This week Tilt Holdings (OTC: TLLTF) stunned many in the cannabis community when it decided to cut several social equity brands. Green Market Report wrote that Tilt had decided to realign its brands following changes in the company’s C-suite. This resulted in severing ties with Black Buddha Cannabis, Ricky Williams’ Highsman, and Her Highness.
During the company’s earnings call interim CEO Tim Conder said, “Due to challenges in New York, including unlicensed operators selling cannabis on Shinnecock land and the inability to bring in cannabis products from New York state license holders or sell cannabis products to New York state license holders, we are undergoing a deep analysis of the future prospects of this partnership to ultimately bring the Shinnecock and Little Beach Harvest on to the next steps on their journey. During this analysis, construction has been put on hold.”
Not so fast said the tribe. The Council of Trustees, Shinnecock Nation Tribe made the following statement:
“In response to comments made on the TILT Holdings 2Q earnings call on August 14, 2023, the Shinnecock Nation and Little Beach Harvest would like to make clear that we are continuing to move forward with construction of our dispensary. Much like New York State, we as a tribal nation are addressing the unlicensed operators and have made significant progress regarding illegal sales and delivery. This matter has not caused Shinnecock to delay our development to have the first tribally owned legal adult-use dispensary on our sovereign land in Eastern Long Island.”
The group broke ground on the facility in July 2022 with plans to open in 2023. It is a 5,000-sq-ft shop located on tribal territory along with ancillary business ventures including cultivation and a future wellness and consumption lounge. In April, the company posted a picture of the store being framed out and said it would open in the summer of 2023. The company website also states it is in hiring mode.
Although the opening had originally been planned for earlier in the year, former CEO Gary Santo had said that the construction had faced normal delays. He told Green Market Report that there were limited construction companies in the area and many were swayed to work with wealthier Hamptons clients.
Tribe: “This matter has not caused Shinnecock to delay our development.”
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