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.
The options were associated with more than $47 million of expenses during the second quarter of Tilt’s fiscal 2019.
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.
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Written by Nick Thomas
Marijuana Business Daily