Jammin Java Corp (JAMN)

[Brophtron]

They had to "switch" CEOs because Toevs left. He said a year ago that the company might not survive

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In a September 2016 letter to shareholders, two months before his resignation as Marley Coffee chief, Toevs warned that the family of Bob Marley wanted to sever ties with the company and its parent, Jammin Java, threatening the survival of the coffee company. Last June, the Marley family had terminated Marley Coffee's 15-year licensing agreement. In July, Marley Coffee founder Rohan Marley, the reggae legend's son, had stepped down as chairman of the company.

Toevs said in his September letter to shareholders that the company had "strong prospects" in the grocery business, as well as new channels prior to the cancellation of its licensing agreement. "We need to both mend and restart those conversations with retailers to get things moving again," he said. "Not having a long-term license in place has put us in a precarious position."