TILT Holdings Inc. (OTC: TLLTF) will sell two Massachusetts retail locations to local operator In Good Health for $2 million in cash, the company announced Monday.
Under the agreement, TILT will transfer ownership of its Taunton dispensary to In Good Health and close its Brockton location. The company will retain one remaining dispensary in Cambridge that remains under strategic review along with other cultivation and manufacturing assets in Massachusetts, Pennsylvania and Ohio.
TILT for a few quarters now has been looking to streamline operations and focus on its core vaporization hardware business, Jupiter Research, amid ongoing financial challenges. The company reported a $12.6 million net loss in its most recent quarter as revenue fell nearly 40% to $27 million, according to November results.
“This divestiture marks an important first step in TILT’s execution of strategic transactions aimed at optimizing our balance sheet and operating expenses,” CEO Tim Conder said in a statement. He noted the company is “actively optimizing” its Jupiter business to “continue to deliver the best products and service to our customers in a rapidly evolving vaporization hardware market.”
For In Good Health, the acquisition expands its Massachusetts presence. The female-founded cannabis company has operated in the state since 2015.
“This acquisition allows us to bring our signature brands and high-quality, affordable products to a new community,” said In Good Health President and CEO David Noble. The Taunton location creates “a perfect third point on the triangle” with the company’s existing Brockton and Sandwich dispensaries, he added.
The deal is expected to close in the first half of 2025, subject to regulatory approvals. Investment bank Highgate Capital Partners advised on the deal.
[[{“value”:”The cannabis tech firm has been shifting away from plant-touching operations to focus solely on vapes.
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