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.”

More recent news from TILT: 

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

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

TILT's New Partnership: This Time With the Shinnecock Indian Nation To Establish Vertical Cannabis Operations

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

TILT Bolsters Partnership To Distribute Old Pal Cannabis Products In Pennsylvania

Price Action 

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

Photo: Courtesy of Roberto Valdivia on Unsplash

Posted In: Gary SantoSante Veritas TherapeuticsCannabisNewsMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.