John SchroyerBeverage maker Jones Soda Co. (CSE: JSDA) (OTCQB: JSDA) just finished its second year of a “three-year turnaround strategy” and is now making cannabis a core component that plan by expanding its infused-product offerings even further.
Though the company finished 2022 solidly in the red, with $6.4 million in losses compared to $1.8 million in losses the year prior, revenues were also up, to $3.7 million for the quarter ending Dec. 31, a 28% increase over the same quarter in 2021. For all of 2022, Jones Soda pulled in $19.1 million, a 29% increase from 2021.
CEO Mark Murray said the revenue spike was primarily due to increased sales from the company’s core bottled business, but the addition last year of Mary Jones THC-infused beverages definitely helped.
Murray said the company had $239,000 in revenue from that product line alone and that much of the financial losses last year were due to expenses related to jumpstarting the Mary Jones line, which cost about $3.6 million. But the company ended the year with $8 million in cash.
Murray said the company will be “potentially expanding the availability of our popular Mary Jones cannabis-infused beverages and related products across several states.”
“Recently, we announced the upcoming expansion into the state of Washington, where we will launch a full portfolio of products across beverages and edibles at both low and high dose options in the coming quarters,” he said. “We believe our continued focus on seizing the opportunities within the cannabis market has been met with outstanding success.”
The Mary Jones line, Murray said, is part of why “we are tracking ahead of where we thought we’d be by 2023” with the strategic turnaround plan.
