Hill Street Beverage (TSXV: BEER) announced this morning that it is still in search of a co-packing partner within Canada for its cannabis-infused beverage operations. The release, while providing little detail of operations, was intended to confirm that the company is still looking to enter the cannabis space.
Hill Street’s equity has halved this month, following a release on October 1 indicating that the issuer was walking away from its transaction with OneLeaf Cannabis, a pre-license cultivation operation based in Regina, Saskatchewan. OneLeaf’s facility was to act as Hill Street’s bottling center, providing product for its Canadian cannabis-infused beverage operations.
Investors have since questioned whether the firm was still looking to enter the cannabis-infused beverage space following the fallout of the transaction. It is believed that that transaction fell through as a result of an inability to raise the required funds.
While today’s release confirms that the operator is still looking to enter the new sector, it does not appear that they’ll be ready in time for cannabis 2.0 product releases in December of this year. Hill Street indicated that it plans on announcing in the near future whom they’ve selected as a third party co-packer for their beverage products.
Hill Street Beverages is currently trading at $0.075, down 11.76% on today’s announcement.
Information for this briefing was found via Sedar and Hill Street Beverage Company. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
