News Release rehash so we all have the timelines!If you can’t already tell, I’m bored at want to get an overview of where things are at:
In addition to the August 31, 2020 NR I mentioned earlier today, Tinley has released 7 other News Releases prior to the end of 2020.
Here’s an overview:
October 15, 2020 – Canadian Production Begins for Tinley Products Source Provider (Unknown) has begun production
Canadian Manufacturer has processing license and can take delivery of emulsified material from source provider
Need confirmation of manufacturer’s facility being operational, should have happened on October 30
th, 2020 but extensions were possible
NNCP is substantially completed and expected to be submitted to Health Canada within 10 days (No mention of business vs. calendar)
November 4, 2020 – Tinley’s Beckett’s Tonics to Launch at Ralphs Grocery Stores in California Beckett’s approved for all Ralph stores (Approximately 200 regionally)
Initial offering of product in up to 50 stores (40-50)
11 stores took delivery the week of November 4, 2020
November 10, 2020 - Tinley’s™ Beckett’s™ Tonics to Launch at Costco in Advance of Thanksgiving Beckett’s available at Costco prior to Thanksgiving weekend in the US as part of the Costco Road Show
Costco Road Show first round runs November 12-15, 2020 in two stores
November 30, 2020 - Tinley’s Launches With High Times Delivery Tinley products are now available to order for home delivery in all major markets in California
High Times currently only has Tinley multi-serve products available on their website at the time of this writing (January 5, 2021)
November 30, 2020 - Tinley’s to Produce Second Award-Winning Beverage Brand in Canada with Peak Processing Solutions Tinley has entered into an agreement with Peak Processing Solutions
Peak is a CDN subsidiary of Australian Pharmaceutical company Althea
Peak will produce multi-serve TNY 27 products in Canada
Peak holds manufacture and distribution rights until minimum orders are met
Source Provider (Unknown) has completed production and testing of the batch that will be used in these (multi-serve) products
Peak can begin testing and Health Canada preparatory work immediately
Great North Distributors indicates significant interest from two provincial cannabis board buyers
December 9, 2020 - Tinley’s Closes $2MM Private Placement to Advance Co-Packing Engagements and Product Distribution Tinley accepted an additional inbound institutional financing interest of $1 million dollars
Total of $2 million dollars financed
Proceeds will be used to
- Augment existing batch and other equipment at LBF to enable additional form factors (cans/minis)
Tinley is working to finalize formulation and production solutions for approximately 12 co- packing clients
- Marketing
- Expansion of Tinley and Beckett’s products in Canada and the USA
Tinley believes institutional investment was at a premium to market price
Ted Zittell indicates that the commissioning of LBF enables TNY to focus on co-packing clients and other business development initiatives
Non-Brokered PP Raised total of $2,016,056 (two closings)
- December 8, 2020 $1,016,021 from sale of 2,257,825 units @ 0.45 (1 share w/1 warrant)
Warrant can be exercised within 36 months to a common share at a price of $0.60 from closing date
- November 24, 2020 raised gross proceeds of $1,000,035
Tinley paid finder fee of $71,121 (158,048 broker units) @ 0.45 exercise price for 36 months
Interestingly the PP says ‘Non-Brokered’ but the finder fee suggests otherwise December 10, 2020 - Tinley’s Appoints Emergent Beverage Partners to Market Beckett’s™ “Low No Alcohol” Products in Texas and Louisiana Emergent to market Beckett’s in Texas and Lousiana
Says they are one of the leading beverage sales and marketing agencies in these states
It appears this is one guy (Tom Cortez) who used to work at Young’s Market Company in California, assuming Rick facilitated this one.
MJ1