LOS ANGELES and TORONTO, Nov. 24, 2020 (GLOBE NEWSWIRE) — 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.
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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