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Cannabis company TILT Holdings Inc. (CSE:TILT) (OTCQX:TLLTF) announced on Thursday that it had entered into a multi-state licensing agreement with cannabis product innovator brand 1906. The company also revealed that it had obtained four provisional licenses for the cultivation, manufacturing and sale of adult-use cannabis at its Taunton location and to sell adult-use cannabis at its Brockton location. The licenses were issued by the Massachusetts Cannabis Control Commission.
Through its subsidiaries, Standard Farms, LLC in Pennsylvania, Standard Farms Ohio, LLC and Commonwealth Alternative Care, Inc. in Massachusetts, TILT will provide full-service wholesale manufacturing, packaging and distribution services to accelerate the availability of 1906’s portable, non-smokable cannabis products to patients in the rapidly-growing adult-use and medical markets that TILT serves.
“As we move full speed ahead with our brand partnership strategy announced earlier this year, we're thrilled to welcome 1906 to our growing roster of brand partners," Gary Santo, CEO of TILT Holdings, told Benzinga. “1906's willingness to enter into multiple markets with us is a demonstration of their faith and trust in TILT's ability to deliver, and also reinforces the value proposition we offer our partners. I could not be more proud of our ability to execute as we further establish 1906's presence eastward.”
Pending regulatory approval later this year, TILT expects to launch 1906’s zero-calorie, allergen-free pills (“Drops”) in Pennsylvania and Ohio, as well as 1906’s line of premium chocolates in Massachusetts, where their Drops are currently available to both medical patients and adult-use consumers.
“Our team continues to perform at a high level, and as we seek to create value for our shareholders,” Santo said.
Provisional Massachusetts Adult-Use Licenses
The Massachusetts Cannabis Control Commission (CCC) has granted TILT’s subsidiary, Commonwealth Alternative Care, Inc. a total of four provisional licenses for the cultivation, manufacturing and sale of adult-use cannabis at its Taunton location and the sale of adult-use cannabis at its Brockton location. The Commission also granted CAC a final license for the sale of medical cannabis in Brockton.
Located at 30 Mozzone Boulevard in Taunton, Commonwealth's recently-expanded facility houses over 100,000 square feet of cultivation, manufacturing and retail space with more than 50% of that space dedicated to cultivation. In addition to the medical licenses Tilt currently operates under, on Thursday Commonwealth’s Taunton facility received three provisional adult-use licenses; Cultivation, Product Manufacturer and Retail Establishment.
Commonwealth also received both a final Medical Dispensary and a provisional Retail Establishment license for its completely built-out Brockton location at 1090 W Chestnut Street. The Company will be hosting a job fair on-site and expects its newest location to open its doors for business in the weeks to come following final inspection by the CCC.
TILT’s shares were trading 1.92% higher at 50 cents per share at the time of this writing Friday late morning.
Photo: Courtesy of Kym MacKinnon on Unsplash
