Tinley Beverage Company fulfills planned Q2 deliveries to distributors
The Tinley Beverage Company confirmed that it has fulfilled its planned Q2 deliveries to distributors, and is providing an update on its cannabis licensing, bottling, business development and overall corporate operations. The Company has confirmed that the manufacturer of the Tinley-branded product shipped more than $200,000 of products to distributors' facilities in June and July, plus additional amounts for sales and marketing samples. This quantity of inventory, which represents all five of the Company's products, was shipped based on the quantity of products requested by various distributors prior to the pause in manufacturing that had occurred in late 2018. As previously disclosed, the Company would not recognize revenue immediately upon shipping to distributors, despite such products not being returnable or refundable. The Company is instead recognizing revenue once the relevant distributors provide payment, which allows for the variability of portions of inventory used for sales and other samples, as well as the timing of distributors' sales and payments. The Company is pleased with its progress towards restocking stores that had carried its products prior to the Fall 2018 production pause, as well as with obtaining listings in new stores. As a result, the Company's products are now available in dispensaries in most key markets throughout California. These products are also available via home delivery throughout the San Francisco Bay Area, including Silicon Valley, as well as in portions of Los Angeles. Additionally, the Company's products are available for on premise consumption in licensed cannabis lounges in San Francisco and the Palm Springs area. Requests for Company products have also been received from several cannabis lounges that are expected to be among the first to open in Los Angeles later this year.