Harborside (HBOR.C) announced today that Tinley Beverage Company’s products will launch this week at Harborside’s Oakland, San Jose, San Leandro and Desert Hot Spring retail locations.
“It’s exciting to see our bottling equipment operating so frequently…After a lengthy buildout, we are delighted to be attracting such a high calibre of third party brands, and their sell through is proving to be strong. Together with the placement of our infused products in large dispensary chains and our non-infused products in an increasing number of states and provinces, we’re beyond excited to at long last see the Tinley vision come to life,” said Rick Gillis, president of Tinley Western USA.
In addition to launching its products at Harborside’s dispensaries, Tinley also expects increasing daily utilization of its Long Beach manufacturing facility throughout June. Tinley credits its recent growth to the full commissioning of the company’s manufacturing facility in Q4 2020. Tinley completed the manufacturing of its first-series of third-party branded products on March 22, 2021, and expects production to include three additional third party brands including Fable, a line of four cannabis-infused botanical beverages created by Ben Kennedy.
Tinley employs three different business lines, including its third party cannabis beverage manufacturing, Tinley’s infused beverages and Beckett’s non-infused beverages. Tinley’s infused products are currently available in two of Northern California’s highest-volume retail groups, in addition to one of the state’s largest retail home delivery networks. Similarly, Beckett’s non-alcoholic beverages have approximately 65 facings in roughly 20 cantina, liquor, and convenience stores in Tennessee. Furthermore, Beckett’s has expanded its footprint in Canada, with products now available at select stores in Toronto.
With this in mind, it goes without saying that Harborside will benefit from the sale of Tinley products at its various dispensaries. Tinley’s High Horse™ and Beckett’s 27 line of non-alcoholic spirits and cocktails are particularly popular, taking home first and second place respectively at the 2019 Emerald Cup awards in the cannabis-infused beverage category. For context, the Emerald Cup represents the largest cannabis competition in the world…so yeah, Tinley is doing pretty good for itself if you ask me.
Harborside’s share price opened at $2.36, up from a previous close of $2.32. The Company’s shares are up 2.16% and are currently trading at $2.37 as of 12:18PM ET. This indicates that there has been some change following the news.
Full Disclosure: Harborside is a marketing client of Equity Guru.
