SCOTTSDALE, Ariz., Nov. 07, 2025 (GLOBE NEWSWIRE) -- TILT Holdings Inc. ("TILT" or the "Company") (Cboe CA: TILT) (OTCID: TLLTF), a global provider of cannabis business solutions including inhalation technologies, cultivation, manufacturing, processing, brand development and retail, announced it has reached agreement with the holders (the "Noteholders") of senior secured notes of the Company (the "Senior Notes"), and that the Supreme Court of British Columbia (the "Court") has issued an initial order ("Initial Order") granting the Company protection under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended ("CCAA"). The Initial Order provides for, among other things: (i) a stay of proceeding in favor of the Company and (ii) the appointment of PricewaterhouseCoopers to serve as monitor ("Monitor") during the restructuring (the "Restructuring Process"). The Company also announced the closing of an offering of up to US$2.0 million in aggregate principal amount of senior secured promissory notes (the "Bridge Notes") from its existing Noteholders to meet the Company's payment obligations during the pendency of the CCAA proceedings. Importantly, the CCAA proceedings do not affect any of TILT's subsidiaries, who continue to operate in the normal course of business.  

The decision to seek creditor protection was made in the best interest of the Company and all of its stakeholders after careful evaluation by the board of directors of the Company (the "Board") of the Company's financial situation, consideration by the Board of alternatives available to the Company and consultation with the Company's legal and financial advisors. The Board will remain in place during the CCAA proceedings, and the Company will remain responsible for its continued operations under the supervision of the Court and the general oversight of the Monitor. The Company intends to fund the CCAA process from cash on hand as well as through the Bridge Notes. Through the Restructuring Process, the Company intends to seek approval of and implement a plan of arrangement (the "Plan") that will take the Company private by cancelling all existing equity interests and issuing equity to the Noteholders. Other creditors of the Company will be unaffected. TILT anticipates seeking permission to hold a meeting of the Noteholders to vote on the Plan at a later hearing anticipated to be on November 17, 2025. The proposed Restructuring Process is the result of agreements reached with Noteholders representing a significant majority of the outstanding Senior Notes, the Board's evaluation of the Company's financial situation, the Board's consideration of all alternatives available to the Company and the Board's consultation with the Company's legal and financial advisors. Based on such evaluation, consideration and consultations, the Board has determined that the proposed Restructuring Process and the Plan is in the best interests of the Company and all of its stakeholders.

"Over the past 18 months, TILT has taken deliberate steps to streamline operations and strengthen its core business. We reduced operating expenses by approximately $10 million annually and initiated a strategic review process of plant-touching assets, completing the first phase with the sale of our retail operations in Massachusetts to date. At the same time, we have been reestablishing Jupiter Research as an industry-leading ancillary vape hardware solutions provider by refocusing on customer needs in a constantly evolving vaporization landscape, building an industry-leading team, expanding to Europe through the release of a first-of-its-kind ...