[PRESS RELEASE] – SEATTLE, June 23, 2025 – Jones Soda Co., a craft beverage company known for its premium sodas and unique consumer engagement, 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, 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 the 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 $3 million 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, 2027, and $750,000 on June 19, 2028.
As part of the transaction, the company and MJ Reg entered into a multiyear exclusive and non-transferrable trademark 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 THC, in exchange for an annual licensing fee of: (a) $150,000 payable on the one-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 amount due to Jones Soda Co. would be $2,175,000.
"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,” Jones Soda Co. CEO Scott Harvey said. “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."
MJ Reg Directory Joe Oblas said, "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."
