The Tinley Beverage Company (CSE:TNY, OTC:TNYBF) built a world-class, scaled facility with the state’s most varied menu of product formulation, container type and packaging options for infused beverages.
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The Tinley Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) ("Tinley's" or the "Company") is pleased to provide a corporate update on various initiatives now underway and intended to advance the Company's business and create sustainable shareholder value.
Update on Relocation to Canoga Park
The Company previously announced that it expected to complete its relocation from its Long Beach Facility to the Blaze Life Holdings' ("BLH") facility in Canoga Park, California at the end of Q2 or beginning of Q3 of 2023, but confirms that it now expects the relocation to be completed closer to the end of Q3 or the beginning of Q4. The updated timeframe is primarily a result of delays relating to BLH's receipt of certain municipal licenses and approvals which it requires to operate its state-of-the-art cannabis processing, bottling, canning, and storage/distribution facility in Canoga Park, California (the "BLH Facility"). Final interior renovations and capital improvements to the BLH Facility required to satisfy the municipal licencing inspections and approvals are now underway in order to allow the BLH Facility to become fully operational. The completion of Tinley's relocation to the BLH Facility is expected to coincide with BLH's receipt of such outstanding municipal licenses and approvals.
As previously announced, once Tinley's bottling operations are moved from Long Beach to the BLH Facility, management expects the Company to save approximately USD$1 million annually in overhead operating expenses. Based on these anticipated costs and overhead savings, along with management's revenue targets for cannabis-infused and non-infused products over the next 18-24 months, management now expects that the Company may be in a position to earn positive cash flow by or during the second half of 2024. However, there are many factors that could impact these expectations, including, but not limited to, achieving management's revenue projections and unknown and unexpected future Company expenses.
Update on Current Operations at Long Beach Facility and Lease Extension
Pursuant to the terms of Tinley's existing lease for its the Long Beach Facility, Tinley's was required to vacate the premises by May 31, 2023; however, the Company was able to negotiate a lease extension at a substantially discounted rent in order to allow it to continue to use premises at the Long Beach Facility until July 15, 2023. As at the date of this news release, Tinley's continues to operate its bottling and canning lines at the Long Beach Facility, servicing both Tinley's ongoing clients and new BLH co-packing clients and intends to work with the landlord of the Long Beach Facility to further extend its lease so that it may continue to service its and BLH's clients until such time as it can complete its relocation to the BLH Facility. Additional details relating to the status of the Company's lease of its Long Beach Facility will be announced when more information is available.
Beckett's Non-Infused/Non-Alcoholic Beverages
The sober-curious no-alcohol beverage market in the United States continues to grow. No-alcohol ready-to-drink single serve beverages and no-alcohol multi-serve spirits are both expected to post substantial volume growth, according to credible industry research estimates. The Company continues to be on the cutting edge of this new and growing market segment with its premium-tasting non-infused Beckett's line of non-alcoholic ready-to-drink mocktails and non-alcoholic multi-serve spirits and liqueurs. Tinley's is currently staging ingredients and packaging materials for Q3 2023 production to satisfy new Total Wine & More purchase orders and to build its inventory to more easily satisfy future purchase orders from Total Wine & More and to build on-demand stock for other retail and on-premises customers.
Introducing Beckett's-branded Cannabis-Infused Beverages
Following the move to Canoga Park, Tinley's plans to re-launch its line of cannabis-infused beverages under the brand names Beckett's Tonics and Beckett's '27. This rebrand will include current micro-dosed cannabis-infused beverage products, as well as new higher-potency products and new container formats targeted at higher-dose seeking consumers while maintaining current micro-dose products for the direct-to-consumer home delivery channel. Management believes that the goodwill the Company has built in the Beckett's brand will help its cannabis-infused products gain new momentum in the growing cannabis beverage market in California. "We are a completely different Company today than we were under the previous management team, and it's time to re-brand under one name to position us as market leaders in cannabis-infused and non-infused beverage sectors. We have a great partner in BLH and its state-wide distribution division, Sulo. It's time to show a fresh face and blow wind into Sulo's sails with a strategic relaunch, while leaving the anchors of the past behind," said Tinley's CEO, Teddy Zittell. "We will seek shareholder approval to pass a special resolution changing the Company's name to Beckett's at the Company's next AGM, which we expect to call and hold before year-end."
Update on Executive Salary Deferral
Previously, Tinley's announced that due to cash restrictions and other financial restraints, both the CEO and CFO agreed to defer their salary until such time as the Company was in a position to pay its executive salaries. Tinley is pleased to announce that as a result of considerable costs savings, along with solid co-packing revenues and revenue from the sale of Beckett's non-infused products, the Company is now in a position where it has been able to pay salary to its CFO. The Company's CEO, Teddy Zittell, is continuing to defer his salary for the time being.
Grant of Stock Options
Tinley's also announces the grant of stock options to purchase up to 9,000,000 common shares in the capital of the Company to certain directors, officers and consultants of the Company in accordance with the terms of the Company's stock option plan. The stock options will be exercisable at a price of $0.05 per common share for a period of ten years from the date of grant.
