The Tinley Beverage Company (CSE: TNY) announced after the bell this evening that it has officially completed the build out of its 12 million per annum bottling facility in Long Beach, California. The 20,000 square foot facility now awaits final licensing by the State of California for the purpose of producing cannabis products.
The facility, which houses formulation, production and distribution functions, will remain as Tinley’s permanent facility. Located 20 miles from the heart of Los Angeles, the facility is in a prime location to serve Southern California. Producing both Tinley-branded, as well as co-packing client products, the facility has ample capacity. What’s more, is the facility also contains space earmarked for two additional production lines when capacity increases are necessary, which will allow the firm to also produce more product formats.
Product formulation for clients, which has already begun at its phase two facility, will move to the Long Beach facility upon final licensing by the state. Production of these co-packed products is expected to commence in the fourth quarter of 2019 at the Coachella Valley facility, and will be transferred to Long Beach when legal to do so.
“With a first-class production and sales team in place, Tinley is well-positioned to help third-party CPG and lifestyle brand owners extend their offer into the growing cannabis beverage market, in the same manner as our team has done for over 100 such brands globally in the cola and wider beverage industry.”Ted Zittell, Director of Tinley Beverage Co
Further to the news on the Long Beach, California facility, Tinley also updated the market on the status of their products coming to Canadian consumers. The firm is currently progressing discussions with two Canadian licensed producers, and expects to conclude them within the next 30-45 days.
Tinley Beverage closed today’s session at $0.55 on the Canadian Securities Exchange.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.