Massachusetts Cannabis Commission Fines Tilt Holdings, Ayr Strategies

CANNANNEW REPORT

The Massachusetts Cannabis Control Commission fined both TILT Holdings Inc. (CSE: TILT) (OTCQX: TLLTF) and Ayr Strategies (OTC: AYRWF) last week for over $200,000 each as both companies try to resolve issues each blamed on previous management. The settlement also allows each company to move forward with plans in the state. Tilt Holdings Tilt Holdings agreed to the settlement resolving concerns of the CCC, which cleared a path for the provisional licensure for the retail sale of adult-use and medical cannabis in Massachusetts. Tilt CEO Gary Santo said in a statement, “With today’s decision, TILT has fully resolved the dispute regarding certain agreements entered into by the original management team of TILT with other license applicants. In February, TILT terminated all remaining contractual relationships between the company and prospective applicants. At yesterday’s meeting of the CCC, the commissioners ratified a stipulated agreement resolving the related investigation pursuant to which TILT has agreed to make a $275,000 payment to the CCC Marijuana Regulation Fund.” TILT said it is now positioned to complete the licensing process and increase its retail footprint in Massachusetts with the opening of two additional dispensaries in Cambridge and Brockton following final inspection and approval by the Commission. Both facilities are fully built out. “We worked diligently with the Cannabis Control Commission to resolve the investigation that has stalled our remaining state licenses for the past two years,” said Santo. “We appreciate the time, effort and professionalism afforded to TILT by the CCC staff and are thrilled to have come to an amicable resolution with the Commission. Since joining the TILT team, I have made it a point to reinforce our focus on building a culture of compliance and have taken steps to build out our compliance team across the organization, making key hires that reflect both depth of industry knowledge…

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Source : Massachusetts Cannabis Commission Fines Tilt Holdings, Ayr Strategies

reposted by Cannabis News World

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