John SchroyerAugust 29, 2023
Ricci said her biggest hurdle was how much she had to learn and pivot to succeed in cannabis.
TILT Holdings Inc. Archives - Green Market Report
John SchroyerAugust 29, 2023
StaffJune 2, 2022
Ricky William’s cannabis brand Highsmanis coming to the Northeast in a new deal with TILT Holdings Inc. (NEO:TILT) (OTCQX: TLLTF). Highsman is a purpose-driven cannabis lifestyle brand founded by former NFL running back, Ricky Williams.
TILT is leaning into sports enthusiasts and everyday athletes as it chooses its portfolio of brands. TILT will launch Highsman in both Massachusetts and Pennsylvania in early September to kick off the 2022 football season. TILT will will also offer it throughout Massachusetts and Pennsylvania via TILT’s wholesale channels.
Highsman was launched in November 2021, aiming to inspire a community of athletes and sports fans. Positioned at the intersection of sports and cannabis, Highsman’s product playbook includes Pregame, a collection of energizing and attention-grabbing sativas; Halftime, a collection of balanced and restorative hybrids; and Postgame, a collection of restful and recovery-focused indicas.
“Authenticity and unique brand architecture are two of the most important considerations for TILT when evaluating potential brand partnerships. You would be hard-pressed to find a group more equipped to meet those criteria than Ricky and the team he has assembled at Highsman. As the stigma around cannabis continues to fade within the general population, most athletes are still playing in organizations slow to allow the use of cannabis for wellness and recovery,” stated Gary Santo, CEO of TILT Holdings. “TILT is committed to delivering a broad selection of the highest quality cannabis brands to the markets we serve, while helping independent brands expand and scale. We are thrilled to bring our unique and distinctive level of partnership to the table for Highsman and introduce this exciting brand to the East Coast.”
“2022 marks a year of considerable growth for Highsman, and we are proud to partner with TILT as we enter our first East Coast markets,” said Eric Hammond, CEO of Highsman. “TILT has a proven track record of significantly expanding the footprint of the cannabis brands they work with, and I am confident that our strategic partnership will further establish Highsman as a leading national brand. Highsman was created to inspire greatness in athletes and sports enthusiasts alike, and we are thrilled to introduce our products to the people of Massachusetts and Pennsylvania— two states that take their sports, and cannabis, very seriously.”
Dispensaries in those states interested in Highsman, or other brand partner portfolio products from 1906, Airo, Black Buddha Cannabis, Her Highness, Old Pal, Timeless Refinery, and Toast, should contact our wholesale team at Wholesale@Tiltholdlings.com for brand availability or to save a spot on our Launch List.
StaffFebruary 17, 2022
TILT Holdings Inc. (OTCQX: TLLTF) has made a deal to manufacture and distribute the Colorado-based cannabis brand Toast. Toast is known for its USDA organic certified tinctures and its vegan, raw chocolate. The company has also made a name for its signature Slice pre-rolls.
“Toast is well-known for its impressive craftsmanship and will be a welcome addition in our markets,” said Gary Santo, CEO of TILT Holdings. “Toast is an innovative, high-touch brand, making it a natural fit for TILT’s brand growth strategy as we strive to provide medical patients and adult-use consumers with a wider range of quality options.”
Tilt said the initial product rollout would begin in Massachusetts through its subsidiary Commonwealth Alternative Care, Inc. If the company gets approval, Tilt said it will launch Toast in Pennsylvania and Ohio through its Standard Farms subsidiaries with new SKUs created for each market. Tilt also said it will provide full-service wholesale manufacturing, packaging and distribution for several existing Toast SKUs, as well as collaborative R&D services to create new products and increase the accessibility of high-end cannabis to medical patients and adult-use consumers.
“We are committed to expanding access to our quality, life-enhancing products to medical patients and creating celebratory moments for adult-use consumers around the country,” said Punit Seth, CEO and Co-Founder of Toast. “From the beginning, TILT and Toast have had a shared vision about the best model to scale brands in multiple states while staying true to our values and commitment to building a more equitable industry overall. TILT will be crucial in bringing Toast products to scale in these three growing markets, and we are excited to collaborate with their team as they explore additional markets such as New York through their ground-breaking partnership with the Shinnecock Indian Nation.”
