Mr. Tim Conder reports

TILT HOLDINGS, SHINNECOCK NATION AND POWERFUND PARTNERS FINALIZE CHANGE IN PARTNERSHIP OF LITTLE BEACH HARVEST JOINT VENTURE

SFNY Holdings Inc. and Standard Farms New York LLC, each subsidiaries of Tilt Holdings Inc., have entered into a membership interest purchase agreement with CGSF Investments LLC, a wholly owned subsidiary of PowerFund Holdings II LLC, pursuant to which CGSF acquired from SFNY all the membership interests in Standard Farms N.Y. for the agreed consideration of $1.4-million. Standard Farms N.Y. holds a 75-per-cent interest in CGSF Group LLC, which was formed to establish vertical cannabis operations on the Shinnecock Nation's aboriginal tribal territory in the Hamptons on Long Island, N.Y. The cannabis project development firm Conor Green Consulting LLC will continue to hold a minority interest in CGSF Group.

Tilt initially partnered with the nation in August, 2021, providing financial investment, training and mentoring to help establish Little Beach Harvest, the first tribal-owned-and-operated cannabis dispensary by the nation on eastern Long Island of New York. Following the transaction, PowerFund Partners will work in partnership with the nation on the final stages of development of the Little Beach Harvest dispensary.

"Since partnering in 2021, we are proud of what we have been able to accomplish with the Shinnecock Nation," said Tilt Holdings interim chief executive officer Tim Conder. "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."

The Shinnecock Nation is one of the oldest self-governing tribes in the state of New York and became the 565th tribe formally recognized by the United States federal government on Oct. 1, 2010. The nation primarily holds jurisdiction over tribal territory at Shinnecock Neck, a peninsula that extends into the Shinnecock Bay encompassing approximately 900 acres, as well as 100 acres along the Peconic Bay which includes Westwoods in Hampton Bays.

"A year ago we broke ground with Tilt Holdings on the construction of Little Beach Harvest dispensary and due to their partnership, today we have a building on those grounds. Thank you to the team at Tilt for leading us through this journey," said the council of trustees of the Shinnecock Nation. "This transition to PowerFund Partners will bring us to the point of completion and official opening as the first tribally owned cannabis dispensary in eastern Long Island on our sovereign land. We are excited about what our business will bring to our people and the surrounding communities."

"The mission behind Little Beach Harvest (LBH) and the goals of Shinnecock Nation are perfectly aligned with the values and mission of PowerFund Partners," said Sean D. Power, chief executive officer and president of PowerFund Partners. "We could not be more excited to partner with LBH to support the launch of Shinnecock Nation's first-ever dispensary in the coming weeks. PowerFund Partners expects to work in collaboration with Cure Company and the Originals and are eager to support an ecosystem of Shinnecock-based cultivators and manufacturers."

Little Beach Harvest is nearing its completion and slated to officially open fall 2023.

About Tilt Holdings Inc.

Tilt helps cannabis businesses build brands. Through a portfolio of companies providing technology, hardware, cultivation and production, Tilt services brands and cannabis retailers across 39 states in the U.S., as well as Canada, Israel, South America and the European Union. Tilt's core businesses include Jupiter Research LLC, a wholly owned subsidiary and leader in the vaporization segment focused on hardware design, research, development and manufacturing; and cannabis operations Commonwealth Alternative Care Inc. in Massachusetts, Standard Farms LLC in Pennsylvania and Standard Farms Ohio LLC in Ohio. Tilt is headquartered in Phoenix, Ariz.

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