LOS ANGELES and TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) — The Tinley Beverage Company (CSE:TNY, OTC:TNYBF) (“Tinley’s”) is pleased to announce that it has entered into an agreement with Peak Processing Solutions, a Canadian subsidiary of Australian pharmaceutical company Althea Group Holdings Limited (ASX:AGH) (“Peak” and “Althea” respectively), to produce Tinley’s ’27 products in Canada. Tinley’s ’27 is the second family of cannabis-infused products that Tinley’s has contracted to launch in Canada, the other being the single-serve ready-to-drink sparkling elixirs now made in California as Tinley’s Tonics.
Peak’s equipment is uniquely configured to produce and pack in the 150 mL bottle format that Tinley’s will use for the Tinley’s ’27 drinks in Canada. The discrete, convenient container size permits easy use and mixing at home or at private functions with friends and colleagues. Under the Agreement, Peak holds exclusivity for the manufacture and distribution of these three Tinley’s products in Canada until Tinley’s meets certain minimum orders.
Late last year, Tinley’s won the coveted Gold and Silver awards in California’s Emerald Cup, the largest cannabis competition in the world. The products being produced by Peak include the Canadian version of award-winning Coconut Cask, a Caribbean coconut elixir. Other products include an Italian-inspired, almond, apricot and vanilla elixir and a cinnamon-barrel elixir. All contain a scientifically-advanced emulsion that enables consumers to enjoy an uplifting, broad-spectrum effect with rapid onset. The technology also enables consistent dosing, even dispersion of active material throughout the product, and shelf stability.
The source provider of this cannabis emulsion has completed production and testing of the batch that will be used in these products. Non-cannabis ingredients were shipped from Tinley’s California facility and certain local suppliers last week. Peak is therefore able to begin testing and other Health Canada-mandated preparatory work immediately. The products will be substantially the same in Canada as in California, with requisite packaging, labelling and dosing changes.
As previously disclosed, the Company’s sales agent, Great North Distributors, has begun initial conversations with certain provincial cannabis boards, and it believes there will be significant interest from at least two notable buyers. The Company is working diligently to make the products available throughout Canada.
The Tinley’s ’27 brand pays homage to the year 2727 BC, the earliest recorded use of medical cannabis.
“The Agreement with Tinley’s is yet another key milestone for Peak. We are very excited to be working with Tinley’s to manufacture and distribute their market leading products in Canada and we look forward to building a long-term relationship with them. The addition of the Tinley’s agreement to Peak’s growing list of contracts increases our 12 months expected revenue yet again,” said Josh Fegan, CEO of Althea.
“The Agreement with Peak is an exciting step for our company as we seek to further drive geographic expansion through launch of our second product family in the Canadian market. Peak’s facility and team of professionals deliver the world class standard of Cannabis 2.0 co-packing services that we strive to provide at our own licensed co-packing facility in Long Beach, California,” said Richard Gillis, President of Tinley California. “Peak’s team has already demonstrated expert capabilities with the depth and rigor required to produce our sophisticated formulations in a compliant and consistent manner. Our team is confident that they can support the growth and scalability we anticipate requiring to execute in Canada’s booming infused drink category in the months and years to come.”
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.
About Althea Group Holdings Limited
Althea is an Australian licensed producer, supplier and exporter of pharmaceutical grade medicinal cannabis and is listed publicly on the Australian Securities Exchange (ASX:AGH). Althea also offers a range of products, education, access and management services to support eligible patients and healthcare professionals in navigating medicinal cannabis treatment pathways. Althea currently operates within highly regulated medicinal cannabis markets including Australia and the United Kingdom, with plans to expand into Germany, emerging markets throughout Asia and other parts of Europe. To learn more, please visit: www.althea.life
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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