The news comes after Tilt cut ties with several of its social equity brands and told investors on an earnings call that its partnership with the tribe was “undergoing a deep analysis,” due to issues in the New York adult-use rollout.
Standard Farms NY holds a 75% interest in CGSF Group LLC, which was formed to kickstart vertical operations in the tribal region. With the purchase, CGSF Investments has acquired all membership interests in Standard Farms NY.
Tilt originally partnered with the Shinnecock Nation in 2021 to fund, train, and mentor the development of Little Beach Harvest, the first tribal-owned cannabis dispensary in eastern Long Island. Following the sale, PowerFund Partners, parent company to CGSF Investments, will oversee the completion of this dispensary.
“Although changing market dynamics have caused us to evaluate the best approach to the New York market, we are excited to have PowerFund Partners acquire our position in this partnership and to continue our vision of supporting the Shinnecock people in creating a new economic engine,” Tilt interim CEO Tim Conder said in a statement.
Located on tribal land, the 5,000-square-foot shop will feature ancillary ventures such as cultivation and a wellness and consumption lounge.
While the facility was initially set to open earlier in the year, ex-CEO Gary Santo cited typical construction delays, telling Green Market Report last month that the area had few construction firms, many of which were drawn to projects with affluent Hamptons clients.
On Tuesday, the company pointed to a new fall 2023 opening.