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 and intentions, statements regarding the Company's expectations with respect to its future business and operations, management's expectations regarding growth and phrases containing words such as "ongoing", "estimates", "expects", "anticipates", 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, the timing of BLH's receipt of certain licenses and approvals necessary to operate at the BLH Facility, the timing of the BLH Facility becoming fully operational, potential delays or unanticipated problems related to the relocation of Tinley's bottling assets to the BLH Facility, risks associated with Tinley's existing bottling customers continuing production at the BLH Facility and Tinley's existing can customers agreeing to move their production to the BLH Facility, Tinley's being sufficiently capitalized to meet its financial obligations related to the move to BLH Facility, potential delays in obtaining, or failures to obtain, necessary governmental approvals required to operate the BLH Facility, risks underlying management's expectations relating to the proposed benefits of relocating to the BLH Facility, 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 input costs, changes in consumer tastes and preferences, and the ability of BLH and the Company to achieve certain expected synergies as a result of the entering into of their management services agreement 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.
Teddy Zittell
(310) 507-9146
relations@drinktinley.comCSE: TNY; OTCQB: TNYBF
Twitter: @drinktinleys and @drinkbecketts
Instagram: @drinktinleys and @drinkbecketts
www.drinktinley.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169950
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The Tinley Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) (the "Company") announced today that it will be filing its annual financial statements, management's discussion and analysis and related officer certifications for the financial year ended December 31, 2022 (collectively, the "Annual Filings") beyond the required filing deadline under Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations and pursuant to National Instrument 52-109 Certification of Disclosure in Issuer's Annual and Interim Filings and is now subject to a cease trade order dated May 5, 2023 (the "CTO"). In order to remove the CTO, among other things, the Company will need to complete the audit and file the Annual Filings on SEDAR.
The Corporation is working closely with its auditor and expects to file the Annual Filings as soon as possible. The Corporation does not anticipate any delay in filing its interim financial statements, management's discussion and analysis, and the related officer certifications for the financial period ended March 31, 2023.
About The Tinley's Beverage Company
The Tinley's Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) develops and has licensed the production through its Long Beach, CA state-licensed manufacturing facility of terpene and cannabis-infused non-alcoholic Tinley's '27TMand Tinley's TonicsTM products which are distributed to licensed dispensaries and to home delivery channels in California. The Beckett's Classics® and Beckett's '27® lines are the non-alcoholic, non-cannabis versions of the Tinley's formulations and are available in select mainstream food, beverage, and specialty in the United States.
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 and intentions, statements regarding the Company's expectations with respect to its future business and operations, and the timing of the completion, approval and filing of its 2022 annual financial statements, management's discussion and analysis, and related officer certifications. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to defer 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.
Teddy Zittell (310) 507-9146 relations@drinktinley.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165256
News Provided by Newsfile via QuoteMedia
The Tinley Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) ("Tinley's" or the "Company") provides update on the status of the previously announced decommissioning of its Long Beach manufacturing facility and relocation of its bottling and related assets to the new Blaze Life Holdings, LLC ("BLH") 45,000 square foot cannabis manufacturing and distribution facility located in Canoga Park, California, and on related measures being immediately implemented to facilitate the relocation including, but not limited to, substantive cost cutting initiatives and changes to the board and management teams.
Corporate Updates
Relocation to Canoga Park Facility and Long Beach Production Schedule
Tinley's confirms that it will decommission its Long Beach bottling assets before the end of the second quarter of this year, and currently expects installation and commissioning of bottling lines at strategic partner BLH's Canoga Park facility to take place at the beginning of the third quarter of this year. To help client brands ensure sufficient inventory for testing and release of products to distribution through the transition, the Company is collaborating with Long Beach contract manufacturing clients to complete service requests by the end of the week of March 20, 2023 to confirm added production dates prior to the decommissioning of the Long Beach facility. A detailed press release outlining the Company's strategy and movement to the Canoga Park facility, including anticipated overhead savings of the Company, was issued on January 23, 2023.
Recent Long Beach Production
Working through the end of 2022 and into January 2023 with co-pack client Green Monké, the Company successfully completed production of newly formulated infused iced tea and lemonade varieties developed by Green Monké under contract for the well-known "Cookies" brand.
Production in Long Beach includes both repeat and new client SKU's as well as inventory-building orders from high-volume recurring clients booked across the Company's three manufacturing lines. The Company has also recently run Tinley's own brand batches, as well as the first of several production runs scheduled in Q2 2023 for our strategic partner BLH's Illa-Canna LLC's new infused drinks. Additionally, certain established and innovating brands, introduced to the Company by BLH, have booked production for their products this quarter in Long Beach on an interim basis prior to the planned move to the Canoga Park facility.
Beckett's USA - Reorder in Progress
Following receipt of new purchase orders from Total Wine & More to replenish inventory, production of Beckett's Tonics RTD and Beckett's '27 multi-serve spirits and liqueur is now underway at the Company's chosen contract manufacturers. Delivery to Total Wine & More is expected at or around the end of the current quarter.
Substantive Cost Cutting Initiatives
To ensure a successful transition from Long Beach to Canoga Park, and to ensure that adequate financial resources are available to the Company in a market where access to capital is severely limited, Tinley's has immediately implemented substantive cost cutting measures to aggressively preserve capital and accelerate expense reduction. These steps recognize recent challenges in capital markets, growing costs in the California cannabis sector and the need for superior manufacturing and distribution scale, benefits of which are expected to materialize following the move.
