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.

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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