Subsidiary Commonwealth Alternative Care Receives City Council Approval on License to Operate Adult-Use Cannabis Retail Store in Taunton, Massachusetts
CAMBRIDGE, Mass.–(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. 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.
This news release contains forward-looking information based on current expectations. Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward looking information may include, without limitation, the impact of the vaping ban on Jupiter’s revenue, the effects of the vape ban on Commonwealth’s revenue, the opinions or beliefs of management relating to future regulatory measures impacting the vaping market for TILT or TILT subsidiary products, the opinions or beliefs of management in general, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of TILT, and includes statements about, among other things, future developments, the future operations, strengths and strategy of TILT.
Generally, forward looking information can be identified by the use of forward looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “should”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These statements should not be read as guarantees of future performance or results. These statements are based upon certain material factors, assumptions and analyses that were applied in drawing a conclusion or making a forecast or projection, including TILT’s experience and perceptions of historical trends, current conditions and expected future developments, as well as other factors that are believed to be reasonable in the circumstances.
Although such statements are based on management’s reasonable assumptions at the date such statements are made, there can be no assurance that they it be completed on the terms described above and that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on the forward-looking information. TILT assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
By its nature, forward-looking information is subject to risks and uncertainties, and there are a variety of material factors, many of which are beyond the control of TILT, and that may cause actual outcomes to differ materially from those discussed in the forward-looking statements.
The CSE has neither approved nor disapproved the contents of this news release.
- this is conditional approval and final approval is subject to achieving milestones,
- Source: https://www.statista.com/statistics/798068/massachusetts-cannabis-sales-value-forecast/
- Company hopes to bring other operating assets such as Jupiter and Blackbird into the market
SVP of Business Development
Phone: (303) 872-7255
Scott Van Winkle
Kathleen Gonzales/Cassandra Dowell