Toast™ products offer patients and consumers quality experiences that span the full spectrum of the plant. In the coming months, Toast™ will debut a new set of SKUs with TILT that are currently under development specially curated for each market.
Kaitlin DomangueMarch 2, 2021
It’s time for your Daily Hit of cannabis financial news for March 2nd, 2021.
On the Site
Collecting and Storing Cannabis Pollen
Most growers these days are only interested in female plants, but if you want to cross different strains and breed new combinations, you’ll need the pollen. And in fact, few companies sell pollen so it’s actually much more practical to just collect your own. For indoor growers, collecting it is the only option, since nature’s elements are not present to spread the pollen for them.
Pro tip: If you are storing seeds for later pollen collection, best to occasionally pull one out and give it a germination test to make sure the little babies are still active and viable.
The Massachusetts Cannabis Industry is a Billion Dollar Marketplace
Cannabis business consulting firm Nucleus One recently released the findings of their February 2021 Massachusetts Adult-Use Marijuana Market Report. Nucleus-One tracks and analyzes data from the Cannabis Control Commission of Massachusetts. February’s report heralded good news for the Commonwealth’s cannabis industry after a short-lived decline in sales in 2020. Since the decline, December and January 2021 saw unprecedented sales, with over 98 active retailers in the state. This growth is due to higher sales in product categories other than flower shares, which hit an all-time low in December.
CBN Market Targets Sleep
The demand for sleep aids and medications has seen a similar surge, and with it the debut of products containing Cannabinol (CBN), a minor cannabinoid with what some claim is a uniquely sedative effect.
Unlike CBD, CBN is not present in significant quantities in fresh marijuana, but when unheated marijuana ages or is exposed to air and light, the THC in it turns to CBN.
Circle K Ramps Up Cannabis Ownership
Alimentation Couche-Tard Inc. or ACT, the owners of Circle K have increased its equity stake in Canadian cannabis company Fire & Flower Holdings Corp. (OTCQX: FFLWF). ACT announced that it plans to convert all of its approximately $28.5 million outstanding principal amount of 8.0% secured convertible debentures issued in April 2020 as well as the conversion of approximately $23.6 million principal amount of 8.0% unsecured convertible debentures issued to 2707031 Ontario Inc. Following the conversion, ACT will have converted a total of approximately $52 million principal amount of debt to equity and ACT will hold 19.9% of the issued and outstanding shares of Fire & Flower.
High Tide Crushes Fourth Quarter, 166% Increase in Revenue
Canadian cannabis retailer, High Tide Inc., (TSXV: HITI) (OTCQB: HITIF), announced their Q4 earnings yesterday for 2020. Despite the curveballs 2020 threw, High Tide landed on top, and reported a 118% increase in revenue bringing the total to $24.9 million for the fourth quarter. The revenue increase accounted for a 166% year-over-year growth, and brought the year’s total earnings to $83.3 million.
In Other News
NeonMind Biosciences Inc. Files for Four Additional Provisional Patents
NeonMind Biosciences Inc. (CSE: NEON) (OTC:NMBDF) (FRA: 6UF) announced that they have filed four additional provisional patents on psilocybin preclinical data. NeonMind has a consumer products division focusing on medicinal mushroom infused products, as well as a pharmaceutical division focused on drug development of psychedelic compounds.
The provisional patent features data derived from the company’s initial preclinical trial that began in November 2020. This trial examined the potential use of psilocybin as a treatment for weight loss. NeonMind’s proprietary preclinical data shows promise that both low and high dose psilocybin may reduce weight gain and that the reduction in weight gain can occur in a short period of time.
“We are encouraged with the preliminary results obtained from our preclinical trial,” says NeonMind President & CEO Robert Tessarolo. “Through an expanded portfolio of patent applications, NeonMind is uniquely positioned to pursue exciting drug development opportunities in the enormously underserved weight management market. There have been so many solutions developed in the past that have disappointed; a new approach is desperately needed. We are actively building out our capabilities to execute the critical phases of drug development needed to support new drug applications to the FDA.”