Canadian Business - Pause on Expansion
In Canada, market complexities including high entry costs and ongoing challenges to profitability based on market structure continue to present challenges. As a Canadian company with a wide base of Canadian retail shareholders, Tinley's board and management acknowledge the natural interest in participating profitably in Canadian markets. We also recognize our need to prioritize our responsibility to the Company to manage cash flow and profitably, and will propose to invest overhead dollars saved as a result of the move, and revenues from Tinley's California and Beckett's USA, into initiatives with higher probability potential of return. Based on a current analysis of reintroduction of reformulated infused products to the Ontario Cannabis Store and the complexities of relaunching Beckett's into Canada at this time, to reflect the need to preserve capital and reduce expenses to focus future investment on high return initiatives, the Company has decided to pause its plan to re-enter Canada indefinitely.
Staff and Management Changes
In addition to reducing staff at the Long Beach facility in anticipation of the move to BLH's Canoga Park facility, the Company also regrets to announce that effective immediately, Rick Gillis has agreed to step down from his role as President, Tinley's Brands USA, a decision primarily driven in support of the Company's initiatives for preserving capital and cost cutting, and his concurrent appointment to the Company's advisory board. "We thank Mr. Gillis for his contributions as a Tinley officer to date," said Ted Zittell, Tinley's director and CEO. "We welcome Rick's ongoing commitment to support the Company and our Tinley's and Beckett's brands in his new role on the Company's Advisory Board," he added. In order to contribute to the preservation of cash, the Company's CEO, CFO and certain remaining employees and consultants have temporarily agreed to defer their respective salaries for a limited period of time.
Advance from BLH
On or about March 16, 2023, the Company received an advance of $200,000 from the remaining funds available to the Company under the BLH lending facility, with the final $300,000 from BLH currently expected to be expended by the Company during the move to BLH's Canoga Park facility. The $200,000 will be applied by the Company for general corporate purposes to provide the Company, together with the Company's ordinary course collection of client receivables, with sufficient capital to undertake its ordinary course operations until the Company is able to move to BLH's Canoga Park facility and realize on anticipated synergies of that move.
Board Changes
The Company regrets to announce that effective immediately, Kirsten Chapman has resigned from the Company's Board of Directors for personal reasons and to pursue other commitments. We thank Kirsten for her service and wish her continued success in the future.
About The Tinley's Beverage Company and Beckett's Tonics
The Tinley's Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) develops and has licensed the production through its Long Beach, CA state-licensed manufacturing facility of terpene and cannabis-infused non-alcoholic Tinley's™ '27 and Tinley's™ Tonics products which are distributed to licensed dispensaries and home delivery channels in California. Expansion of these products, adapted for manufacturing and sale in Canada, is currently underway. The Beckett's Classics® and Beckett's '27® lines of non-alcoholic, terpene-infused non-cannabis versions of these formulations are available in select mainstream food, beverage, and specialty retailers, as well as online, in the United States as well as having appeared in select grocery and specialty stores in Canada. The Long Beach Facility contains versatile and technologically advanced cannabis-licensed beverage bottling equipment, and provides manufacturing and first-mile distribution services under one roof for third-party brands in addition to the Company-owned brands. Please visit www.drinktinley.com, and www.drinkbecketts.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 and intentions, statements regarding the Company's expectations with respect to its future business and operations, the timing of the completion of the transfer of the Company's operations from the Long Beach facility to the BLH facility, management's expectations regarding growth and phrases containing words such as "ongoing", "estimates", "expects", "anticipates", 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, the timing of BLH's receipt of certain licences necessary to operate at the Canoga Park facility, the timing of the Canoga Park facility becoming fully operational, potential delays or unanticipated problems related to the relocation of Tinley's bottling assets to the Canoga Park facility, risks associated with Tinley's existing bottling customers continuing production at the Canoga Park facility and Tinley's existing can customers agreeing to move their production to the Canoga Park facility, Tinley's being sufficiently capitalized to meet its financial obligations related to the move to Canoga Park and otherwise continue to operate its business in the ordinary course, potential delays in obtaining, or failures to obtain, necessary governmental approvals required to operate the Canoga Park facility, 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 input costs, the ability to resume expansion to the Canadian market at a later date and the ability to collect receivables. 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.
Teddy Zittell
(310) 507-9146
relations@drinktinley.comCSE:TNY; OTC:TNYBF
Twitter: @drinktinleys and @drinkbecketts
Instagram: @drinktinleys and @drinkbecketts
www.drinktinley.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/159229
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Provides Corporate Updates
The Tinley Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) ("Tinley's" or the "Company") is pleased to provide updates on Company initiatives aimed to achieve revenue growth through the expansion of the Tinley's and Beckett's brands.
Tinley's product development team has commenced reformulation of select Tinley's products to include higher THC potency and new package formats. "In California, we see a preference in the dispensary channel for high THC potency beverages. By increasing the potency of our beverages in high-demand package formats, we plan to unlock revenue from this segment of the market," said Teddy Zittell, Tinley's CEO. Tinley's will also be officially re-launching home delivery of its beverages in California to address the largely untapped segment of California consumers who don't shop in dispensaries. The direct-to-consumer delivery of Tinley's cannabis beverages will be a collaboration between the Company and its cannabis brand distribution partner, Sulo Distro, and Grass Door, a leader in direct-to-consumer delivery of cannabis products.
