THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
LOS ANGELES, Oct. 22, 2019 (GLOBE NEWSWIRE) -- The Tinley Beverage Company Inc. (the “Company" or "Tinley") is delighted to announce that BevMo!, one of the most prominent liquor retailers in California, will now carry cannabis-free versions of the Company’s beverages in California, Arizona and Washington. These products are expected to be shipped prior to the December holiday season.
Tinley has spent the past three years working with national brand liquor formulators on perfecting cannabis-infused, non-alcoholic versions of popular cocktails and liquors, each using extracts, flavors and spices found in their alcoholic counterparts. These products have received highly favorable response in dispensaries throughout California. As a result, Tinley has received substantial interest from mainstream retailers that are seeking to aggressively boost their non-alcoholic, adult-style beverage offerings. Tinley has therefore created non-alcoholic, cannabis-free versions of its products for use in these retail channels. These products will enable consumers to enjoy popular liquors and cocktails while remaining completely sober.
“Restaurants and bars across the country - particularly in Los Angeles - are aggressively expanding their non-alcoholic, adult beverage options. BevMo is playing a leading role in capturing this demand for the at-home market,” said Rick Gillis, President of Tinley, Western USA.
This new expansion to mainstream retail gives Tinley an opportunity to apply its formulations and designs across the $550 billion nation-wide, mainstream beverage market, enabling significant additional opportunity beyond the Company’s rapidly-growing cannabis revenue.
To clearly differentiate between consumer need states and retail channels for cannabis vs. cannabis-free beverages, the cannabis-free versions will be launched under a different, but graphically related brand identity. This branding strategy also enables the Tinley products to be compliant in jurisdictions that may prohibit marketing of cannabis products under the same brand as non-cannabis versions.
Increase in Quarterly Shipments Since Launch in Q2
The Company is also pleased to announce that sell-through of the cannabis-infused versions of these products has been steadily increasing, and that these products are now available in over 50 cannabis dispensaries in virtually every market in California. Based on anticipated demand, the Company plans to produce in excess of $1 million of products in Q4, valued based on their wholesale selling price, inclusive of cannabis and cannabis-free products. This represents significant growth since the Company’s initial products first landed on dispensary shelves 22 weeks ago. These expected Q4 shipments are in addition to products already produced or shipped in Q2 and Q3. The Company continues to classify these products as shipments, given it does not recognize revenue until it is paid by distributors or retailers. However, the Company expects meaningfully shorter pay cycles in mainstream channels than in dispensaries.
The Company is leveraging its team’s beverage industry relationships to add additional mainstream retail chains in all 50 states for these new cannabis-free products. The Company’s growing sales force is also continuing to add dispensary listings throughout California for the cannabis-infused versions.
Launch of Additional Cannabis-Infused Products
The Company intends to launch a Tinley™ Tonics Gin & Tonic-inspired “Juniper Sky™”, a Paloma-inspired “Flying Dove™” and a coffee liqueur-inspired Tinley™ ‘27 “Coffee Cask” beverage in cannabis-infused format towards the end of the year. Cannabis-infused versions of all other Beckett’s products are already available under the Tinley™ brand in cannabis dispensaries throughout California.
About The Tinley Beverage Company
The Tinley Beverage Company (Santa Monica, California) created the Beckett’s™ Tonics and Beckett’s™ ’27 line of liquor-inspired, terpene-infused, non-alcoholic beverages. It has also created cannabis-infused versions of these products under the Tinley™ Tonics and Tinley™ ’27 brands. The Tinley™ branded cannabis-infused beverages are available in dispensaries and delivery services throughout California; the Beckett’s™-branded non-THC versions will be available in mainstream throughout California and elsewhere in the USA. The Company has also built a 20,000 square foot cannabis beverage manufacturing, co-packing and distribution facility in Long Beach, California.
Forward-Looking Statements
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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. All figures CAD unless otherwise indicated.
For further information on The Tinley Beverage Company, please contact:
The Tinley Beverage Company Inc.
3435 Ocean Park Blvd. #107
Santa Monica, CA 90405
(310) 507-9146
info@drinktinley.com
Twitter: @drinktinley
Instagram: @tinleybeverage
www.drinktinley.com
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