Tinley’s Completes Full Production at Long Beach, Extends Retail Trials and Provides Corporate Updates
November 24 2020 - 6:00AM
The Tinley Beverage Company (“Company” or “Tinley’s” or
“Beckett’s”) is pleased to announce that it has completed
production of full-scale batches of all of its cannabis-infused
beverages at its permanent facility in Long Beach, California.
Long Beach Commissioning
The completion of large-scale batches of both
carbonated and non-carbonated beverages marks the culmination of a
lengthy buildout and commissioning process for the Company’s 20,000
square foot, state of the art cannabis beverage manufacturing and
co-packing facility in Long Beach, California. The Company believes
this facility is the largest licensed cannabis beverage co-packing
facility in the state. Located 14 miles south of downtown Los
Angeles, it is close to the state’s largest beverage and cannabis
markets. Long Beach also offers some of the lowest manufacturing
and distribution taxes in the state. While additional work is
required to optimize certain functionality, the Company is now able
to take on co-packing clients and meet its own on-going production
needs.
Retail Trials at Costco and Ralphs/Kroger
The non-infused versions of the Company’s
single-serve products recently became available for trials at two
Costco warehouses in Southern California. These trials have now
been extended through December, thereby positioning the products
throughout the busy Thanksgiving and Christmas shopping seasons.
The Company’s single-serve and multi-serve products have also
received local approvals for placement at 15 Ralphs stores, and
these products will continue to roll out to store shelves over the
next two weeks. The products have been approved for all of Ralphs
nearly 200 stores, and the Company expects launch in approximately
40-50 stores as part of this initial trial.
The Company’s single-serve “Beckett’s Tonics™”
products are currently available on Walmart.com, Amazon.com and
www.drinkbecketts.com. The Company expects its multi-serve
“Beckett’s ‘27™” beverages to be launched on these platforms in
time for Cyber Monday.
Closes Private Placement
The Company is pleased to announce that it has
accepted an inbound, institutional order of $1 million in a
non-brokered private placement (“Offering”). The Offering raised
gross proceeds of $1,000,035 from the issue and sale of 2,222,300
units (the “Units”). Each Unit was purchased for $0.45 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
$0.60 for a period of 36 months following the closing. In
connection with the Offering, Tinley has paid to finders $70,002.45
and 155,561 broker units (“Broker Unit Options”). Each Broker Unit
Option entitles the holder to acquire one Unit (a “Broker Unit”) at
an exercise price of $0.45 for a period of 36 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.
About The
Tinley Beverage Company Inc.
and Beckett’s Tonics California
Beckett’s Tonics California, a subsidiary of The
Tinley Beverage Company, created the Beckett’s Tonics™ and
Beckett’s ’27™ line of liquor-inspired, terpene-infused,
non-alcoholic beverages. Beckett’s™-branded products are available
in mainstream food, beverage and specialty retailers, as well as
on-premises locations, primarily in California. The
cannabis-infused versions of these products are available under the
Tinley’s™ Tonics and Tinley’s™ ’27 brands in licenced dispensaries
and delivery services throughout California. The Company is working
to launch the full product line in Canada. The Company has also
built a 20,000 square foot cannabis beverage manufacturing facility
in Long Beach, California.
Forward-Looking Statements
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.
For further information on Beckett’s Tonics
California, including media inquiries, please contact:
The Tinley Beverage Company
Inc.info@drinktinley.com Twitter:
@drinktinleys and
@drinkbecketts Instagram:
@drinktinleys and
@drinkbecketts www.drinktinley.comwww.drinkbecketts.comOTC:TNYBF
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