TILT Dumps Inactive Subsidiary Sante Veritas For $728,000 In Cash, Will Focus On 'Core Businesses'

TILT Holdings Inc. TILT TLLTF will sell its inactive wholly-owned subsidiary Sante Veritas Therapeutics, Inc. for around CA$900,000 ($728,000) in cash. The Arizona-based cannabis company confirmed on Friday that it signed definitive agreements to sell all Sante Veritas’ assets to Meridian 125W Cultivation Ltd. 

The transaction closed upon signing.

The company noted it plans to use part of the proceeds to resolve outstanding liabilities.

“Last year, we realigned our strategy to focus on our core businesses and invest in our high growth operations in the U.S.,” CEO Gary Santo said in a statement. “As a result, we divested non-core assets like Sante Veritas, which no longer aligned with our new strategy and future growth plans. We look forward to continuing to execute across the business as this transaction marks the final non-core asset sale in our portfolio.”

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Cannabis Dispensary Roundup: TILT, Trulieve, Hemp Inc, Cresco Labs

TILT Holdings CEO Explains What Makes Its Business Model Unique Among East Coast Cannabis MSOs

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TILT Holdings Cannabis Revenue Improves 31% To $10M, Teams Up With Shinnecock Indian Nation To Reach NY Market

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Price Action 

TILT’s shares closed Wednesday market session 7.38% lower at 31 cents per share. 

Photo: Courtesy of Roberto Valdivia on Unsplash