In March, international cannabis-focused investment company, SOL Global [SOLCF: US] announced their acquisition of 3,396,049 common shares of the Seattle-based Jones Soda Co., securing an 8.19 percent stake in the business.
Regarding the acquisition of the shares, SOL said that there are “numerous operational and strategic opportunities” to maximize their shareholder value in the company.
“Jones Soda has an iconic, retro brand in the soda bottle and fountain beverage sector, and we believe the company’s true value will be recognized by the market as its new offerings gain steam,” said SOL Global Chief Investment Officer, Andy DeFrancesco in a statement. “It is clear that Jones Soda is committed to being on the front lines of innovative product development, while staying true to their iconic brand.”
Days later, Sol announced that they had acquired 4,066,048 common shares of Jones Soda, increasing their stake to 9.8%
But consumers should not expect to see any THC of CBD-infused beverages from Jones Soda just yet as the company does not currently forsee any way to do so without great legal risks.
“We are aware of the potential of this segment, but the current uncertainty in laws and regulations regarding this area, we believe that there is presently no clear path to material revenues in the short-term,” Jones Soda CEO Jennifer Cue in an earnings conference call in March. “We believe that the current environment is one of high risk and low reward. We continue to evaluate product profiles, branding, and other attributes while keeping an open mind going forward.”
Jones Soda, known for its unique branding and variety of craft sodas, recently launched a ginger beer and has switched to using naturally-sourced colors and flavors in the majority of their glass-bottled sodas.