Cannabis News

The Tinley Beverage Company Inc. (CSE:TNY, OTC:TNYBF) ("Tinley's") is pleased to announce that it will be installing an upgraded mini line in its Long Beach facility as part of a comprehensive resolution to the dispute with the vendor for the original facility buildout.

In July 2020, one of the contractors that had been retained by the engineering firm managing the buildout of Tinley's Long Beach facility filed a third-party complaint against this engineering firm. The claim was related to work the contractor had performed at the facility. While Tinley's was not a party to the contract, the Company and its landlord were named in the enforcement of a mechanics lien that was placed on the facility. The dismissal, with prejudice, has been filed for the Company, its affiliates and related companies, and for the landlord of the Long Beach facility. The mechanics lien, in favour of the contractor, has now been ordered released by the contractor who was the plaintiff in the litigation. On its most recent financial statements, Tinley's had been reporting accrued accounts payables of $547,642 for such litigation. The Company used this conservative accounting approach in recognition of the possibility that the Company would be responsible for the cost of vacating the lien, in the event the defendant did not fulfill its contractual obligations to the complainant.

Under the settlement, Tinley's made a reduced payment to the contractor on the engineer's behalf in return for an agreement for the supply and installation of an upgraded mini line at Tinley's Long Beach facility at a substantially discounted price. The Company believes that the total cost of the settlement payment associated with the dismissal and discounted mini line is contracted at a price that is lower than the cost the Company would have otherwise incurred had it acquired and installed this mini line via other vendors at normal market rates. The Company believes it has satisfied its obligations under the settlement, therefore ongoing litigation is expected to formally end at the final hearing for dismissal, which is scheduled to occur on October 29, 2021.

Under a new engineering services and equipment supply agreement with the original engineering firm, Tinley's will receive an upgraded mini bottling line at its Long Beach, California facility. The Company is currently experiencing significant demand for mini bottling services and therefore requires a more versatile, higher capacity line. The current mini line had been acquired via a royalty agreement with the vendor. Under the terms of the royalty agreement, the Company is entitled to a receive a complete return of the cost of the equipment upon delivery of the current mini line equipment to the vendor. The Company will use its existing mini line to service its current and anticipated mini line clients until the installation of the new mini line is complete. The Company currently expects to continue to consummate manufacturing agreements with additional third-party brands that require mini bottle formats.

About The Tinley Beverage Company and Beckett's Tonics
The Tinley Beverage Company Inc. (CSE:TNY; OTC:TNYBF) manufactures the Beckett's Classics™ and Beckett's 27™ line of non-alcoholic, terpene-infused spirits and cocktails. Beckett's products are available in mainstream food, beverage, and specialty retailers, as well as online, across the United States as well as in grocery and specialty stores in Canada. Cannabis-infused versions of these products are offered under the Tinley's™ brand in licensed dispensaries and home delivery services throughout California, with expansion to Canada underway. Tinley's facility in Long Beach California contains some of the state's most versatile and technologically advanced cannabis-licensed beverage manufacturing equipment and provides manufacturing services for third-party brands in addition to Company-owned brands. Please visit www.drinkbecketts.com, www.drinktinley.com, Twitter and Instagram (@drinktinleys and @drinkbecketts) for recipes, product information and home delivery options.

Forward-Looking Statements
This news release contains forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are statements and information that are not historical facts but instead include financial projections and estimates, statements regarding plans, goals, objectives, intentions and expectations with respect to the future business, operations, expansion to additional jurisdictions, , and phrases containing words such as "ongoing", "estimates", "expects", or the negative thereof or any other variations thereon or comparable terminology referring to future events or results, or that events or conditions "will", "may", "could", or "should" occur or be achieved, or comparable terminology referring to future events or results. 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, please contact:

The Tinley Beverage Company Inc.
Ted Zittell
(310) 507-9146
info@drinktinley.com
Twitter: @drinktinleys and @drinkbecketts
Instagram: @drinktinleys and @drinkbecketts
www.drinktinley.com


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

American Green, Inc. Purchases 40,000 square foot Cannabis Grow Building for $3,750,000

The building appraised for $5,300,000 and gives American Green total equity of $2,673,000; over 50% of the property value


May 18, 2022 - American Green, Inc. (ERBB:OTC) has purchased the 40,000 square foot building known as American Green's "Cypress Chill" cannabis facility located at 2325 W. Cypress St. Phoenix, AZ. 85009.  The building sits on a 62,000 square foot site and was previously leased by ERBB in August 2021 with an option to buy. American Green has exercised its option to buy the building and now owns it. The purchase price was set at $3.75 million at the time of the signing of the lease last year. Recently, the building was professionally appraised for $5.3 million, giving American Green $1.55 million of additional equity, at the time of closing. When added to the down payment of $1.123 million, there is now a total of $2.673 million of equity in the new "Cypress Chill" cannabis grow building.

