Shinnecock Tribe Dispensary Still on Track Despite Tilt Comments

Tribe: "This matter has not caused Shinnecock to delay our development."

This week, Tilt Holdings (OTC: TLLTF) stunned many in the cannabis community when it decided to cut several social equity brands. This resulted in severing ties with Black Buddha Cannabis, Ricky Williams’ Highsman, and Her Highness.

During the conference call to discuss the latest earnings, interim CEO Tim Conder said Tilt’s partnership with the Shinnecock tribe was also “undergoing a deep analysis,” with construction of the retail store paused.

“Due to challenges in New York, including unlicensed operators selling cannabis on Shinnecock land and the inability to bring in cannabis products from New York state license holders or sell cannabis products to New York state license holders, we are undergoing a deep analysis of the future prospects of this partnership to ultimately bring the Shinnecock and Little Beach Harvest on to the next steps on their journey,” Conder said.

Not so fast said the tribe.

The Council of Trustees, Shinnecock Nation Tribe, made the following statement:

“In response to comments made on the TILT Holdings 2Q earnings call on August 14, 2023, the Shinnecock Nation and Little Beach Harvest would like to make clear that we are continuing to move forward with construction of our dispensary. Much like New York state, we as a tribal nation are addressing the unlicensed operators and have made significant progress regarding illegal sales and delivery. This matter has not caused Shinnecock to delay our development to have the first tribally owned legal adult-use dispensary on our sovereign land in Eastern Long Island.”

The group broke ground on the facility in July 2022 with plans to open in 2023. It is a 5,000-square-foot shop located on tribal territory and includes ancillary business ventures such as cultivation and a future wellness and consumption lounge.

In April, the company posted a picture of the store being framed out and said it would open in the summer of 2023. The company website also states it is in hiring mode.

Although the opening had originally been planned for earlier in the year, former CEO Gary Santo had said that the construction had faced normal delays. He told Green Market Report that there were limited construction companies in the area and many were swayed to work with wealthier Hamptons clients.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.

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