TLLTF - TILT Holdings Shinnecock Nation and PowerFund Partners Finalize Change in Partnership of Little Beach Harvest Joint Venture | Benzinga
PHOENIX, Sept. 05, 2023 (GLOBE NEWSWIRE) -- TILT Holdings Inc. ("TILT" or the "Company") (NEO: TILT) (OTC:TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, today announced that SFNY Holdings Inc. ("SFNY") and Standard Farms New York LLC ("Standard Farms NY"), each subsidiaries of the Company, entered into a membership interest purchase agreement ("Purchase Agreement") with CGSF Investments, LLC ("CGSF"), a wholly owned subsidiary of PowerFund Holdings II LLC ("PowerFund Partners"), pursuant to which CGSF acquired from SFNY all the membership interests in Standard Farms NY for the agreed consideration of $1,400,000. Standard Farms NY holds a 75% interest in CGSF Group LLC ("CGSF Group"), which was formed to establish vertical cannabis operations on the Shinnecock Nations aboriginal tribal territory in the Hamptons on Long Island, New York. The cannabis project development firm Conor Green Consulting, LLC will continue to hold a minority interest in CGSF Group.
TILT initially partnered with the Nation in August 2021 providing financial investment, training, and mentoring to help establish the Little Beach Harvest, the first tribal owned and operated cannabis dispensary by the Nation on Eastern Long Island of New York. Following the transaction, PowerFund Partners will work in partnership with the Nation on the final stages of development of the Little Beach Harvest dispensary.
"Since partnering in 2021, we are proud of what we have been able to accomplish with the Shinnecock Nation," said TILT Holdings Interim Chief Executive Officer Tim Conder. "Although changing market dynamics have caused us to evaluate the best approach to the New York market, we are excited to have PowerFund Partners acquire our position in this partnership and to continue our vision of supporting the Shinnecock people in creating a new economic engine. We wish the Nation continued success with their new partner and look forward to finding opportunities to work together with the Little Beach Harvest brand in the future."
The Shinnecock Nation is one of the oldest self-governing tribes in the State of New York and became the 565th tribe formally recognized by the United States federal government on October 1, 2010. The Nation primarily holds jurisdiction over tribal territory at Shinnecock Neck, a peninsula that extends into the Shinnecock Bay encompassing approximately 900 acres, as well as 100 acres along the Peconic Bay ...