Tilt Holdings, a Massachusetts-based marijuana company, said it reached an agreement with six of its founders to forfeit their stock options.
The company said approximately 60 million options were forfeited.
Tilt reported a net loss of $48.9 million for its second quarter.
As part of the restructuring, the company also is issuing approximately 9 million share warrants to those founders who are leaving the company.
Tilt hired a new interim CEO, Mark Scatterday, in May. Marijuana Business Daily had a Q&A with him last month.
Tilt is traded on the Canadian Securities Exchange under TILT.
Details of the forfeiture agreement can be found here.
For more analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward, sign up for our premium subscription service, Investor Intelligence.
Stay Informed