The Tinley Beverage Co. closed a C$2.4 million ($1.98 million) private placement on June 10 to advance its co-packing and branded product growth.
The company continues to make capital investments to expand the scope of product formulation types and packaging formats that can be produced at its cannabis beverage manufacturing facility in Long Beach, California. The mini line and bottling lines have significant bookings in June and July, including third-party brands as well as manufacturing additional inventory of the company’s own products to fulfill dispensary demand.
The commissioning of the canning line is currently expected to be completed this month, with initial clients slated to run in July. The heat tunnel pasteurization unit, for which there is already scheduled demand, is expected to be commissioned and running in July as well.
“We are delighted to continue our track record of primarily attracting quality institutional investors to our financings,” said Ted Zittell, director of Tinley’s. “We believe that this reflects increasing confidence in the growth of our co-packing client list and volumes and in our continued ability to obtain listings with marquee dispensaries and mainstream retailers.”
The non-brokered private placement resulted in gross proceeds of C$2,416,250 from the issue and sale of 7,321,971 units. Each unit has been purchased for C$0.33 and is comprised of one common share of Tinley and one-half of one common share purchase warrant. Each Warrant is exercisable into one Common Share at a price of C$0.42 for a period of 24 months following the closing.
Tinley 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. Cannabis-infused versions of these products are also offered under the Tinley’s brand in licensed dispensaries throughout California. Expansion to Canada is underway for both product lines.