Jones Soda will not be acquired by Canadian company Simply Better Brands after all, with the proposed deal called off due to “current market conditions.”
The two companies announced June 7 that their deal was terminated. “We are disappointed that due to current market conditions we are unable to move forward with our intended transaction at this time,” Simply Better Brands CEO Kathy Casey said in a statement.
Under a deal that had been announced in April, Simply Better Brands would have acquired Jones for $98.9 million and taken its name. The deal was seen at the time as a fit for Simply Better Brands, which has a heavy presence in CBD-infused products, because Jones had just announced a new line of cannabis-infused beverages and edibles.
“Due to the decline in current market conditions, we regrettably are unable to continue with the proposed transaction with SBBC. We are certain that Simply Better Brands and Jones will continue to find successful business opportunities in the future, despite this shift in direction for both companies,” Mark Murray, CEO of Jones Soda, said in the statement.