- The Tinley Beverage Company (TNY) has acquired 100 per cent of the shares of Lakewood Libations Inc.
- The shares were acquired from Richard Gillis, President and Chief Operating Officer of Tinley’s USA, and a member of Tinley’s Office of the CEO
- The company and Richard Gillis executed agreements to acquire one hundred percent of the shares of Lakewood from Richard Gillis for a nominal fee
- The submission of application documents to the DCC to register the change of ownership on Lakewood’s two licences is expected on May 2, 2022
- The Tinley Beverage Company is a functional beverage company focused on hemp-infused beverages and supplements
- Shares of The Tinley Beverage Company Inc. (TNY) were up 9.52 per cent, trading at $0.115 at 10:40 AM ET
The Tinley Beverage Company (TNY) has acquired 100 per cent of the shares of Lakewood Libations Inc.
The shares were acquired from Richard Gillis, President and Chief Operating Officer of Tinley’s USA, and a member of Tinley’s Office of the CEO.
As previously disclosed, the company has built one of the largest cannabis beverage facilities in the State of California.
On or around December 19, 2018, Richard Gillis, an officer of the company, formed Lakewood Libations Inc., a California corporation to conduct commercial cannabis manufacturing and distribution operations at the Long Beach Facility.
At this time, as previously announced, Lakewood has acquired its local and state commercial cannabis licences for manufacturing and distribution.
The company and Richard Gillis executed agreements including a stock purchase agreement for Tinley’s to acquire one hundred percent of the shares of Lakewood from Richard Gillis for a nominal fee.
Some of the terms included (i) the issuance of the distribution licence to Lakewood by the State, (ii) the City’s activation of the Lakewood’s distribution licence; and, (iii) and the receipt of regulatory approvals of the change of control of Lakewood from Richard Gillis to the company.
In March 2022, the application was submitted by the parties to the City for approval of the change in control of Lakewood. As previously announced, the City approved the change in control in April 2022.
The acquisition transaction was concluded on April 29, 2022, and Lakewood became a wholly-owned subsidiary of Tinley. The company expects the operation of the two licences and the Long Beach facility to continue as usual and without interruption due to the completion of the Lakewood acquisition.
The submission of application documents to the DCC to register the change of ownership on Lakewood’s two licences is expected on May 2, 2022
The Tinley Beverage Company is a functional beverage company focused on hemp-infused beverages and supplements.
Shares of The Tinley Beverage Company Inc. (TNY) were up 9.52 per cent, trading at $0.115 at 10:40 AM ET.