TILT Holdings Inc. Approved for Cultivation Expansion at Massachusetts Facility
TILT Holdings Inc. (CSE: TILT) (OTCQX: TLLTF), announced its approval for expanding cultivation at their Massachusetts cultivation and manufacturing facility. The request was approved by Massachusetts Cannabis Control Commission and set for eight additional grow rooms at its subsidiary, Commonwealth Alternative Care, Inc. The new operations are set to begin later this month.
“We are pleased to announce the regulatory approval of the second phase of the planned expansion of our 117,000 sq ft cultivation and manufacturing facility in Taunton, Massachusetts,” said Gary Santo, president of TILT. “We now have more than 56,000 sq. ft. of cultivation space with the ability to add a second grow tier to each of the eight new rooms, pending regulatory approval. Once planted, these additional rooms will fortify the supply of premium flower for our Taunton dispensary, and together with our award-winning kitchen and state-of-the art extraction and processing lab, will support the production and distribution of high-quality, consistent products for our brand partners. As we continue to solidify CAC’s presence in the state, we remain committed to working with the CCC to achieve final state licenses permitting medical dispensary operations at our Brockton and Cambridge locations, as well as adult-use operations at both our Brockton and Taunton locations.”
Canopy Growth Launches CBD Beverage Brand
Canopy Growth Corporation has launched a CBD beverage brand. The drink is already a top seller in the category after a successful Canadian launch. The brand is called Quatreau, and it contains 20 milligrams of U.S. grown hemp-derived CBD. Quaetreau comes in four refreshing flavors:
- Quatreau CBD-infused Sparkling Water in Cucumber + Mint
- Quatreau CBD-infused Sparkling Water in Passionfruit + Guava
- Quatreau CBD-infused Sparkling Water in Ginger + Lime
- Quatreau CBD-infused Sparkling Water in Blueberry + Acai
“We have proven our beverage strategy in Canada, where we are currently the market share leader in CBD-infused ready-to-drink beverages,” said Canopy Growth President and Chief Product Officer Rade Kovacevic. “Beverages are fueling growth in the CBD category and we believe this product will resonate with U.S. consumers looking for a naturally flavored, zero sugar option.”
Debra BorchardtNovember 19, 2020
Tilt Holdings Inc. (CSE: TILT) (OTCQB: TLLTF) reported a decline in revenue to $40.4 million for the second quarter of 2020, which was a drop of 12% from the prior-year period. The net loss was $4.6 million versus a net loss of $9 million in the previous quarter. The company also told investors that it sold its technology platform Blackbird.
“In the third quarter we saw sequential growth across our core Jupiter and plant-touching operations reflecting our diversified position within the growing U.S. cannabis industry,” said Mark Scatterday, CEO of Tilt. “We also reported record adjusted EBITDA that was positive for the third consecutive quarter, a result of our actions to right-size the business while strengthening our platform to scale as a preferred B2B partner to the cannabis industry.”
Sells Blackbird
When TILT first came together as a disparate group of companies, investors had a hard time understanding how all the pieces would fit. Management spent an inordinate amount of time explaining how these pieces would be synergistic. Now it seems, Tilt is going to focus on its biggest member of the family Jupiter, the vape company and is getting out of the tech platform business. Tilt announced that its subsidiary Baker Technologies, Inc. had agreed to sell Yaris Acquisition, LLC known as Blackbird to Slam Dunk, LLC, a Nevada limited liability corporation controlled by Tim Conder, TILT’s Chief Operating Officer and a member of the board of directors of the company. The company said the total valuation of the deal was $15 million and selling Blackbird results in a cut of $3 million in expenses quarterly.
“We continue to believe that the Blackbird platform offers a comprehensive technology solution capable of bringing cannabis brands, retailers, and consumers together on a single platform,” said Gary Santo, President of TILT. “Unfortunately, the marketplace for such solutions is fragmented and hyper-competitive with multiple players offering disparate systems at irrational prices and creating headwinds for sustained profitability.”
