Tinley Beverage Co (CSE: TNY) this afternoon announced that its bottling facility in Long Beach, California has passed all remaining municipal inspections, while receiving a provisional cannabis manufacturing license from the State of California. Production is anticipated to begin in July at the firms flagship phase 3 facility, with co-packing revenue anticipated to begin in the second quarter.
Passed municipal inspections include the required inspection for cannabis manufacturing within the city, and Tinley as a result has received a temporary Certificate of Occupancy from the City of Long Beach. This certificate has enabled the conditional business license to be issued, along with the state’s provisional cannabis manufacturing license to become immediately available for cannabis production.
Further, the timing could not be better for the firm, whom announced concurrently that its multi-serve products under the Tinley ’27 lineup has seen its inventory exhausted. New batches of the multi-serve products as a result have been prioritized for production.
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Finally, the granting of the license enables the company to begin to generate revenue from co-packing services. Initial revenue from this business line is anticipated to occur in Q2 from pre-production packaging services, with full manufacturing and distribution services expected to commence in the third quarter. To this end, Tinley has stated that a there is a “high-volume pipeline of co-packing clients.”
These co-packing clients are also expected to generate referral fees for the company with an undisclosed Canadian co-packing partner.
Tinley Beverage Co last traded at $0.57 on the CSE.
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