Tilt sells interest in Shinnecock Nation marijuana partnership for $1.4 million

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Only three weeks after saying it was “undergoing a deep analysis” of the arrangement, Phoenix-based marijuana operator Tilt Holdings on Monday announced that it was selling its interest in a cannabis partnership with the Shinnecock Nation.

To leave the partnership involving the Little Beach Harvest dispensary in New York, Tilt sold all its interests in Standard Farms NY to CGSF Investments for $1.4 million, according to a news release.

Standard Farms NY holds a 75% interest in CGSF Group, which was formed in 2021 to establish vertical cannabis operations on the Shinnecock Nation aboriginal tribal territory in the Hamptons on Long Island.

CGSF Investments, a wholly owned subsidiary of PowerFund Partners, is the parent of CGSF Group.

Conor Green Consulting, a cannabis project development firm, will continue to hold a minority interest in CGSF Group.

Tilt said in August it was pausing its joint venture with the Shinnecock Nation and cutting ties with three social equity cannabis brands.

“Since partnering in 2021, we are proud of what we have been able to accomplish with the Shinnecock Nation,” Tilt’s interim CEO, Tim Conder, said in a statement.

“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.

“We wish the Nation continued success with their new partner and look forward to finding opportunities to work together with the Little Beach Harvest brand in the future.”