Phoenix-Based Tilt Holdings Divests Stake in Shinnecock Nation Cannabis Partnership

LOS ANGELES– In a strategic shift indicative of changing market dynamics, Tilt Holdings, a prominent Phoenix-based cannabis operator, has resolved to sever its ties with a cannabis partnership initiated with the Shinnecock Nation. A mere three weeks after divulging its intention to reassess the business arrangement, the firm has formally announced the sale of its stake in the partnership.

The divestiture involves the Little Beach Harvest dispensary situated in New York, a venture that was forged to foster the cultivation of cannabis operations on the ancestral grounds of the Shinnecock Nation in the Hamptons, Long Island. The particulars of the agreement entailed the sale of all its interests in Standard Farms NY to CGSF Investments, a transaction settled at $1.4 million, as per the official press release.

Standard Farms NY is a key stakeholder in the CGSF Group, retaining a 75% interest since its inception in 2021. The CGSF Group, now fully under the aegis of PowerFund Partners through its wholly owned subsidiary, CGSF Investments, has been pivotal in laying the groundwork for vertical cannabis ventures on the tribal lands. Concurrently, Conor Green Consulting, known for its prowess in cannabis project development, is set to maintain a minority interest in the CGSF Group, affirming a sustained commitment to the project.

This development follows a significant pause in joint venture activities between Tilt Holdings and the Shinnecock Nation in August, coupled with the discontinuation of alliances with three social equity cannabis brands.

Commenting on the recent development, Tilt’s interim CEO, Tim Conder, extended his gratitude for the collaborative efforts since the partnership’s inception in 2021. Conder highlighted the accomplishments garnered in collaboration with the Shinnecock Nation, despite the impending exit.

Conder remarked, “While evolving market forces necessitate a recalibration of our approach towards the New York market, we are buoyed by PowerFund Partners stepping in to further our initial vision of fostering economic rejuvenation with the Shinnecock community.”

Expressing goodwill for the future, he added, “We extend our best wishes for the continued success of the nation with their new associate and remain open to prospective collaborations centered around the Little Beach Harvest brand in the time to come.”

As the cannabis landscape continues to unfold, industry stakeholders keenly await the trajectory this partnership will chart under the stewardship of PowerFund Partners, bringing a new chapter of economic enterprise to the Shinnecock territory.