TILT Holdings Secures $ 10 Million Revolving Credit Facility – New Cannabis Ventures

0
39

TILT Holdings Enters New Revolving Credit Facility for $ 10 Million

PHOENIX, Jul 23, 2021 (GLOBE NEWSWIRE) – TILT Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTCQX: TLLTF), a global provider of cannabis business solutions, inhalation technologies, cultivation, manufacturing , Processing, Branding and Retailing, announced today that its subsidiary Jupiter Research, LLC (“Jupiter”) has entered into a new two-year, asset-based revolving credit facility of $ 10 million with Entrepreneur Growth Capital, LLC.

Loans under the new credit facility bear prime interest plus 3.5% and are secured by Jupiter’s inventory, accounts receivable and associated property.

The signing of this new credit facility is a first step towards a normalized capital structure and also reflects our ability to obtain non-dilutive capital due to our improved profitability and cash flow generation.

TILT CEO Gary Santo

The facility provides favorable conditions for the cannabis industry and provides us with additional working capital to implement our growth initiatives. The timing is also critical as our new grow facilities go online and we bring more brand partners to market in Massachusetts, Pennsylvania and Ohio.

Jupiter’s existing Senior and Junior Notes creditors will subordinate their security interests to Jupiter’s inventory, accounts receivable and related property upon closure of the new facility; the existing promissory note creditors retain priority of their security interests in other Jupiter securities. The new credit facility has an initial term of two years and will be continued for consecutive one-year terms unless terminated by either party at the end of the then current term. The loan terms provide minimum monthly interest, as well as requirements for borrowing, advance rates, fees, late payments and late payment interest that are common with such loans.

About TILT

TILT helps cannabis companies build brands. Through a portfolio of technology, hardware, cultivation, and manufacturing companies, TILT serves brands and cannabis retailers in 36 states in the United States, Canada, Israel, Mexico, South America, and the European Union. TILT’s core businesses include Jupiter Research LLC, a wholly owned subsidiary and a leader in the vaporizing segment with an emphasis on hardware design, research, development and manufacturing; and cannabis operations, Commonwealth Alternative Care, Inc. of Massachusetts, Standard Farms LLC of Pennsylvania, and Standard Farms Ohio, LLC of Ohio. TILT is headquartered in Phoenix, Arizona. More information is available at www.tiltholdings.com.

Original press release

Be one step ahead of the crowd by signing up for 420 Investor, the largest and most comprehensive premium subscription service for cannabis dealers and investors since 2013.

Published by NCV Newswire

NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to curate high quality content and information on leading cannabis companies to help our readers filter out the noise and stay up to date on the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated anyway. Do you have a confidential news tip? Get in touch.

Get our Sunday newsletter