"We believe home delivery customers, many of whom are new to the category, will respond favourably to our current lineup of Tinley's micro-dosed beverages, all of which are all low-calorie, low-carbohydrate and gluten-free," Mr. Zittell explained. "Through our management services agreement with Blaze Life Holding LLC ("BLH") and its subsidiary ILLA Canna LLC, we have locked in lower production costs for our own Tinley's brand and structured a continued revenue opportunity from current contract packing clients. We will now focus on driving increased revenue growth by building on our own brand," Mr. Zittell added.
Beckett's '27® & Beckett's Tonics® (USA)
The Beckett's relaunch at Total Wine & More, strategically timed with Dry January, has seen rapid and unprecedented sales across their more than 200 stores spanning 27 states. In response to Beckett's products being so well received by customers, Total Wine & More has reordered Beckett's products, and the Company has commenced production to satisfy this order. Additionally, the Company is actively pursuing expansion to other retail networks, distribution groups and channels, including on-premise. Store tests, which include product demonstrations and sampling, have been conducted at select H-E-B supermarket locations in Texas.
Becketts '27 & Becketts Classics (Canada)
The Company plans to relaunch Becketts brands in Canada starting in Ontario in Q2 2023. Based on consumer and retailer feedback for Becketts Classics (Beckett's Tonics® in the USA) ready-to-drink ("RTD") sparkling beverages, the products will now be packed in sleek 355ml aluminum cans. The Company has identified an Ontario based co-packer to produce these cans with the new recipes developed as part of the Company's overall product reformulation in 2022. This work was done by a leading international flavour company with experience in both non-alcoholic and alcoholic beverages. The RTD's are now intended to more accurately reflect the flavour profile of their beverage alcohol references.
For the Becketts '27® product line, the reformulation reduced the stevia aftertaste and more closely matches the target spirit or liqueur profile. The Company is in advanced stage negotiations with two potential Ontario-based co-packers who can produce in 375ml multi-serve cork-finish bottles. The Company is concurrently evaluating alternative routes to key markets across Canada with a range of distributor and broker options focused both on the mainstream and specialty grocery business and the beverage alcohol channel.
Tinley's Beverages (Canada)
In Canada, Tinley's product development team is continuing to evaluate new beverage options that are better suited for Canadian consumers and Canadian regulations. To this end, the Company is in the process of working on the re-introduction of new ready to serve beverages with a 10mg THC potency and infused with other novel cannabinoids, such as CBG. "We see the new Tinley's Classics ready-to-drink cannabis 'mocktails' as a product that will be well received by Canadian consumers," commented Mr. Zittell. "However, the long process in Canada of getting cannabis drinks from the development stage into the hands of consumers remains challenging for all cannabis beverage brands in Canada, including Tinley's," added Mr. Zittell.
Grant of Stock Options
Tinley's also announces the grant of stock options to purchase up to 1,800,000 common shares in the capital of the Company to certain directors and consultants of the Company in accordance with the terms of the Company's stock option plan. The stock options will be exercisable at a price of $0.10 per common share for a period of five years from the date of grant.
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 and intentions, statements regarding the Company's expectations with respect to its future business and operations, management's expectations regarding growth and phrases containing words such as "ongoing", "estimates", "expects", "anticipates", 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 variations in the Company's business plan and model in the future, the timing of the relaunch of the Company's home delivery operations in California and relaunch of the Becketts brand in Canada and impacts of the Company's management services agreement with BLH. 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.
Teddy Zittell - (310) 507-9146
CSE:TNY; OTC:TNYBF relations@drinktinley.com
Twitter: @drinktinleys and @drinkbecketts
Instagram: @drinktinleys and @drinkbecketts
www.drinktinley.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153023
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Expected to Save Approximately USD $1 Million in Annual Operating Expenses
The Tinley Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) ("Tinley's" or the "Company") is pleased to announce that it has entered into a management services agreement (the "MSA") with Blaze Life Holdings, LLC ("BLH") and its wholly-owned subsidiary, ILLA Canna LLC, effective January 23, 2023.
Under the terms of the MSA, Tinley's will relocate its bottling assets and related equipment to BLH's new 45,000 square foot cannabis manufacturing and distribution facility located in Canoga Park, California (the "Canoga Park Facility") and BLH and its licensed subsidiaries will provide certain management and operational services to Tinley's. Based upon management's current financial modelling, the provision of such services by BLH and relocation of Tinley's bottling assets to the Canoga Park Facility is expected to result in operating cost savings of approximately USD $1 million per year. Tinley's CEO, Teddy Zittell, said: "Since we began our collaborative partnership with BLH in June 2022, we've successfully delivered cost reductions and increased our operating capacity. When production begins at the Canoga Park Facility, we expect efficiencies to accelerate, with additional benefits anticipated from the on-site capacity for inventory storage and integrated first-mile and last-mile distribution services provided by SuLo Distro, a subsidiary of BLH".
As part of the relocation of the Company's bottling assets, the Company will decommission and vacate its current manufacturing facility in Long Beach, California. Tinley's plans to move its bottling assets to the Canoga Park Facility during the latter half of Q2 2023 and expects such assets to be fully operational at the Canoga Park Facility by mid to late Q3 2023. During the transition from Tinley's current Long Beach facility to the Canoga Park Facility, which is expected to take approximately 30-45 days to complete, Tinley's will not be able to provide co-packing bottling services to its customers. Tinley's intends to increase bottling production during Q1 and Q2 2023 prior to its relocation of its bottling assets to the Canoga Park Facility to fulfill planned production and support co-packing demand in order to compensate for bottling line outages over the course of the move.
