Great letter to shareholdersAll this is right now is simple profit taking, as I suggested earlier this morning and frankly, for TNY bulls, this is merely opportunity. Until news, it feels like $0.38 to $0.42 is our range.
Here' s a nice summation from the Tinley team at present:
"Edibles and drinks were the fastest-growing categories in the cannabis industry in March, according to a recent report by Headset data.
As we've long believed, consumers of all backgrounds can benefit from smokeless forms of cannabis - particularly if these products can provide a savory experience that won't seem out of place in front of family.
The latest data suggests that much of this demand is coming from the coveted endemic consumer, which still represents the vast majority of cannabis consumption in California. While these consumers are comfortable with smoking, they're increasingly being exposed to the benefits of smokeless, savory cannabis experiences while under "stay at home" orders. This will no doubt result in continued enjoyment of these experiences after the social distancing rules end. Further, once these rules end, there will still be a need for enhanced protection of lung health until COVID-19 is fully eradicated.
To seize this opportunity, we've signed with Shelf Life Distributing. Shelf Life is the distribution arm of Gold Flora, which is one of California's most prominent ultra-premium vape and flower producers. This significantly accelerates our sales and merchandising reach, and the agreement includes provisions for use of our own sales team and Phase 3 distribution center in Long Beach.
We are fortunate to have two business lines that are both protected as essential services. The infused products in dispensaries and the non-infused versions in groceries are now each available to over 90% of the population throughout California.
Further, we've now successfully passed several of the building inspections at our Phase 3 facility in Long Beach, including the electrical inspection.
We'll keep you updated as we progress through the final building inspections and the licensing process. With this facility being nearly operational, we'll keep you updated on news of co-packing partnerships that will operate from this facility. Further, with both our product lines fully rolled out throughout California, we're in a position to consummate partnerships for expansion of both product lines to Canada." -TINLEY TEAM