TILT Announces Capacity Expansion Approval for Commonwealth Alternative Care
CAMBRIDGE, Mass.--(BUSINESS WIRE)--TILT Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTCQB: SVVTF), a leading provider of products and services to businesses operating in the cannabis industry, today announced that on Tuesday, April 2nd, the City Council of Taunton, Massachusetts voted 8-1 to grant a special permit to operate an adult-use cannabis manufacturing facility to Commonwealth Alternative Care (“CAC”), an indirect wholly owned subsidiary of TILT.
The permit allows a 19,602 square foot adult-use manufacturing facility at 16 Mozzone Boulevard, adjacent to TILT’s existing world-class cultivation, processing and dispensary facility at 30 Mozzone Boulevard, and will significantly enhance the Company’s capacity to produce high-quality infused cannabis products at scale. The facility expansion will also enable the implementation of high-end automated manufacturing and packaging equipment, further allowing TILT to deliver end-to-end services and customer solutions to cannabis businesses.
We appreciate the support of the Taunton City Council and their vote to grant this facility expansion permit, which will allow us to increase production capacity and provide greater consumer access to premium cannabis products throughout Massachusetts, while enhancing our ability to provide comprehensive services to our customers throughout the cannabis supply chain
said Alex Coleman, Chief Executive Officer of TILT.
As the Massachusetts adult-use market develops, this capacity expansion positions TILT to provide manufacturing products and services to brands across the country as they seek to enter this growing market. This expansion will also bring new, well-paying jobs and economic development opportunities to the Taunton area while increasing the city’s tax revenue
From seed to final product, TILT’s culinary and grow teams at CAC work together to create products that set a new standard in taste, consistency and efficacy. In conjunction with TILT’s science team and extraction facilities, the Company is in the process of developing next generation products for novel form factors and customized experience.
The state-of-the-art facility is expected to be operational in the spring of 2020. Earlier this year, the City Council granted a permit to TILT to expand its existing cultivation capacity in the 98,000 square foot facility at 30 Mozzone Boulevard.
TILT is a leading provider of products and services to businesses operating in the cannabis industry. The Company offers the contract manufacturing of marijuana in a variety of form factors, vaporizer and inhalation devices, business and consumer delivery services and a broad suite of software products for over 1,500 retailers and brands throughout the United States (“U.S.”), Canada and Europe. The majority of TILT’s products are customized to client specifications and branding, all enabling them to operate their businesses more efficiently and connect with their customers more effectively. The Company is organized in two main business units, Software & Services and Consumer Devices & Packaged Goods, designed to augment competencies across the organization in research, manufacturing, packaging and technology to deliver end-to-end services and customer solutions. All of TILT’s products are supported by an extensive research process led by scientists and engineers, using data analytics and discovery to produce new products helping shape the industry. Headquartered in Cambridge, MA, with offices throughout the U.S., Toronto and London, TILT has over 500 employees and has sales in 40 U.S. states, Canada and Europe. For more information, please visit www.tiltholdings.com.
This news release contains forward-looking information based on current expectations. Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward looking information may include, without limitation, statements regarding the ability of the manufacturing facility at 16 Mozzone Boulevard in Taunton (the “Facility”) to enhance the Company’s production capacity, the ability of the Facility to bring new jobs to Taunton, the projected operational date of the Facility, the opinions or beliefs of management, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of TILT, and includes statements about, among other things, future developments, the future operations, strengths and strategy of TILT. Generally, forward looking information can be identified by the use of forward looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These statements should not be read as guarantees of future performance or results. These statements are based upon certain material factors, assumptions and analyses that were applied in drawing a conclusion or making a forecast or projection, including TILT’s experience and perceptions of historical trends, current conditions and expected future developments, as well as other factors that are believed to be reasonable in the circumstances.
Although such statements are based on management’s reasonable assumptions at the date such statements are made, there can be no assurance that they it be completed on the terms described above and that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on the forward-looking information. TILT assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
By its nature, forward-looking information is subject to risks and uncertainties, and there are a variety of material factors, many of which are beyond the control of TILT, and that may cause actual outcomes to differ materially from those discussed in the forward-looking statements.
The CSE has neither approved nor disapproved the contents of this news release.