TILT Enters Into Definitive Agreement to Sell Substantially All Assets of its Inactive Wholly-Owned Subsidiary, Sante Veritas Therapeutics, for C$900,000

Rhea-AI Summary

TILT Holdings Inc. has completed the sale of its wholly-owned subsidiary, Sante Veritas Therapeutics, to Meridian 125W Cultivation Ltd. for approximately C$900,000, with part of the proceeds aimed at settling outstanding liabilities. This divestment aligns with TILT's strategy to focus on core operations and high-growth markets in the U.S. CEO Gary Santo emphasized that the sale marks the conclusion of non-core asset sales, allowing the company to concentrate on future growth.

Positive

• Completed asset sale of Sante Veritas for approximately C$900,000.
• Transaction aligns with strategic focus on core business and high-growth U.S. operations.

Negative

• None.

PHOENIX, Oct. 28, 2021 (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 definitive agreements to sell substantially all of the assets of Sante Veritas Therapeutics, Inc. (“Sante Veritas”), an inactive wholly-owned subsidiary of TILT, to Meridian 125W Cultivation Ltd. ultimately for approximately C$900,000 in cash. Part of the proceeds will be used to resolve outstanding liabilities. The transaction closed upon signing.

“Last year, we realigned our strategy to focus on our core businesses and invest in our high growth operations in the U.S.,” said CEO Gary Santo. “As a result, we divested non-core assets like Sante Veritas, which no longer aligned with our new strategy and future growth plans. We look forward to continuing to execute across the business as this transaction marks the final non-core asset sale in our portfolio.”

About TILT
TILT helps cannabis businesses build brands. Through a portfolio of companies providing technology, hardware, cultivation and production, TILT services brands and cannabis retailers across 36 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.

Investor Relations Contact:
Sean Mansouri, CFA
Elevate IR
investors@tiltholdings.com  

Media Contact:
Juliet Fairbrother
MATTIO Communications
juliet@mattio.com

FAQ

What is the recent asset sale by TILT Holdings?

TILT Holdings has sold its subsidiary, Sante Veritas Therapeutics, to Meridian 125W Cultivation Ltd. for approximately C$900,000.

What will TILT do with the proceeds from the asset sale?

Part of the proceeds from the sale will be used to resolve outstanding liabilities.

How does the asset sale impact TILT Holdings' strategy?

The sale of Sante Veritas aligns with TILT's strategy to focus on core business operations and invest in high-growth areas in the U.S.

When did TILT Holdings finalize the asset sale?

The transaction closed upon signing on October 28, 2021.

What does TILT Holdings do?

TILT Holdings is a global provider of cannabis business solutions, including cultivation, manufacturing, and retail.