Subsidiary Commonwealth Alternative Care Receives City Council Approval on License to Operate Adult-Use Cannabis Retail Store in Taunton, Massachusetts
CAMBRIDGE, Mass., October 15, 2019–(BUSINESS WIRE)–TILT Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTCQB: TLLTF), a foundational technology cannabis platform comprised of assets to support brands worldwide, announced today that its plant-touching operating asset Commonwealth Alternative Care (“CAC”) has received local approval(i) for adult-use cannabis sales at its retail store in Taunton, Massachusetts.
CAC began selling cannabis to patients through the Massachusetts Medical Use of Marijuana program in August of 2018. Legislation in Massachusetts was passed in late 2016 legalizing adult-use cannabis although the program faced delays and sales only began in November of 2018. CAC has been working closely with local regulatory bodies and the state’s Cannabis Control Commission (“CCC”) in order to process an application to allow Massachusetts residents above the age of 21 to purchase cannabis products at its retail outlet in Taunton. The approval is conditional pending completion of a few milestones for CAC as well as final approval from the CCC, which the Company hopes to receive in the coming months.
“We have always had a tremendous opportunity with our plant-touching assets in the Massachusetts market and this approval brings us one step closer to capturing additional market share through adult-use cannabis sales,” said Mark Scatterday, interim CEO of TILT.
With the overwhelming support for this approval shown by the City Council’s 8-1 vote, we are confident that we have all of the pieces in place to receive final approval on an adult-use permit for our Taunton retail facility.
Mark Scatterday, interim CEO of TILT
Beyond our wholesale business that continues to see high growth, our vertically integrated positioning in the state creates an opportunity for additional high-margin cannabis product sales and customer awareness. We are proud of the work the team has done on the ground in Massachusetts and look forward to further updates out of that operating asset.
With almost 7 million residents, the Massachusetts cannabis market is expected to exceed $1 billion(ii) by next year. The Company has a noteworthy early-mover advantage in this “limited-license” market as one of the first to have vertically integrated operations from its production facility in the same city. The Company recently announced increases in its revenue generated from wholesale cannabis sales in the market under the direction of cannabis industry expert and newly appoint COO Tim Conder. Furthermore, the Company sees potential in leveraging(iii) its other core operating assets such as technology and distribution powerhouse Blackbird/Baker as well as leading hardware supplier Jupiter Research.
To learn more about TILT Holdings, Inc. visit www.tiltholdings.com.
TILT Holdings serves cannabis brands worldwide through a strong network of portfolio companies committed to technological innovations that support long-term success. TILT services more than 2,000 brands and cannabis retailers across 33 states in the U.S., as well as in Canada, Israel, Mexico, South America and the European Union. As a market leader in cannabis technology and related products and services, the Company’s core assets include wholly-owned subsidiaries Jupiter, a company that focuses on the vast potential of inhalation through innovative design, development and manufacturing; Blackbird, a company that provides operations and software solutions for wholesale and retail distribution; and Baker, a CRM platform helping dispensaries grow their business. The Company also owns cannabis operations in states including Massachusetts, led by Commonwealth Alternative Care, Inc.; and in Pennsylvania, led by Standard Farms, LLC. Headquartered in Cambridge, Massachusetts, with offices throughout the U.S., and London, TILT has over 400 employees and has sales in the U.S., Canada and Europe. For more information, visit www.tiltholdings.com.