Jones Soda Set to Sparkle in Michigan's Cannabis Market by Year-End
November 13th, 2023
Business & Industry
Jones Soda Co., known for its bold flavors and unique branding, recently announced its financial results for the third quarter of 2023, which ended on September 30th. Amidst the financial details, a significant highlight for Michigan residents is the company's imminent expansion into the state's burgeoning cannabis market.
Focusing on Michigan Expansion
- Michigan Launch Timeline: David Knight, President and CEO of Jones Soda, expressed optimism about the company's strategic growth, specifically mentioning plans to launch in Michigan by the end of the fourth quarter. This move signifies a substantial step for Jones Soda's cannabis division, Mary Jones, as Michigan represents a key market in the rapidly evolving cannabis industry.
- Cannabis Business Growth: While the overall revenue of Jones Soda saw a slight decline to $4.5 million from $4.8 million in the same quarter last year, the Mary Jones cannabis sector exhibited a remarkable year-over-year revenue increase of 93%, totaling around $220,000. This growth is a testament to the brand's increasing popularity in the cannabis sector, and the Michigan market is expected to contribute significantly to future revenue streams.
Other Financial Highlights
- Improved Profit Margins: The company saw an improvement in gross profit margin, reaching 32.9% compared to 26.9% in the third quarter of 2022.
- Reduced Net Loss: There was a reduction in net loss to $0.9 million, down from $1.7 million year-over-year.
- Adjusted EBITDA: The adjusted EBITDA loss decreased to approximately $862,000, compared to a loss of $980,000 in the previous year's quarter.
- Stable Cash Position: The company reported $5.2 million in cash and equivalents as of September 30th, 2023.
With the Michigan market showing a strong appetite for innovative cannabis products, Jones Soda's entry could be a game-changer. The company is not only focusing on expanding its geographic footprint but is also working on bringing new cannabis-infused flavors and formats to the market. This expansion is anticipated to bolster Jones Soda's position in the cannabis industry and contribute to its overall growth trajectory. Michigan residents can look forward to experiencing Mary Jones' unique offerings in the cannabis sector as the company gears up for its end-of-year launch in the state.
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