TILT Holdings Inc (TLLTF)

[JohnCM]

TILT Holdings, Inc. Announces Assignment of Ermont, Inc. Note Receivable

BY GlobeNewswire
02/22/2021

PHOENIX, Feb. 22, 2021 (GLOBE NEWSWIRE) -- TILT Holdings Inc. ( TLLTF ) (“TILT” or the “Company”) (CSE: TILT) , a provider of business solutions to the global cannabis industry that includes inhalation technologies, cultivation, manufacturing, processing, brand development and retail, announced the assignment by its subsidiary, SH Finance Company, LLC, of the Loan and Security Agreement entered into with Ermont, Inc. (the “Ermont Note”) to Teneo Funds SPVi LLC, through an arm’s-length third-party transaction, in exchange for $1,250,000 in cash and a portion of future collections pursuant to the Ermont Note. The assignment agreement contains standard representations, warranties and indemnifications between the parties.

“We believe that the assignment of the Ermont Note is a substantial step in helping to resolve certain concerns that the Massachusetts Cannabis Control Commission may have with regard to control by TILT of entities other than wholly-owned TILT subsidiaries,” said Gary Santo, president of TILT. “We look forward to proceeding with all haste to achieve final state licenses for our Massachusetts subsidiary, Commonwealth Alternative Care, Inc., permitting medical dispensary operations at our Brockton and Cambridge locations as well as adult-use at both Brockton and Taunton.”

About TILT

TILT helps cannabis businesses build brands. Through a portfolio of companies providing technology, hardware, cultivation and production, TILT services brands and cannabis retailers across 35 states in the U.S., as well as Canada, Israel, Mexico, South America and the European Union. TILT’s core businesses include Jupiter Research, LLC, a wholly owned subsidiary and leader in the vaporization segment focused on hardware design, research, development and manufacturing; and cannabis operations Commonwealth Alternative Care, Inc. in Massachusetts and Standard Farms, LLC in Pennsylvania. TILT is headquartered in Phoenix, Arizona. For more information, visit www.tiltholdings.com.