Mary Jones, Jones Soda's cannabis beverage brand, said it will expand its lineup of THC-infused beverages.
The company reported first-quarter earnings this week and said momentum continues to grow in California, where it said it has seen strong sales of its 10-milligram and 100-milligram beverages.
"In response to this strong performance, we are planning to expand our flavor portfolio with the addition of Grape and Cola, bringing the lineup to a total of six great tasting options for consumers to choose from," said CEO Mark Murray. "Outside of California, we are gaining traction and are on track with planned expansions in Washington, Michigan and Nevada. While we continue to manage through the varying regulatory complexities unique to each state, we have focused on formulating our products to the strictest of standards, allowing for expansion into new markets to be a much more efficient process."
Jones Soda quarterly revenue totaled $3.9 million compared to $4.5 million in the same quarter one year ago. The company said the decrease was primarily attributable to an outsized sales performance in the first quarter of 2022, driven mostly by a one-time inventory stocking event with one of our largest customers. However, the company's net loss shrunk slightly to $1.4 million, compared to a loss of $1.7 million last year, which the company said was due to an increase in gross profit margin and a decrease in total operating expenses.