New Partner Strikes Deal in Shinnecock Pot Shop

PowerFund Holdings has bought out TILT Holdings as the development partner backing Little Beach Harvest in a $1.4 million deal as the flagship Shinnecock Indian National recreational marijuana dispensary nears completion.

Little Beach Harvest, scheduled to debut this fall in Southampton, is continuing its partnership with Conor Green Consulting as a minority interest despite TILT selling its stake in the company to PowerFund.

“The mission behind Little Beach Harvest and the goals of Shinnecock Nation are perfectly aligned with the values and mission of PowerFund Partners,” said PowerFund Partners President and CEO Sean D. Power. “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.”

Little Beach Harvest, a tribally licensed medical cannabis business, broke ground a year ago on a 60,000-square-foot cultivation and processing facility, along with a modern dispensary including a drive through and an adjacent lounge. Its debut comes as dispensaries statewide have been slow to open nearly three years after it became legal in New York State.

“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,” said TILT Holdings Interim Chief Executive Officer Tim Conder. “We wish the Nation continued success with their new partner.”

The tribe’s council of trustees, which has been grappling with unlicensed recreational dispensaries operating on its territory just as state authorities have been doing in New York City, is eager to open Little Beach Harvest.

“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,” the council said. “We are excited about what our business will bring to our people and the surrounding communities.