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TILT Holdings Secures $10 million Asset-Based Revolving Credit Facility – New Cannabis Ventures

cannabisnews by cannabisnews
July 23, 2021
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TILT Holdings Secures $10 million Asset-Based Revolving Credit Facility – New Cannabis Ventures
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TILT Holdings Enters Into New $10 Million Revolving Credit Facility

PHOENIX, July 23, 2021 (GLOBE NEWSWIRE) — TILT Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTCQX: TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, announced today that its subsidiary, Jupiter Research, LLC (“Jupiter”), has entered into a new two-year, $10 million asset-based revolving credit facility with Entrepreneur Growth Capital, LLC.

Borrowings under the new credit facility will bear interest at Prime plus 3.5% and will be secured by Jupiter’s inventory, accounts receivable and related property.

Signing this new credit facility marks a first step in establishing a more normalized capital structure, and also reflects our ability to attain non-dilutive capital as a result of our improved profitability and cash flow generation.

TILT CEO Gary Santo

The facility comes with favorable terms for the cannabis industry and provides us with additional working capital to execute our growth initiatives. The timing is also key as our new cultivation capacity comes online and we take additional brand partners to market across Massachusetts, Pennsylvania and Ohio.

Jupiter’s existing senior and junior note creditors will subordinate their security interests in Jupiter’s inventory, accounts receivable and related property when the new facility closes; the existing note creditors will maintain the priority of their security interests in other Jupiter collateral. The new credit facility has a two-year initial term and will continue for successive one-year terms unless terminated by either party effective at the end of the then-current term. The loan terms provide for minimum monthly interest charges, and for borrowing base eligibility requirements, advance rates, fees, events of default and default interest rates that are common features in such facilities.

About TILT

TILT helps cannabis businesses build brands. Through a portfolio of companies providing technology, hardware, cultivation and production, TILT services brands and cannabis retailers across 36 states in the U.S., as well as Canada, Israel, Mexico, South America and the European Union. TILT’s core businesses include Jupiter Research LLC, a wholly-owned subsidiary and leader in the vaporization segment focused on hardware design, research, development and manufacturing; and cannabis operations, Commonwealth Alternative Care, Inc. in Massachusetts, Standard Farms LLC in Pennsylvania and Standard Farms Ohio, LLC in Ohio. TILT is headquartered in Phoenix, Arizona. For more information, visit www.tiltholdings.com.

Original press release

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Published by NCV Newswire

NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

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