TILT Holdings Receives Default Notice from Innovative Industrial Properties
TILT Holdings (OTCQB: TLLTF) has received default notices from Innovative Industrial Properties (IIP) subsidiaries for two properties due to outstanding rental payments. The defaults concern properties in White Haven, PA and Taunton, MA.
The White Haven property default amounts to $1,130,592.57 in unpaid base rent, additional rent, and security deposit. The Taunton property default totals $2,996,786.42, including base rent, additional rent, late charges, interest, and security deposit.
Following the notices, TILT has initiated negotiations with IIP and has made payments for April rent obligations. IIP accepted these payments in exchange for forbearance from pursuing termination and eviction. TILT states it is committed to negotiating to resolve the outstanding amounts.
TILT Holdings (OTCQB: TLLTF) ha ricevuto avvisi di inadempienza dalle sussidiarie di Innovative Industrial Properties (IIP) per due proprietà a causa di pagamenti di affitto non effettuati. Le inadempienze riguardano le proprietà a White Haven, PA e Taunton, MA.
L'inadempienza della proprietà di White Haven ammonta a $1.130.592,57 per affitto base non pagato, affitto aggiuntivo e deposito cauzionale. L'inadempienza della proprietà di Taunton totale $2.996.786,42, inclusi affitto base, affitto aggiuntivo, penali per ritardo, interessi e deposito cauzionale.
Dopo aver ricevuto gli avvisi, TILT ha avviato negoziati con IIP e ha effettuato pagamenti per le obbligazioni di affitto di aprile. IIP ha accettato questi pagamenti in cambio di una sospensione della procedura di risoluzione e sfratto. TILT afferma di essere impegnata a negoziare per risolvere gli importi in sospeso.
TILT Holdings (OTCQB: TLLTF) ha recibido avisos de incumplimiento de las subsidiarias de Innovative Industrial Properties (IIP) por dos propiedades debido a pagos de alquiler pendientes. Los incumplimientos afectan a las propiedades en White Haven, PA y Taunton, MA.
El incumplimiento de la propiedad de White Haven asciende a $1,130,592.57 en alquiler base no pagado, alquiler adicional y depósito de seguridad. El incumplimiento de la propiedad de Taunton totaliza $2,996,786.42, incluyendo alquiler base, alquiler adicional, cargos por pago tardío, intereses y depósito de seguridad.
Tras los avisos, TILT ha iniciado negociaciones con IIP y ha realizado pagos por las obligaciones de alquiler de abril. IIP aceptó estos pagos a cambio de no proceder con la terminación y el desalojo. TILT afirma que está comprometida a negociar para resolver los montos pendientes.
TILT Holdings (OTCQB: TLLTF)는 Innovative Industrial Properties (IIP) 자회사가 미납 임대료로 인해 두 개의 부동산에 대해 채무 불이행 통지를 받았습니다. 채무 불이행은 White Haven, PA와 Taunton, MA의 부동산에 해당합니다.
White Haven 부동산의 채무 불이행 금액은 $1,130,592.57으로, 미납 기본 임대료, 추가 임대료 및 보증금을 포함합니다. Taunton 부동산의 채무 불이행 총액은 $2,996,786.42로, 기본 임대료, 추가 임대료, 연체료, 이자 및 보증금을 포함합니다.
통지 이후 TILT는 IIP와의 협상을 시작했으며 4월 임대료 의무에 대한 지급을 완료했습니다. IIP는 해지 및 퇴거 절차를 진행하지 않기로 하는 조건으로 이러한 지급을 수락했습니다. TILT는 미지급 금액을 해결하기 위해 협상할 것임을 밝혔습니다.
TILT Holdings (OTCQB: TLLTF) a reçu des avis de défaut de la part des filiales d'Innovative Industrial Properties (IIP) concernant deux propriétés en raison de paiements de loyer impayés. Les défauts concernent des propriétés à White Haven, PA et Taunton, MA.
Le défaut de paiement pour la propriété de White Haven s'élève à $1.130.592,57 en loyer de base impayé, loyer supplémentaire et dépôt de garantie. Le défaut de paiement pour la propriété de Taunton totalise $2.996.786,42, incluant le loyer de base, le loyer supplémentaire, les frais de retard, les intérêts et le dépôt de garantie.
Suite aux avis, TILT a entamé des négociations avec IIP et a effectué des paiements pour ses obligations de loyer d'avril. IIP a accepté ces paiements en échange d'une suspension des procédures de résiliation et d'expulsion. TILT déclare qu'elle est déterminée à négocier pour résoudre les montants en souffrance.
