TILT Holdings Inc. (OTCQX:TLLTF) (NEO:TILT) has signed an amendment to its definitive agreement to sell its White Haven, Pennsylvania facility. The amendment allows the company and Innovative Industrial Properties, Inc. (NYSE:IIPR) to extend the end of the investigational period of the transaction contemplated to a date that is on or before June 17, 2022. The outstanding diligence items include buyer’s third-party reports, including a phase I environmental assessment, zoning report and survey, and the preliminary title report for the property, all of which were ordered in a timely manner following the effective date of the purchase agreement, but due to unforeseen delays have not yet been received by the parties. The extension provides an additional 24 days for the receipt of the outstanding diligence items. The company expects to complete this transaction before the end of the quarter.
Since its acquisition in January 2019, the company has operated the White Haven facility, located at 411 Susquehanna Street, and comprised of an approximately 40,000 square-foot building that includes cultivation, processing, and a product manufacturing lab, as Standard Farms LLC.
Photo: Courtesy of TILT Holdings Inc.
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