In a report by mjbizdaily on February 1, it was disclosed that Tilt Holdings, a cannabis vaporizer company based in Arizona, has entered into a debt and security agreement with Smoore Technology (Smoore International), expanding its credit limit with Smoore Technology. The agreement came into effect on January 28th.
According to a news release, Smoore will be selling and delivering CCell vaping hardware products to Tilt's subsidiary, Jupiter Research, on credit under an agreement. Jupiter will ensure payment for any amount exceeding what Smoore receives through insurance, to cover outstanding invoices that are overdue by more than 120 days.
The insurance will be provided by Sinosure, the China Export & Credit Insurance Corporation. This guarantee allows Tilt to increase and secure its credit limit to meet customer demands. Smoore will have the first priority lien on Tilt's assets.
In addition, Tilt has also agreed in a written agreement to reduce its outstanding balance owed to Smoore to $25 million by the end of 2024. They have committed to prioritize payment for invoices that are overdue by 150 days, followed by invoices that are overdue by 120 days.
Tim Conder, CEO of Tilt, stated in a press release, "We believe that reaching an agreement with Smoore is an important and necessary step in expanding our business and meeting customer demands. As the Chinese New Year holiday approaches, we have also successfully fulfilled the largest batch of CCELL product orders in Jupiter's history."
Tim Conder also stated that Tilt has engaged in discussions with bondholders regarding a grace period agreement. Throughout the process, the bondholders have shown unwavering support for Tilt and are hopeful to achieve mutual maximum benefits with the company.
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