SANTA MONICA, CALIFORNIA and TORONTO, ONTARIO--(Marketwired - March 6, 2017) -
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
The Tinley Beverage Company Inc. (the "Company" or "Tinley") (CSE:TNY)(CSE:TNY.CN)(OTC PINK:QRSRF) is pleased to provide an update on its recent activities, including the results of its Annual General Meeting of Shareholders, held yesterday in Toronto, Canada.
- Tinley's medical cannabis collective in California has partnered with a collective in San Francisco that will provide cannabis oil for Tinley's products. This collective serves over 10,000 cannabis patients.
- Initial formulation batches of the Tinley '27 cannabis drinks have been produced, and the Company is working to produce an initial batch for sales samples and demonstrations, followed by a larger-scale production run.
- Tinley is continuing to accept cannabis patients at www.tinleycollective.com.
- ArcView research has reported that California's medical cannabis program generates $2.7 billion in revenue annually. This is roughly 9x the size of the Canadian medical cannabis system, and the Trump administration has commented on its continued commitment to allow states to implement medical cannabis programs. Tinley will look to pursue opportunities in California's recreational cannabis program as and when this program commences.
- Hemplify, Tinley's line of drinkable hemp CBD products, has begun initial shipments and trials in stores including Sprouts (Eastlake and Chula Vista), Bristol Farms, GNC's LuckyVitamin.com and in several convenience store chains. The Company has received reorders at certain stores, and the majority of stores participating in the previously-announced convenience store trial have indicated interest in continuing to carry the product.
Annual General Meeting
Tinley held its Annual and General Meeting of Shareholders on February 28th, 2017. At the meeting, Jeff Maser, David Ellison, Ted Zittell and Andrew Stodart were elected to serve on the board of directors for the coming year. David Posner did not stand for re-election and Tinley thanks him for his service to the company. Shareholders also approved the reappointment of Lipton, LLP Chartered Accountants as auditors for the company and authorized the directors to fix their remuneration.
"We are pleased with retailers' initial interest in carrying the Hemplify line of products. We are now working to drive consumer demand and launch additional hemp extract products into our existing retail channels. Our cannabis operations are nearing a commercial stage and we intend to continue to focus on the $2.7 billion medical cannabis industry in California," said Jeff Maser, CEO of Tinley.
An updated corporate presentation is available at www.drinkhemplify.com.
About The Tinley Beverage Company, The Tinley Collective and Hemplify
The Tinley Beverage Company (Toronto, Canada) has developed a line of cannabis-infused beverages for use in jurisdictions throughout North America where such products are permitted. It is under contract with The Tinley Collective, a California Cooperative Corporation that is engaged in cannabis procurement and distribution within California's medical cannabis system. Tinley's wholly-owned subsidiary, Hemplify, Inc. (Santa Monica, CA), manufactures the "Hemplify" line of products. "Hemplify" is a line of fruit-flavored, sugar-free, vegan, drinkable supplements that contain hemp stalk extract. This extract contains terpenes and other phytoconstituents. Each product also contains 9-12x the potassium electrolyte content of major sports drinks, 200mg of Omega 3 and excellent sources of 9 vitamins, including 100% DV of Vitamin C, B12 and D. Hemplify is produced with patented technology designed to elevate absorption into the bloodstream, ensure shelf stability and mask the hemp oil's taste to deliver delicious, refreshing flavors. The company is selling its Hemplify products in retail locations California and online throughout the United States.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.
Products and formulations outlined herein are subject to change at anytime.