TILT Holdings (OTCQB: TLLTF) hat von den Tochtergesellschaften von Innovative Industrial Properties (IIP) Mahnungen für zwei Immobilien wegen ausstehender Mietzahlungen erhalten. Die Verstöße betreffen Immobilien in White Haven, PA und Taunton, MA.
Der Mietrückstand für die Immobilie in White Haven beläuft sich auf $1.130.592,57 an unbezahlter Grundmiete, zusätzlichen Mieten und Kaution. Der Rückstand für die Immobilie in Taunton beträgt insgesamt $2.996.786,42, einschließlich Grundmiete, zusätzlichen Mieten, Verzugsgebühren, Zinsen und Kaution.
Nach den Mahnungen hat TILT Verhandlungen mit IIP aufgenommen und Zahlungen für die Mietverpflichtungen im April geleistet. IIP hat diese Zahlungen im Austausch für das Unterlassen von Kündigung und Räumung akzeptiert. TILT erklärt, dass es sich verpflichtet, die ausstehenden Beträge zu verhandeln.
- Company has successfully negotiated forbearance by making April rent payments
- Active engagement in negotiations to resolve outstanding amounts
- Total default amount of $4.13M across two key operational properties
- Risk of lease termination and eviction if defaults not fully cured
- Significant outstanding rental obligations indicating cash flow challenges
PHOENIX, April 03, 2025 (GLOBE NEWSWIRE) -- TILT Holdings Inc. (“TILT" or the “Company”) (Cboe CA:TILT) (OTCQB: TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, acknowledges receipt of default notices from Innovative Industrial Properties (“IIP”), specifically IIP’s subsidiaries IIP-PA 9 LLC and IIP-MA 8 LLC, after market on March 28, 2025.
IIP declared TILT in default on two properties located at 411 Susquehanna Street, White Haven, PA, and 30 Mozzone Street, Taunton, MA. These notices were issued due to outstanding rental payments and other financial obligations under the respective leases.
White Haven, PA Property
The notice for the White Haven property indicated that Standard Farms LLC, a subsidiary of the Company, owes a total of
Taunton, MA Property
Similarly, the notice for the Taunton property stated that Commonwealth Alternative Care, Inc., another subsidiary of the Company, owes a total of
Following receipt of the notices described above, TILT engaged in negotiations with the landlord to cure the defaults and has already made payments in satisfaction of the April rent obligations and in exchange for forbearance from pursuing termination and eviction, which IIP accepted. The Company is committed to negotiating in good faith to resolve the outstanding amounts and secure favorable terms for its operations.
About TILT
TILT Holdings manages a diverse portfolio of companies in the cannabis industry, encompassing technology, hardware, cultivation, and production. Its core business, Jupiter Research LLC, is a wholly owned subsidiary and a global distribution leader in the vaporization segment. Jupiter is dedicated to hardware design, research, development, and distribution to support cannabis brands and retailers across the United States, Canada, South America, and the European Union. Additionally, TILT is a multi-state operator, with cultivation and production facilities in three states under the Commonwealth Alternative Care and Standard Farms brands. For more information, visit www.tiltholdings.com.
Forward-Looking Information
This news release contains forward-looking information and statements (together, “forward-looking information”) under applicable Canadian and U.S. securities laws which are based on current expectations. Forward-looking information is provided for the purpose of presenting information about TILT 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, expressions that concern the Company’s receipt of notices of default under certain leases, its ability to continue to operate the business, the Company’s ability to make continued rental payments, the curing of the defaults, the securing of favorable terms and the ability of the Company to mitigate the impact of the defaults, 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”, “will”, “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”, “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, the ability of TILT to maximize shareholder value, 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 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 risk 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 information. Such risk factors include, but are not limited to, TILT’s ability to find a permanent successor executive, the impact of the announcement of the leadership change on TILT’s stock, performance, operations, results of operations, employees, suppliers and customers, TILT’s ability to successfully work through the leadership transition, TILT’s ability to execute on its business optimization strategy, capital preservation and cash generation, and reductions in corporate overhead and headcount and re-alignment of its business and those risks described under the heading “Item 1A Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and “Item 1A Risk Factors” in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and other subsequent reports filed by TILT with the United States Securities and Exchange Commission at www.sec.gov and on SEDAR+ at www.sedarplus.ca.
Company Contact:
Lynn Ricci, VP of Investor Relations & Corporate Communications
TILT Holdings Inc.
lricci@tiltholdings.com
Investor Relations Contact:
Sean Mansouri, CFA
Elevate IR
TILT@elevate-ir.com
720-330-2829
FAQ
How much does TILT Holdings (TLLTF) owe in total default payments to IIP?
What are the locations of TLLTF properties under default notice?
What is the deadline for TLLTF to cure the defaults according to IIP's notice?
Has TILT Holdings (TLLTF) made any payments towards the default amounts?