"As a result of the anticipated increase in production activity, we expect revenue to be higher than previously anticipated in Q1 and Q2 of 2023", said Mr. Zittell. "This increase is over and above the quarter-on-quarter revenue growth we previously expected in 2023. We have seen material revenue gains in the first three quarters of 2022, and our 2022 year-end financial results are expected to show increased revenue in Q4 2022. We have no reason to believe that this trend will not continue through 2023", Mr. Zittell added.
Until the Canoga Park Facility is fully operational, which is expected to happen in late Q2 or the beginning of Q3 2023, Tinley's will continue to produce cans at the Company's Long Beach facility for current co-pack customers, as well as for new customers introduced to Tinley's by BLH who require canned beverage manufacturing prior to the Canoga Park Facility becoming fully operational. Tinley's Long Beach can line will remain in production during the move of the Company's bottling assets to the Canoga Park Facility, and will continue to generate revenue until the Company fully exits the Long Beach facility, planned to occur at the end of Q2. Following the move to the Canoga Park Facility, BLH will produce beverages in cans for Tinley's existing can customers.
In consideration for the provision of services by BLH under the terms of the MSA, including manufacturing for Tinley's at the Canoga Park Facility, Tinley's has agreed to pay BLH a flat fee of USD $55,000 per month as well as a USD $70,000 annual fee specifically for the provision of certain prescribed accounting and administrative services by BLH set out in the MSA. Under the terms of the MSA, BLH has agreed to pay Tinley's certain referral fees for a period of two years based on revenue received by BLH in connection with the provision of co-packing canning services to Tinley's existing clients transferring production to BLH, and Tinley's will continue to receive 100% of the revenue generated from the use of Tinley's bottling assets at the Canoga Park Facility.
A copy of the MSA is available on the Company's profile at www.sedar.com.
About BLH
Blaze Life Holdings, LLC was founded in 2017 by two cannabis visionaries: Los Angeles real estate investor Scott Kim and Paul Burgis, former COO and CFO of Los Angeles-based Golden Road Brewing, which was acquired by Anheuser-Busch InBev in 2015. They saw the opportunity for a sophisticated, vertically integrated cannabis business that operationally parallels the craft brewing and brew pub scene, adapted to drive efficiency and growth in the rapidly expanding cannabis beverage industry. The BLH group comprises ILLA Canna LLC's existing licensed cultivation and manufacturing facilities, retail locations, SuLo Distro (full-service cannabis distributor built for beverage category growth), and Delta Bev (cannabis manufacturing), focused on providing clear and simple co-packing solutions for cannabis brands with an emphasis on beverages. BLH is helmed by professionals with a combined 80 years of experience in beer and beverage production, distribution, and brand-building, aligned to bring end-to-end solutions to brands and retailers to increase share and drive category growth.
About The Tinley's Beverage Company and Beckett's Tonics
The Tinley's Beverage Company Inc. (CSE: TNY) (OTCQB:TNYBF) develops and has licensed the production through its Long Beach, CA state-licensed manufacturing facility of terpene and cannabis-infused non-alcoholic Tinley's™ '27 and Tinley's™ Tonics products which are distributed to licensed dispensaries and home delivery channels in California. Expansion of these products, adapted for manufacturing and sale in Canada, is currently underway. The Beckett's Classics® and Beckett's '27® lines of non-alcoholic, terpene-infused non-cannabis versions of these formulations are available in select mainstream food, beverage, and specialty retailers, as well as online, in the United States as well as in select grocery and specialty stores in Canada. The Long Beach Facility contains versatile and technologically advanced cannabis-licensed beverage bottling equipment, and provides manufacturing and first-mile distribution services under one roof for third-party brands in addition to the Company-owned brands. Please visit www.drinktinley.com, and www.drinkbecketts.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 and intentions, statements regarding the Company's expectations with respect to its future business and operations, the impact and expected benefits of the MSA, including with respect to the ability of the parties to achieve any material business synergies, the timing of the completion of the transfer of the Company's operations from the Long Beach Facility to the BLH Facility, management's expectations regarding growth and phrases containing words such as "ongoing", "estimates", "expects", "anticipates", 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, the timing of BLH's receipt of certain licenses necessary to operate at the Canoga Park Facility, the timing of the Canoga Park Facility becoming fully operational, potential delays or unanticipated problems related to the relocation of Tinley's bottling assets to the Canoga Park Facility, risks associated with Tinley's existing bottling customers continuing production at the Canoga Park Facility and Tinley's existing can customers agreeing to move their production to the Canoga Park Facility, Tinley's being sufficiently capitalized to meet its financial obligations related to the move to Canoga Park, potential delays in obtaining, or failures to obtain, necessary governmental approvals required to operate the Canoga Park Facilities, 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 input costs, and the ability of BLH and the Company to achieve certain expected synergies as a result of the entering into of the MSA. 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.
