TLLTF - TILT Holdings' Bold Financing Move: How This Cannabis Company's Escalating Interest Rates Impact Its PA Operations | Benzinga
TILT Holdings Inc. (OTC: TLLTF) has secured a financing arrangement with an experienced retail operator for its subsidiary, Standard Farms, to expand in Pennsylvania.
Since 2019, Standard Farms has established a strong presence in Pennsylvania, providing products to most state dispensaries.
"We applaud the Commonwealth for providing a positive path forward for a small independent grower like TILT’s Standard Farms to compete in this vibrant marketplace," said Tilt CEO Tim Conder.
This strategic funding will enhance TILT's market position significantly, leveraging its existing infrastructure and market knowledge to optimize the new operations.
Financial Terms And Strategy
Under the terms of the secured promissory note, Standard Farms is eligible to borrow up to $10.5 million. These funds are earmarked for constructing dispensaries authorized by a Department of Health permit.
The funding also supports the initial setup and operations at these locations. The move comes under Senate Bill 773, allowing Standard Farms to build and operate three new dispensaries as part of Pennsylvania's Medical Marijuana Program.
Interest rates on the note start at 20% and escalate to 40% six months after ...