TILT Holdings Inc. (CSE: TILT) announced today that the Massachusetts Cannabis Control Commission has finally ratified an agreement stipulating that the investigation into the company is now resolved. The state’s cannabis commission was investigating TILT Holdings regarding disputes on certain agreements entered with license applicants.
Regarding the concerns raised to the cannabis commission, TILT Holdings terminated last February all remaining contractual relationships entered by the company’s original management team with prospective license applicants.
As part of the ratified agreement resolving the investigation, the company agreed to make a US$275,000 payment to the commission’s Marijuana Regulation Fund.
By securing this resolution, the company claims it has paved a clearer path to secure a provisional license to sell cannabis in Massachusetts. The cannabis firm has already built two additional dispensaries in the state which require final inspection and approval by the commission.
“We worked diligently with the Cannabis Control Commission to resolve the investigation that has stalled our remaining state licenses for the past two years,” TILT Holdings CEO Gary Santo said in a statement.
Santo was recently appointed CEO on June 1, 2021. Prior to that, TILT Holdings hired additional management officers on its compliance team, including Patrick Beyea as director of compliance. Beyea worked previously as the director of investigations at the Massachusetts Cannabis Control Commission.
TILT Holdings last traded at $0.61 on the CSE.
Information for this briefing was found via Sedar and Tilt Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.