TILT Holdings announced today that an "experienced retailer and operator" will lend capital to TILT’s Pennsylvania subsidiary, Standard Farms, so it can construct and operate dispensaries under Pennsylvania’s Medical Marijuana Program, which allows independent cultivators to apply for one permit that will allow for three dispensary locations.
“We applaud the Commonwealth for providing a positive path forward for a small independent grower like TILT’s Standard Farms to compete in this vibrant marketplace,” stated TILT Chief Executive Officer, Tim Conder. “We are thrilled to have reached an agreement with an experienced retailer and operator to help fund this undertaking and provide construction and operational guidance along the way to ensure our success.”
Standard Farms has been a grower and processor in the Pennsylvania market since 2019 and provides its own Standard Farms house brand and brand partner products such as Old Pal and Level to many dispensaries across the state.
Under the terms of the deal, Standard Farms can borrow up to $10.5 million to fund the construction of dispensaries.