“Blackbird is effectively a start-up company contributing 4% to our revenue year-to-date while requiring additional capital and resources in order to achieve scale,” continued Santo. “Given the growth potential within Jupiter and our cannabis operations, we believe the opportunity costs associated with continuing to invest in the platform are not in our shareholder’s best interests. Upon closing, we expect this transaction to significantly improve profitability and free up cash flow that can be redeployed to grow our core businesses, while the proposed structure will allow TILT to participate in Blackbird’s future success.”
Focus On Jupiter
Following the vape crisis, Jupiter struggled, but it seems to have recovered and Tilt has decided to focus its efforts here. Scatterday said on the company’s earnings call, “In the third quarter, Jupiter returned to generating positive top-line growth and with its lean centralized and highly productive operating footprint, it continues to be a steady positive cash flow engine for TILT. Momentum picked up throughout the quarter as order patterns returned to normal and large customers continued to increase their order size. In September, we shipped the record number of total cartridges. Our disposable product category is still being impacted by the effects of COVID, where tourist centric markets like Nevada are still feeling the effects.”
William SumnerJune 3, 2019
It’s time for your Daily Hit of cannabis financial news for June 3, 2019.
Harvest Health & Recreation
Harvest Health & Recreation, Inc. (CSE: HARV) (OTCQX: HRVSF) announced the release of their financial results for the first quarter of 2019. Year-over-year, revenue rose from $8.3 million to $19.2 million. Net loss for the period was $20 million, which the company attributes to planned investments in infrastructure and personnel. Adjusted EBITDA was $4.7 million. “By adhering to our four core initiatives: building a world class team, aggressively expanding our retail and wholesale footprint across the U.S., building, acquiring and expanding brands and distributing them across our footprint, and continuing on a path of profitable growth, we believe that we can fulfill our objective of becoming the most valuable cannabis company in the world,” commented Harvest Health CEO Steve White.
TILT Holdings Inc.
TILT Holdings Inc. (CSE: TILT) (OTCQB: SVVTF) released its financial results for the first quarter of 2019. Reported revenue for the quarter was $34.4 million, and pro forma revenue was $39.6 million. Adjusted EBITDA was $8.0 million, and the net loss was $77.89 million. “We are pleased to report our first quarter as a consolidated company, reflecting the strength of the business combination that has established TILT as one of the largest revenue producing companies in the cannabis industry,” said Mark Scatter Day, TILT’s interim CEO. “We have only begun to realize the synergies of our business combination, which we expect to drive incremental revenue growth and improved margins as we execute our business development and integration strategies.”
Vireo Health International
Vireo Health International, Inc. (CSE: VREO) announced the released of their financial results for the first quarter of 2019. Year-over-year revenue rose by 57% from $3.7 million to $5.8 million. Much of the revenue increase was driven by retail sales wholesale revenue generation in the states of Maryland and Pennsylvania. Gross profit before fair value adjustments was $2.1 million. The net loss was $3.4 million, and adjusted EBITDA was $3.8 million. “We continued to experience strong revenue growth during the first quarter, with increasing patient counts in Minnesota and New York and contributions from wholesale revenue streams in Maryland and Pennsylvania during the quarter,” said Vireo Founder & CEO, Kyle Kingsley.
Organigram Holdings
Organigram Holdings Inc. (NASDAQ: OGI) (TSXV: OGI) announced that it had closed a previously announced credit facility with Bank of Montreal as lead agent. The facility consists of a $115 million term loan and a $25 million revolving credit facility, which matures in May 2022. The facility includes an option to increase it in increments of $35 million, up to $175 million. The proceeds of the facility will go towards the funding of Phase 4 and 5 expansions of its Moncton campus and refinance its existing long-term debt with Farm Credit Canada. “The closing of this credit facility reflects BMO’s and the syndicate lenders’ vote of confidence in our management team, ability to deliver financial results, and investment in our world-class Moncton campus,” said Organigram CEO Greg Engel. “Our current expansion plans are fully funded as we continue to remain on track for completion of Phases 4 and 5 of our campus.”
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