Tinley Beverage Company Inc (OTCMKTS:TNYBF) has improved its asset base to more than $7 million mainly in equipment and property by completing the phase 3 bottling facility in Long Beach, CA. The company issued a revenue target of over $170,000 in Q1 2020.
The major chunk of expenditure
Tinley spent a lot on its Long Beach bottling facility in 2019. The company also pumped significant sums for phase 2 bottling line installations in an area outside CA. It also purchased vehicles for the distribution and marketing of products in the Californian markets. The company is conducting final building inspections at its Long Beach bottling facility, with state and local regulators.
Accrues revenues in phase 2 bottling line
Tinley started accruing significant revenues in Q4 2019 from its phase 2 bottling line. It expects to double the revenues in Q1 2020. Tinley expects to increase gross margins by over 40% in Q1, mainly on the backdrop of bagging the two awards in 2019 at Emerald Cup. The revenue growth is also attributable to improved customer reviews and brand awareness, adding shelf life distribution, unveiling of Beckett’s products, and the fastest-growing cannabis beverage segment.
Operationalizing the bottling line and the launch of non-infused products in four additional statewide and national retail chains expects to support the growth of Tinely going forward.
Key achievements in 2019
Tinely entered a pact with Great North Distributors for Canadian expansion. The company is concluding the final accord, with an entity to produce its products in Canada and market nationwide.
Tinley has almost doubled its dispensary count for the sale of its infused products. The company established a robust domestic network to satisfy the needs of the population in California. Shelf Life Distribution expects to promote the growth of retail network in the state.
Tinley is streamlining accords with co-packing clients to commence operations because its Long Beach facility inches closer to final approval. The company has inducted Baron Davis, a two time NBA All-Star to its advisory board. Tinely ensured the availability of Beckett’s products in the 150 store network of BevMo! in California.
Published at Tue, 02 Jun 2020 12:10:22 +0000