TILT Holdings Addresses Default Notices from Innovative Industrial Properties

LOS ANGELES- TILT Holdings Inc., a provider of cannabis business solutions, has received default notices from Innovative Industrial Properties (IIP) concerning two properties due to outstanding rental obligations. ​

The properties in question are located at 411 Susquehanna Street, White Haven, Pennsylvania, and 30 Mozzone Street, Taunton, Massachusetts. The default notices were issued due to unpaid base rent, additional rent, and required replenishment of security deposits. For the White Haven property, the total amount due is approximately $1.13 million, while the Taunton property has an outstanding balance of approximately $2.99 million. ​

Following receipt of the notices, TILT Holdings engaged in negotiations with IIP and has made payments to satisfy the April rent obligations. IIP accepted these payments and agreed to forbear from pursuing termination and eviction proceedings at this time. TILT Holdings has expressed its commitment to resolving the remaining outstanding amounts and securing favorable terms for its operations. ​

This development is part of a broader context where multiple tenants of IIP, including TILT Holdings, have faced financial challenges leading to defaults on lease obligations. These circumstances have contributed to a decline in IIP’s stock performance. ​

TILT Holdings continues to focus on its core business activities, which encompass inhalation technologies, cultivation, manufacturing, processing, brand development, and retail within the cannabis