Jones Soda Co (NASDAQ: JSDA) is a beverage company that develops, markets, and distributes premium sodas and hemp-derived THC products in the United States and Canada. Revenue comes from product sales through independent distributors and direct-to-retail accounts, e-commerce including customized-label soda, and trademark licensing fees. The company does not manufacture its own products, relying entirely on third-party contract manufacturers. Its core brand is Jones Soda, sold in grocery stores, convenience and gas stores, restaurants, and through national retail accounts. The Mary Jones brand, launched in 2024, covers hemp-derived Delta-9 THC sodas, shooters, gummies, and zero sugar sodas, with the brand also licensed to MJ Reg Disruptors for THC-infused beverages in select U.S. states and Canadian provinces. The company reported a net loss of approximately $1.7 million from continuing operations for the year ended December 31, 2025, and an accumulated deficit of $94.7 million as of December 31, 2025. It competes against large global beverage manufacturers including Coca-Cola, PepsiCo, and Keurig Dr Pepper.

Revenue model

Transactional product sales through direct store delivery (DSD) and direct-to-retail (DTR) channels, e-commerce sales of customized-label soda, and trademark and brand licensing fees. Licensing revenue includes fees from the Mary Jones brand licensed to MJ Reg Disruptors for THC-infused beverages.

Products and services

Jones Soda premium carbonated soft drinks sold in multiple flavors; customized-label soda sold direct-to-consumer via e-commerce; Mary Jones hemp-derived Delta-9 THC sodas (four flavors, launched 2024), Mary Jones shooters (three flavors, 10mg), Mary Jones gummies (four flavors), and Mary Jones zero sugar sodas. The company also licenses its Jones Soda and Mary Jones trademarks to third-party manufacturers.

Customers and end markets

Retail consumers reached through grocery stores, convenience and gas stores, restaurant fountain accounts, independent food-service accounts, and national retail chains. E-commerce customers purchasing customized-label products. Licensing partners including MJ Reg Disruptors. End markets include mainstream non-alcoholic beverages and hemp-derived THC consumables.

Value-chain role

Brand owner and distributor. Jones Soda outsources all manufacturing to third-party contract manufacturers and routes product to market through independent DSD distributors and direct DTR shipments to retailers. The company handles brand development, product formulation in collaboration with external flavor houses, marketing, and licensing.

Geographic exposure

Primary markets are the United States and Canada. Products also sold in select international markets. Mary Jones THC licensing operates in select U.S. states and Canadian provinces, with U.S. state-level access varying across permissive, regulated, and restrictive regulatory regimes.

Competitors

The Coca-Cola Company, PepsiCo, Inc., Keurig Dr Pepper Inc., Nestlé S.A., Danone S.A., Suntory Beverage & Food Limited, Anheuser-Busch InBev, Kirin Holdings, Heineken N.V., Diageo plc, Red Bull GmbH

Source: SEC 10-K, filed 2026-03-31

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