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- Althea Group (AGH) has announced its subsidiary, Peak Processing, has signed a manufacturing agreement with The Tinley Beverage Company
- Under the three year agreement, Peak will manufacture and distribute three of Tinley’s cannabis-infused beverages for the Canadian market
- Notably, Tinley has won the Gold and Silver awards at the world’s largest cannabis competition
- An initial order worth more than C$100,000 (approximately A$104,000) is slated for delivery in the first quarter of 2021
- On the market today, Althea is up 7.22 per cent and trading at 52 cents per share
Althea Group (AGH) subsidiary Peak Processing Solutions has entered a manufacturing agreement with The Tinley Beverage Company.
Under the agreement, Peak will manufacture and distribute three non-alcoholic cannabis-infused beverages for the Canadian cannabis market. The drinks range includes the Coconut Cask, Cinnamon Cask and Almond Cask beverages.
Tinley’s is a leading cannabis beverage company in the United States and is listed on the Canadian Securities Exchange. Notably, Tinley’s won the Gold and Silver awards at the most recent Emerald Cup, which is the largest cannabis competition in the world.
Already, an initial order worth more than C$100,000 (approximately A$104,000) is slated for delivery in the first quarter of 2021.
Source: Althea
Althea CEO Josh Fegan says the agreement is another milestone for Peak.
“With Peak having successfully obtained its standard processing licence from Health Canada in only September 2020, the team has been quick to further ramp up business development,” he said.
“The addition of the Tinley’s agreement to Peak’s growing list of contracts increases our 12 months expected revenue yet again and keeps the company well on track to deliver on our revenue objectives in the short, medium and long term,” he added.
Tinley’s President of California, Rick Gillis, is excited about the new deal.
“Our team is confident that [Peak] can support the growth and scalability we anticipate requiring to execute in Canada’s booming infused drink category in the months and years to come,” he concluded.
On the market today, Althea is up 7.22 per cent and trading at 52 cents per share at 12:02 pm AEDT.
