TILT Extends Maturity Date for Certain Senior Debt Holders and Announces Agreement in Principle for New Debt Facility
PHOENIX, Nov. 14, 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 entered into amendments to the senior secured promissory notes held by certain senior debt noteholders totaling US $9.6 million to extend the maturity date from November 14, 2022 to December 31, 2022.
Today’s announcement extends the maturity date of the senior notes currently outstanding until the end of December, aligning them with the previously announced extension of IIPR’s terms for the sale and leaseback of our White Haven facility.
Gary Santo, chief executive officer
As we look to refinance these notes as well as our junior notes maturing in April 2023, I am pleased to say that through a series of on-going discussions with new and existing investors, we have reached an agreement in principle for a new debt arrangement that, when signed and closed, is expected to replace our entire legacy debt structure.
Santo added, “The Company expects to enter into a definitive agreement and close by the end of the year. Despite challenging sector and macroeconomic conditions, the interest and support received from these investors, together with our business partnership with the team at IIPR, has been humbling and underscores their confidence in our business.”
TILT helps cannabis businesses build brands. Through a portfolio of companies providing technology, hardware, cultivation and production, TILT services brands and cannabis retailers in regulated markets across 37 states in the U.S., as well as Canada, Israel, 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.