TILT Holdings Inc. (CSE: TILT) (OTC: TLLTF) announced Tuesday that its operating asset Commonwealth Alternative Care has obtained local approval for adult-use cannabis sales in Taunton, Massachusetts.
Commonwealth Alternative Care has been selling medical cannabis via the Massachusetts Medical Use of Marijuana program since August 2018, the company said.
Massachusetts legalized adult-use cannabis in 2016, but sales only commenced in November 2018.
The approval is conditional upon Commonwealth Alternative Care achieving several milestones and receiving final approval from the Cannabis Control Commission, which TILT Holdings expects in the coming months.
“We have always had a tremendous opportunity with our plant-touching assets in the Massachusetts market, and this approval brings us one step closer to capturing additional market share through adult-use cannabis sales,” interim CEO Mark Scatterday said in a statement.
“With the overwhelming support for this approval shown by the City Council’s 8-1 vote, we are confident that we have all of the pieces in place to receive final approval on an adult-use permit for our Taunton retail facility. “
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TILT Holdings also announced the appointment of COO Tim Conder to its board of directors.
During his appointment as COO of the company, Conder helped carry out important changes, which boosted revenue, the company said.
Mark Cole has resigned from the board, and Geoff Hamm resigned from his positions as a director and as senior vice president of corporate development, the company said.
“Tim has a deep understanding of our company and its operating assets and has been an essential part of the restructuring and refocusing taking place, and I am excited to have him on the Board,” Scatterday said in a statement.
“With these board rearrangements and management changes, I am confident in the company’s sustained success.”
TILT shares were trading 7.96% higher at 25 cents at the time of publication.
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