TILT subsidiary Standard Farms secures up to $10.5M loan to build three PA dispensaries

TILT Holdings Inc.

Secured Promissory Note allows borrowings up to $10.5M from an experienced retailer and operator.
Proceeds will construct and operate up to three medical marijuana dispensaries in Pennsylvania.
Note matures Dec 31, 2027; interest escalates from 20% to 30% on first sale, then to 40% after six months.
No principal or interest payments due before maturity; prepayment requires lender consent.
Loan is secured by first-priority retail assets and second-priority equity interest in Standard Farms; parent guarantee provided.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TILT Holdings Inc. entered into Secured Promissory Note with a third party experienced retailer and operator (the "Lender") valued at up to $10,500,000 (effective 2024-05-02).

Action: entry
Counterparty: a third party experienced retailer and operator (the "Lender")
Value: up to $10,500,000
Effective: 2024-05-02

Exact text from the filing

On May 2, 2024, Standard Farms LLC, a Pennsylvania limited liability corporation (“Standard Farms”) and a subsidiary of TILT Holdings Inc., entered into a Secured Promissory Note (the “Note”).

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Source: SEC EDGAR

accession 0001104659-24-059019

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