Hill Street (BEER.V) has announced the release of their new cannabis infused beverage (V)ia Regal Pink Grape Sparkler. The Company’s latest product will be made available at the Ontario Cannabis Store (OCS).
“The launch of the (V)ia Regal Pink Grape Sparkler is a milestone moment for Hill Avenue Cannabis Company, as this is the first CPG Cannabis-infused product to be launched under the Company’s umbrella. It is an important step in expanding our award-winning craft beverage portfolio into the high demand Cannabis space,” said Lori Senecal, Hill Street’s Interim Co-CEO
(V)ia Regal Pink Grape Sparkler’s formulation is based on Hill Street’s best-selling products already sold across Canada that don’t contain cannabis. The Company’s first cannabis-infused beverage is being produced by co-packing partner Molecule Holdings. With this in mind, Molecule Holdings expects to ship product to the OCS distribution center by March 25, 2021 with expected follow-up purchase orders.
If you’re craving some cannabis-infused bubbly without the recognizable taste and aroma of cannabis, Hill Street’s latest beverage may be worth considering, but don’t get too excited just yet. The product isn’t expected to hit Ontario shelves until April 20, 2021. Yes, that means the Company’s latest product will “coincidentally” be made available to celebrate 420! I’m no seer, but I imagine many parched throats will be quenched by Hill Street’s cannabis-infused beverage this year.
“We are so pleased to have partnered with Molecule on the development and delivery of this revolutionary product…what excites us the most is the incredible marriage of intense flavour impact and a reliable Cannabis experience. We firmly believe that this is a groundbreaking new beverage,” states June Nicholson, Chief Operating Officer of Hill Street
Unlike other cannabis-infused beverage available through the OCS, (V)ia Regal Pink Grape Sparkler is a flavor-forward beverage with 10mg THC content. To compliment their latest release, Hill Street hopes to release (V)ia Regal White Grape Sparkler in the future. Additionally, the Company anticipates increasing distribution into other provinces.
Despite the adverse effects of the pandemic, Hill Street has performed quite well. Overall, the Company saw a decline in gross revenue, however, this was largely due to COVID-19-related manufacturing delays. This impacted overseas supply partners and is expected to continue into the third quarter. However, Hill Street saw significant improvement on its bottom line in the second quarter of fiscal 2021. The Company was able to reduce its net loss by 50 per-cent from $956,000 to $481,000 year over year in addition to a net revenue growth of 8 per-cent.
Overall, Hill Street has done quite well in the past few months. With the introduction of their first cannabis-infused beverage, the Company is likely to find continued success. However, there’s no way of telling how well their latest product will perform until its released.
Hill Street’s stock price opened at $0.10 and is currently riding a high of $0.105.