Teddy Zittell
(310) 507-9146
relations@drinktinley.comCSE:TNY; OTC:TNYBF
Twitter: @drinktinleys and @drinkbecketts
Instagram: @drinktinleys and @drinkbecketts
www.drinktinley.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152153
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FinancialBuzz.com News Commentary
Over the past decade, the cannabis market has undergone significant expansion, driven largely by a wave of legalization efforts across the United States and other parts of the world. As state and national governments reassess their legal stance on cannabis, both for medical and recreational use, the industry has seen a surge in legitimacy and economic interest. In the United States, a majority of states have legalized cannabis in some form, reflecting a shift in public opinion and an acknowledgement of the potential medical benefits and revenue generation opportunities. Globally, countries like Canada, Uruguay, and several European nations have moved towards more liberal cannabis policies, further propelling the market's growth. The financial implications of these legalization efforts are substantial and continue to evolve. According to a report by Grand View Research, the global legal cannabis market size was valued at USD 13.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.5% from 2022 to 2030. Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), Cronos Group Inc. (NASDAQ: CRON), Canopy Growth Corporation (NASDAQ: CGC), Aurora Cannabis Inc. (NASDAQ: ACB), Curaleaf Holdings, Inc. (OTC: CURLF)
While the cannabis market demonstrates significant economic promise and potential for growth, concerns persist regarding its broader societal impacts, particularly in relation to public safety and health. One of the primary concerns is the correlation between cannabis use and impaired driving. Studies have shown that cannabis can significantly impair motor coordination, reaction times, and decision making, which are critical skills for safe driving. With the increase in cannabis accessibility and consumption following legalization, there is an urgent need for effective measures to mitigate these risks. This includes developing reliable roadside testing for cannabis impairment, public education campaigns to raise awareness about the dangers of driving under the influence, and clear legal frameworks to handle such offenses effectively.
Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), a developer of marijuana breathalyzer devices for law enforcement and the workplace just announced that, "it will be presenting at the International Association for Chemical Testing (IACT) conference in April. Cannabix's Dr. Bruce Goldberger Ph.D., will be presenting on Science & Technology Behind Cannabis Breath Testing and the Company's marijuana breathalyzer system at the conference workshop session. IACT is composed of governmental agency personnel involved in chemical testing related to traffic safety. IACT members are scientific and criminal justice professionals, including forensic scientists, regulatory inspectors, and law enforcement personnel with representatives from a majority of states and international members. IACT has standing committees to address various areas including legislation, training, new equipment and procedures and manufacturers of breath testing equipment.
The Cannabis Breath Testing workshop at IACT 2024 is designed to provide background information regarding the pharmacokinetics and pharmacodynamics of cannabinoids in breath, present the current technology for collection devices from commercial vendors, and discuss the necessary laboratory workflows and analytical considerations when testing these samples.
Dr. Bruce Goldberger is a professor and the former Chief of the Forensic Medicine Division in the Department of Pathology, Immunology and Laboratory Medicine in the College of Medicine at the University of Florida. Dr. Goldberger served as Director of the University of Florida forensic toxicology laboratory for 30 years. Dr. Goldberger is the Principal Investigator of the Florida Drug-Related Outcomes Surveillance and Tracking System and Co-investigator of the National Drug Early Warning System. Dr. Goldberger is a consultant for the Centers for Disease Control and Prevention's National Center for Injury Prevention and Control, Overdose Mortality Team, and the National Center for Health Statistics, Division of Vital Statistics. Dr. Goldberger is a consultant and senior advisor to Cannabix Technologies Inc."
Cronos Group Inc. (NASDAQ: CRON) reported recently its first entry into the chocolate edibles category. Cronos' newest edible innovation was developed and designed by an expert team of culinary chefs, food scientists, and leaders in cannabis product development. The bite-sized Chocolate Fusions™ feature a dynamic, multi-texture experience, combining a soft and chewy center, crunch inclusions, and an outer layer of rich creamy chocolate that delivers a decadent sweet treat for adult cannabis consumers. "We are thrilled to bolster the recent successful launch of the Lord Jones® brand in Canada with our first chocolate edibles," said Jeff Jacobson, Chief Growth Officer, Cronos. "These hand-crafted and artfully created chocolates demonstrate our passion for delivering a differentiated experience through an innovative cannabis product that our consumers will love. This breakthrough innovation is the result of our continuous commitment to and investment in R&D and product development, and we're excited to add Chocolate Fusions™ to our growing family of premium and THC-focused Lord Jones® products in Canada, which are designed to take adult consumers above and beyond."
Canopy Growth Corporation (NASDAQ: CGC) announced earlier in February the introduction of five new pre-roll products across the Company's adult-use cannabis portfolio from brands 7ACRES and Hiway. "Forging ahead with our commitment to innovation, we're excited to offer new pre-roll offerings that meet consumers across a range of occasions and price points," said Dave Paterson, President, Canada, Canopy Growth. "With convenience and enjoyment in mind, our new 7ACRES Smooth Burners offer a high-quality pre-roll with a unique filter design enabling a smooth and slow session, while our new Hiway Water Hash Infused pre-rolls provide consumers a premium experience in a value package."
Aurora Cannabis Inc. (NASDAQ: ACB) together with subsidiary company, MedReleaf Australia, have announced last month the availability of medical cannabis pastilles for doctors to prescribe to patients in Australia. The novel product is produced by Aurora and distributed by MedReleaf Australia, a leading distributor of medical cannabis products with the number two position in the Australian market. "Australia is the largest nationally legal medical market globally, and as a long-standing supplier to MedReleaf Australia and recently announced parent company, we're eager to support the continued growth and development of the market," said Andre Jerome, Executive Vice President of Global Business Development, Aurora. "The introduction of innovative and differentiated products, such as pastilles, and planned upcoming innovation, will provide Australian doctors expanded options for patient care and enhance patient access to the premium medical cannabis they seek," continued Jerome.
