Tinley Beverage Co. has raised $7.9 million in a private-investment-in-public-equity transaction that will fund production of medical cannabis-infused beverages including a marijuana margarita.

The deal was announced on Feb. 28, the day before National Organization for the Reform of Marijuana Laws

(NORML) publicized results of two studies indicating that cannabis use can mitigate opioid dependence.

Tinley raised the $7.9 million in a common stock and warrant PIPE placed by Canaccord Genuity Group Inc. and Gravitas Securities Inc.

The shares were priced at a mild 5.7% discount, and the warrant exercise price reflected a 27.3% premium.

Investors were not disclosed.

The company has positioned itself as a provider of medical cannabis in Cannabis, where federal laws do not prohibit such use.

Recreational use will likely be legalized in Canada this summer, and Tinley's product line looks like it will be highly adaptable to the new recreational market.

Products include infused margaritas, coconut rum extract, amaretto and cinnamon extract. The products have a festive feel to them rather a more austere medical aura.

"Our mission is to enable patients to medicate with high-quality products that are similar to familiar, classic drinks so that users can integrate them into familiar daily routines," the Tinley website says.

Tinley also produces hemp beverages containing no regulated substances.

The company notes that its products can deliver cannabis without problems associated with smoking, which is not a good idea for people with respiratory problems.

The Toronto-based company's founders are mostly from Southern California, and licensed California medical users can join Tinley's collective.

On the day before the PIPE, the company received licenses for medicinal and adult cannabis use manufacturing at its facility in Riverside County, Calif. It is also planning to build out another operation in California's Long Beach.

The test results released by NORML bode well for Tinley and other medicinal providers.

Studies by researchers in Israel and the by the Minnesota Department of health showed that cannabis use can be a significant factor in reducing or eliminating opiate drug dependence.

A third study indicated that low doses of both cannabis and oxycodone could make for lower opiate use while still alleviating pain.