TILT Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTCQX: TLLTF), a provider of business solutions to the global cannabis industry that includes inhalation technologies, cultivation, manufacturing, processing, brand development and retail, announced it has reached an agreement with the Massachusetts Cannabis Control Commission (“CCC”) resolving concerns of the CCC and clearing the path for provisional licensure for the retail sale of adult-use and medical cannabis in Massachusetts.
“We worked diligently with the Cannabis Control Commission to resolve the investigation that has stalled our remaining state licenses for the past two years,” said Gary Santo, CEO of TILT. “We appreciate the time, effort and professionalism afforded to TILT by the CCC staff and are thrilled to have come to an amicable resolution with the Commission. Since joining the TILT team, I have made it a point to reinforce our focus on building a culture of compliance and have taken steps to build out our compliance team across the organization, making key hires that reflect both depth of industry knowledge and integrity in processes. The conclusion of this investigation marks the turning of a page for TILT and we look forward to serving many new patients and customers in our communities later this year.”
With today’s decision, TILT has fully resolved the dispute regarding certain agreements entered into by the original management team of TILT with other license applicants. In February, TILT terminated all remaining contractual relationships between the Company and prospective applicants. At yesterday’s meeting of the CCC, the commissioners ratified a stipulated agreement resolving the related investigation pursuant to which TILT has agreed to make a $275,000 payment to the CCC Marijuana Regulation Fund.
In light of the CCC’s decisions, TILT is now positioned to complete the licensing process and increase its retail footprint in Massachusetts with the opening of two additional dispensaries in Cambridge and Brockton following final inspection and approval by the Commission. Both facilities are fully built out.