Jones Soda Reports Q3 Revenue Drop, Mary Jones THC Brand Sees 264% Growth
Jones Soda Co. (OTCQB:JSDA) announced its financial results Wednesday for the third quarter ended Sept. 30, 2024. disclosing revenue of $4.2 million, compared to $4.5 million in the same period of 2023. The Seattle-headquartered THC-infused soda maker noted that the third-quarter revenue includes approximately $800,000 in revenue from its Mary Jones business compared to approximately $220,000 in the third quarter of 2023.
The company attributes the decline in revenue to a reduced sales volumes as a result of a Canadian distributor’s transition and loss of a discount retail customer in the U.S. Additionally, the ramp up of HD9 distributors has taken longer than expected.
“Our third quarter did not meet our internal expectations, and we have taken immediate action to correct our trajectory,” stated Paul Norman, chairman of the noard and interim chief executive and financial officer of Jones. “The third quarter results were negatively impacted by a Canadian distributor transition, the loss of a discount retail customer in the U.S., and a slower than expected ramp up with our HD9 distribution …