LOS ANGELES and TORONTO, July 02, 2020 (GLOBE NEWSWIRE) — The Tinley Beverage Company Inc. (“Tinley” or the “Company”) is delighted to announce that its bottling facility in Long Beach, California is now licensed for cannabis manufacturing by the State of California. The Company expects to take initial deliveries of cannabis-infused emulsions as early as next week.
The Company’s 20,000 square foot bottling facility’s Type N Cannabis Manufacturing License provides for the production and packaging of all forms of cannabis-infused products including topicals, edibles and beverages. The facility received its Conditional Business License from the City of Long Beach, California shortly after passing its remaining inspections. This municipal authorization triggered the activation of the facility’s previously-issued Provisional Cannabis Manufacturing License.
The facility is now usable for cannabis production, and the Company expects the facility to receive initial deliveries of cannabis-infused materials for production and product development as early as next week. The Company expects bottling operations to begin shortly thereafter.
The initial run of Tinley’s ’27 products will include the Company’s new Tinley’s ’27 Arabica Cask. Extending the range of the Company’s existing multi-serve products which include the Emerald Cup-winning Coconut Cask, Tinley’s ’27 Arabica Cask makes a perfect pour into mixed drinks, on deserts or on ice.
The Company is now in a position to consummate agreements in its pipeline of prospective co-packing clients, and it will update the market as such agreements come to fruition.
Tinley is also pleased to continue to receive inbound requests for investment. Contemporaneous with the licensing of its Long Beach facility, the Company accepted $1.85 million by way of an initial tranche of a non-brokered private placement (“Offering”). The Offering raised gross proceeds of $1,850,000 from the issue and sale of 3,700,000 units (the “Units”). Each Unit was purchased for $0.50 and is comprised of one common share of Tinley (“Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant is exercisable into one Common Share (“Warrant Share”) at a price of $0.70 for a period of 24 months following the closing. The Common Shares, Warrants and Warrant Shares are subject to a statutory hold period of four months and a day from the date of closing. In connection with the Offering, Tinley has paid to Echelon Wealth Partners Inc. a commission of $130,151.90 and 260,304 broker unit (“Broker Unit Options”). Each Broker Unit Option entitles Echelon to acquire one Unit (a “Broker Unit”) at an exercise price of $0.50 for a period of 24 months following the closing of the Offering with each Broker Unit comprised of one Common Share and one Warrant. The Common Shares, Warrants and Warrant Shares are subject to a statutory hold period of four months and a day from the date of closing, which took place on June 30, 2020.
About The Tinley Beverage Company
The Tinley Beverage Company (Santa Monica, California) created the Beckett’s Tonics and Beckett’s ’27 line of liquor-inspired, terpene-infused, non-alcoholic beverages. It has also created cannabis-infused versions of these products under the Tinley’s Tonics and Tinley’s ’27 brands. Tinley’s branded cannabis-infused beverages are available in licensed dispensaries and delivery services throughout California; the Beckett’s-branded non-THC versions will be available in mainstream food, beverage and specialty retailers, as well as on-premises locations, throughout California and elsewhere in the USA. The Company has also built a 20,000 square foot cannabis beverage manufacturing facility in Long Beach, California.
This press release contains or refers to forward-looking information and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.
Products, formulations and timelines outlined herein are subject to change at any time.
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