News Provided by NewMediaWire via QuoteMedia

Keep reading...Show less

Canopy Growth Announces Plan to Acquire Jetty Extracts

Broadens Canopy Growth's Portfolio of Premium Brands with Significant Opportunities to Scale Across North America

Canopy Growth Corporation ("Canopy Growth" or "the Company") (TSX: WEED) (NASDAQ: CGC) and Lemurian, Inc. ("Jetty"), a California -based producer of high-quality cannabis extracts and pioneer of clean vape technology, announced today that they have entered into definitive agreements (the "Agreements") providing Canopy Growth, by way of a wholly-owned subsidiary ("Canopy Sub"), the right to acquire, upon federal permissibility of THC in the U.S. or earlier at Canopy Growth's election, up to 100% of the outstanding capital stock of Jetty.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
AgriFORCE Growing Systems Completes Acquisition of Food Production & Processing IP from Manna Nutritional Group

AgriFORCE Growing Systems Completes Acquisition of Food Production & Processing IP from Manna Nutritional Group

AGRIFORCE Growing Systems Ltd. ("the Company") (NASDAQ: AGRI; AGRIW) an intellectual property (IP)-focused AgTech company dedicated to advancing sustainable cultivation and crop processing across multiple verticals, today announced it has completed the previously announced acquisition of the intellectual property of Manna Nutritional Group (MNG). The IP encompasses patent-pending technologies to naturally process and convert grain, pulses and root vegetables, resulting in low-starch, low-sugar, high-protein, fiber-rich baking flour products, as well as a wide range of breakfast cereals, juices, natural sweeteners and baking enhancers. The core process is covered under a pending patent application in the U.S. and key international markets.

Independent lab testing indicates that MNG's soft white wheat baking flour contains over 30 times the fiber, 3 times the protein, and more than 80% less starch than conventional flour without compromising taste, texture and quality [1] . The Company's initial focus is on wheat, in which the flour has applications for baked goods, breads and snacks.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Aurora Strengthens Leadership Position in Germany with EU-GMP Certification at Preeminent Local Cannabis Production Facility

State-of-the-art facility readying first delivery of medical grade cannabis for German patients

Aurora Cannabis Inc. (the " Company " or " Aurora ") (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, announced today the company has received EU-GMP certification for its state-of-the-art medical cannabis production facility in Germany . As a leading manufacturer of medical cannabis worldwide, achieving EU-GMP certification of the company's first German manufacturing site marks a significant milestone in the fulfillment of an awarded tender by the German Federal Institute for Drugs and Medical Devices (BfArM). Aurora is the distinct market leader in the German flower segment and will now leverage receiving the world's highest quality standard to produce and distribute premium medical cannabis in Germany .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Cresco Labs Announces First Quarter 2022 Results

Company reports 20% year-over-year revenue growth and 45% year-over-year adjusted EBITDA 1 growth and continues industry leadership in branded wholesale and retail productivity

Clears first milestone in proposed Columbia Care transaction with expiration of 30-day HSR 2 review period

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
The Greenrose Holding Company Reports First Quarter 2022 Results

The Greenrose Holding Company Reports First Quarter 2022 Results

  • Focus on Optimizing Inventory in Connecticut and Production Capacity in Arizona
  • Improving Positioning for Early-Stage Recreational Market Opportunities
  • Provides Revised Guidance for the Full Year Ended December 31, 2022

The Greenrose Holding Company Inc. (OTC: GNRS, GNRSW) ("Greenrose" or the "Company"), a multi-state grower and producer of cannabis brands and products, is reporting financial and operating results for the first quarter ended March 31, 2022 .

First Quarter 2022 Financial Summary (Non-GAAP)

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×