PHOENIX, May 25, 2022 (GLOBE NEWSWIRE) — TILT Holdings Inc. (“TILT” or the “Company”) (NEO:TILT) (OTCQX: TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, has signed an amendment (the “Amendment”) to its previously announced definitive agreement to sell its White Haven, Pennsylvania facility (the “Purchase Agreement”). The Amendment allows TILT and Innovative Industrial Properties, Inc. (“IIPR”) to extend the end of the investigational period of the transaction contemplated to a date that is on or before June 17, 2022. The outstanding diligence items include buyer’s third-party reports, including a phase I environmental assessment, zoning report and survey, and the Preliminary Title Report for the property, all of which were ordered in a timely manner following the effective date of the Purchase Agreement, but due to unforeseen delays have not yet been received by the parties. The extension provides an additional 24 days for the receipt of the outstanding diligence items. The Company expects to complete this transaction before the end of the quarter.
Since its acquisition in January 2019, the Company has operated the White Haven facility, located at 411 Susquehanna Street, and comprised of an approximately 40,000 square-foot building that includes cultivation, processing, and a product manufacturing lab, as Standard Farms LLC. More information is available in the Company’s original press release, issued January 28, 2019.
TILT helps cannabis businesses build brands. Through a portfolio of companies providing technology, hardware, cultivation and production, TILT services brands and cannabis retailers across 37 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, Standard Farms LLC in Pennsylvania, Standard Farms Ohio, LLC in Ohio, and its partnership with the Shinnecock Indian Nation in New York. TILT is headquartered in Phoenix, Arizona. For more information, visit www.tiltholdings.com.