TILT Holdings Inc. (CSE: TILT) (OTC: SVVTF) announced preliminary and unaudited pro forma January 2019 gross revenue of $18.3 million. The company’s pro forma January revenue was driven by continued growth of all companies within TILT, including recent acquisitions.
In just January 2019 TILT said its unaudited gross revenue was $13.8 million versus the $7.6 million for the entire year of 2018. Gross margins for January were 16% given the early stages of business integrations, and full-year 2018 gross margins were 21%.
TILT‘s annual audited financials will be available prior to April 30, 2019, and consolidated financials for the first quarter, including the acquisitions of Jupiter, Standard Farms and Blackbird, will be available prior to May 31, 2019.
The company said that increases in Jupiter shipments reflected strong consumer demand of the company’s vaporizers. Blackbird’s continued expansion in California and success in the Nevada wholesale market boosted revenue. In Pennsylvania, Standard Farms is among the leading cultivation and production companies, selling their product wholesale throughout the state.
Baker saw an increase in the number of dispensaries using their software in January. Finally, TILT’s MA operations contributed as well, though January numbers do not reflect the opening of any recreational stores, which are expected to come online throughout 2019.
“Following the Business Combination and TILT’s public listing on the Canadian Securities Exchange in early December 2018, we have been able to acquire and integrate numerous market leading cannabis companies,” said Alex Coleman, Chairman and CEO of TILT.