Curaleaf Holdings, Inc. (OTCQX: CURLF) announced last month it has signed a deal to acquire Northern Green Canada ("NGC"), a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. NGC also partners with Canadian GACP cultivators to produce and distribute finished cannabis products to both the domestic and global markets. NGC is one of the few Canadian cultivators with EU-GMP certification. As such, NGC has consistently supplied high THC, non-irradiated flower to the German market, which is expected to see exponential growth following the recent removal of cannabis from the narcotics list. NGC is also increasingly supplying Australia and New Zealand, the world's fastest-growing cannabis markets.
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New location on U.S. Highway 1 will host grand opening celebration Friday
Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced the opening of a new medical cannabis dispensary in North Palm Beach, Florida .
A grand opening celebration will be held Friday, April 26 , beginning at 9 a.m. , featuring music, specials, discounts, and opportunities to register for upcoming patient education sessions.
"We are thrilled to expand access to medical cannabis in Florida with this new dispensary," said Trulieve's Chief Executive Officer Kim Rivers . "Patients in Palm Beach County can find their favorite top-quality branded cannabis products and experience Trulieve's world-class customer service at this convenient location."
The new dispensary, located at 11859 U.S. Hwy 1, will be open 9 a.m. – 8:30 p.m. Monday through Saturday and 11 a.m. – 8 p.m. on Sundays , offering walk-in and express pickup service.
Trulieve North Palm Beach will carry a wide variety of popular products including Trulieve's portfolio of in-house brands such as Alchemy, Co2lors, Cultivar Collection, Modern Flower, Momenta, Muse, Roll One, Sweet Talk, and Trekkers. Customers will also have access to beloved partner brands such as Alien Labs, Bellamy Brothers , Binske, Black Tuna, Blue River , Connected Cannabis, DeLisioso, Khalifa Kush , Love's Oven, Miami Mango, O.pen, Seed Junky, and Sunshine Cannabis, all available exclusively at Trulieve in Florida .
Across Florida , Trulieve offers home delivery, convenient online ordering, and in-store pickup. Veterans receive 20% off every order when they show their military ID, and all first-time guests are eligible for a 60% new customer discount at any Florida Trulieve location. For more information, or to learn how to become a registered patient, please visit Trulieve.com and connect on Instagram or Facebook .
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com .
Facebook: @Trulieve
Instagram: @Trulieve_
X: @Trulieve
Investor Contact
Christine Hersey , Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Phil Buck , APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com
View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-to-open-medical-cannabis-dispensary-in-north-palm-beach-florida-302122904.html
SOURCE Trulieve Cannabis Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/22/c0872.html
News Provided by Canada Newswire via QuoteMedia
Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., will hold a conference call on Thursday, May 9, 2024 at 8:30 AM Eastern Time following the release of its first quarter 2024 financial results.
Chairman, Founder, and Chief Executive Officer Kim Rivers and Chief Financial Officer Wes Getman will participate on the call to review Trulieve's financial and operating results.
Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call and ask to join the Trulieve Cannabis Corp. call.
North American toll free: 1-844-824-3830 | Passcode: | 3368806 |
International: 1-412-542-4136 | Passcode: | 3368806 |
A live audio webcast of the conference call will be available at:
https://app.webinar.net/gl7Pnd4n40e
An archived replay of the webcast will be available at:
https://investors.trulieve.com/events
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com .
Facebook: @Trulieve
Instagram: @Trulieve _
X: @Trulieve
Investor Contact
Christine Hersey , Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Phil Buck , APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com
View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-cannabis-corp-to-hold-first-quarter-2024-results-conference-call-on-may-9-2024-302108647.html
SOURCE Trulieve Cannabis Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/05/c4744.html
News Provided by Canada Newswire via QuoteMedia
Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced planned event participation in April.
Information about our events, links to events where available, and slide presentations can be found at: https://investors.trulieve.com/events
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.
Facebook: @Trulieve
Instagram: @Trulieve _
X: @Trulieve
Investor Contact
Christine Hersey , Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Phil Buck , APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com
View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-announces-april-2024-event-participation-302107164.html
SOURCE Trulieve Cannabis Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/03/c8191.html
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Led by Steven Acevedo and Art Isagholian, ACE Venture Enterprises, Inc., a minority-owned business, plans to acquire Vireo Health of New York to accelerate entry into the New York market –
– Ace plans to retain Goodness Growth with a collaborative advisory agreement to advance the long-term success of both organizations –
– Terms include a purchase price of between $3 to $5 million, an investment of $20 million from Ace for development of the Johnstown cultivation and manufacturing campus, and Ace's assumption of the IIP lease –
NEW YORK and MINNEAPOLIS, April 01, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Goodness Growth Holdings, Inc. (CSE: GDNS; OTCQX: GDNSF), please note the contact information has been updated. The corrected release follows:
ACE Ventures, LLC ("Ace"), a minority-owned business in the State of New York, Ace's corporate partner, Ace Venture Enterprises, Inc. and Goodness Growth Holdings, Inc. ("Goodness Growth") (CSE: GDNS; OTCQX: GDNSF), today announced that they have executed a binding term sheet whereby Ace plans to acquire assets of Goodness Growth Holdings subsidiary, Vireo Health of New York ("VireoNY"), pending the satisfaction of closing conditions, including secured capital commitments and regulatory approval.
