giving it the right to use the Mary Jones brand name in any consumable product containing an emulsion derived from the marijuana plant with tetrahydrocannabinol (THC). Assuming a 10-year term, the total amounts due to Jones Soda would be $2.175 million.
"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," said Jones Soda CEO Scott Harvey in a statement.
"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," said Joe Oblas, director of MJ Reg Disrupters, in a statement.
