Expansion to increase production capacity of high-quality infused
cannabis products for the adult-use market in Massachusetts
CAMBRIDGE, Mass.–(BUSINESS WIRE)–
TILT Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTCQB: SVVTF),
a leading provider of products and services to businesses operating in
the cannabis industry, today announced that on Tuesday, April 2nd,
the City Council of Taunton, Massachusetts voted 8-1 to grant a special
permit to operate an adult-use cannabis manufacturing facility to
Commonwealth Alternative Care (“CAC”), an indirect wholly owned
subsidiary of TILT.
The permit allows a 19,602 square foot adult-use manufacturing facility
at 16 Mozzone Boulevard, adjacent to TILT’s existing world-class
cultivation, processing and dispensary facility at 30 Mozzone Boulevard,
and will significantly enhance the Company’s capacity to produce
high-quality infused cannabis products at scale. The facility expansion
will also enable the implementation of high-end automated manufacturing
and packaging equipment, further allowing TILT to deliver end-to-end
services and customer solutions to cannabis businesses.
“We appreciate the support of the Taunton City Council and their vote to
grant this facility expansion permit, which will allow us to increase
production capacity and provide greater consumer access to premium
cannabis products throughout Massachusetts, while enhancing our ability
to provide comprehensive services to our customers throughout the
cannabis supply chain,” said Alex Coleman, Chief Executive Officer of
TILT. “As the Massachusetts adult-use market develops, this capacity
expansion positions TILT to provide manufacturing products and services
to brands across the country as they seek to enter this growing market.
This expansion will also bring new, well-paying jobs and economic
development opportunities to the Taunton area while increasing the
city’s tax revenue.”
From seed to final product, TILT’s culinary and grow teams at CAC work
together to create products that set a new standard in taste,
consistency and efficacy. In conjunction with TILT’s science team and
extraction facilities, the Company is in the process of developing next
generation products for novel form factors and customized experience.
The state-of-the-art facility is expected to be operational in the
spring of 2020. Earlier this year, the City Council granted a permit to
TILT to expand its existing cultivation capacity in the 98,000 square
foot facility at 30 Mozzone Boulevard.
About TILT
TILT is a leading provider of products and services to businesses
operating in the cannabis industry. The Company offers the contract
manufacturing of marijuana in a variety of form factors, vaporizer and
inhalation devices, business and consumer delivery services and a broad
suite of software products for over 1,500 retailers and brands
throughout the United States (“U.S.”), Canada and Europe. The majority
of TILT’s products are customized to client specifications and branding,
all enabling them to operate their businesses more efficiently and
connect with their customers more effectively. The Company is organized
in two main business units, Software & Services and Consumer Devices &
Packaged Goods, designed to augment competencies across the organization
in research, manufacturing, packaging and technology to deliver
end-to-end services and customer solutions. All of TILT’s products are
supported by an extensive research process led by scientists and
engineers, using data analytics and discovery to produce new products
helping shape the industry. Headquartered in Cambridge, MA, with offices
throughout the U.S., Toronto and London, TILT has over 500 employees and
has sales in 40 U.S. states, Canada and Europe. For more information,
please visit www.tiltholdings.com.
Forward-Looking Information
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, statements
regarding the ability of the manufacturing facility at 16 Mozzone
Boulevard in Taunton (the “Facility”) to enhance the Company’s
production capacity, the ability of the Facility to bring new jobs to
Taunton, the projected operational date of the Facility, the opinions or
beliefs of management, 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”, “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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190405005075/en/
Contact Information:
Joel Milton
SVP of Business
Development
Phone: (303) 872-7255
Investor Contact:
Scott Van Winkle
ICR
Phone:
617-956-6736
investors@tiltholdings.com
Media Contact:
Cory Ziskind
ICR
Phone: 646-277-1232
tiltholdings@icrinc.com
Source: TILT Holdings Inc.
Released April 5, 2019