Founded by life-long New Yorker, Steven Acevedo, a television and film producer who has worked with some of the world's most recognizable entertainers, Ace's mission is to bring New York the quality and affordable cannabis its regulated market deserves, while investing in communities that have been disproportionately affected by the War on Drugs. Ace Venture Enterprises, Inc. shareholder, Arthur Isagholian, has over 25 years of experience within various sectors of the cannabis value chain, and has recruited, developed and managed highly-skilled teams, both plant touching and ancillary, across cultivation, manufacturing, marketing and retail operations.
Terms of the transaction include a purchase price between $3.0 and $5.0 million for Vireo Health of New York's licenses, inventory and assets, as well as Ace's assumption of the lease agreement with Innovative Industrial Properties ("IIP") for the Johnstown, NY cannabis cultivation and manufacturing campus. Ace has agreed to assume VireoNY's financial liabilities, including its operating losses, beginning on April 1, 2024. These activities are expected to be supported initially by a $2.5 million unsecured loan from Goodness Growth to VireoNY.
In addition, the parties are committed to a collaborative advisory agreement that retains Goodness Growth's management and compliance oversight in return for an approximate 15 percent share of net profits. Goodness Growth and Ace anticipate regulatory approval for the transfer of the New York licenses, as well as closing of the VireoNY transaction, to occur by June 30, 2024.
Lease Amendment for Johnstown, NY Cultivation and Manufacturing Campus
Goodness Growth also announced in conjunction with the VireoNY transaction that it has executed an eighth amendment to its lease with IIP for the Johnstown, NY cannabis cultivation and manufacturing campus. The amendment to the Johnstown campus lease extends a lease termination option until June 30, 2024, and adds a purchase option of the facility for the tenant.
Ace Venture Enterprises, Inc. is committed to providing an investment of $20.0 million to fund the development of the license and support the transfer of the IIP lease, and intends to acquire the Johnstown cannabis cultivation and manufacturing campus from IIP by executing the two-year purchase option.
Management Commentary
Steven Acevedo commented, "We are thrilled to reach this agreement with Goodness Growth and are excited to enter New York's cannabis industry. We are prepared to showcase the strength of our team and to support a thriving industry in New York that benefits both consumers and communities that have been impacted by the failed War on Drugs. With more stores opening regularly, our timing feels impeccable and we're pleased to have Goodness Growth's continued involvement in the management of our operations. After spending considerable time with their team and observing the success they've had with renewed operational focus in Maryland and Minnesota, we see great benefit to a collaborative relationship that helps ensure long-term success for both of our organizations."
Goodness Growth Interim Chief Executive Officer Josh Rosen said, "We're excited to support the Ace team as they bring the benefits of a tremendous legacy within the industry and a deep network of relationships that we believe can help both Ace and Goodness Growth thrive moving forward. Execution in New York is the first priority, and we are eager to support Ace's entry into New York's wholesale market as soon as practicable following regulatory approval of our Registered Organization Non-Dispensing (ROND) license. We also anticipate meaningful opportunities for future collaborations with the Ace team."
About ACE Venture Enterprises, Inc. and ACE Ventures, LLC
ACE Ventures, LLC is a New York-based, Minority & Women-Owned Business Entity (MWBE) partnership. ACE Ventures, LLC and Ace Venture Enterprises, Inc. were founded by lifelong New Yorker Steven Acevedo with the goal of bringing together the most experienced team of entrepreneurs in every aspect of the cannabis business. The entities mission is to bring unparalleled medical, scientific, and operational expertise to the cannabis industry while investing in communities that have been disproportionately affected by the War on Drugs, with a goal of creating a profitable company with high-quality products, while making social consciousness the function of the entire industry – not simply a feature.
About Goodness Growth Holdings, Inc.
Goodness Growth Holdings, Inc. is a cannabis company whose mission is to provide safe access, quality products and value to its customers while supporting its local communities through active participation and restorative justice programs. The Company is evolving with the industry and is in the midst of a transformation to being significantly more customer-centric across its operations, which include cultivation, manufacturing, wholesale and retail business lines. Today, the Company is licensed to grow, process, and/or distribute cannabis in four markets and operates 14 dispensaries in three states. For more information about Goodness Growth Holdings, please visit www.goodnessgrowth.com .
Contact Information
Contact Information
ACE Ventures, LLC Contact Information:
Media Inquiries:
Tamaki Sakai
pr@aceventuresny.com
Goodness Growth Contact Information:
Investor Inquiries:
Sam Gibbons
Managing Director
sam.gibbons@alpha-ir.com
(612) 314-8995
Media Inquiries:
Amanda Hutcheson
Senior Manager, Communications
amandahutcheson@goodnessgrowth.com
(919) 815-1476
Forward-Looking Statement Disclosure
This press release contains "forward-looking information" within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes "financial outlooks" within the meaning of applicable United States or Canadian securities laws, this information is being provided as preliminary financial results; the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as "believe," "anticipate," "would," "may," "continue," "expect," "moving forward," "likely," and "pending," variations of such words and phrases, or any statements or clauses containing verbs in any future tense. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Goodness Growth or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management's experience and perception of trends, current conditions, and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Although Goodness Growth believes that the expectations and assumptions on which such forward-looking information is based are reasonable, the reader should not place undue reliance on the forward-looking information because the Goodness Growth can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. The statements in this press release are made as of the date of this release. Except as required by law, Goodness Growth undertakes no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements.
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