TILT Holdings Refiles Financial Statements, Names New PR Firm

Following the market close and at the end of the evening on Tuesday, TILT Holdings Inc.  (CSE: TILT) (OTCQB: SVVTF) said that it refiled amended and restated management’s discussion and analysis for the quarters and year ended December 31, 2018, and for the three month period ended March 31, 2019, and 2018  (the YE 2018 MD&A and the Q1 2019 MD&A together.  The documents were prepared following a continuous disclosure review by the British Columbia Securities Commission of the company’s disclosure records.

According to the company’s statements, the documents were refiled to address comments received from BCSC staff and in order to improve the company’s disclosure. TILT said the refiling was specifically meant to address the following issues:

  • address the guidance provided in Staff Notice 51-352 (Revised) Issuers with U.S. Marijuana-Related Activities published by the Canadian Securities Administrators on February 8, 2018;
  • identify those persons party to Related Party Transactions disclosed in the MD&A;
  • provide more comprehensive disclosure and discussion regarding Pro Forma Results from the quarter ended March 31, 2019;
  • remove content from the MD&A deemed “promotional” by the BCSC;
  • specifically identify the forward-looking statements in the MD&A;
  • include a detailed listing of TILT’s financial instruments; and
  • discuss the impact on TILT of the implementation of IFRS 16 – Leases.

Furthermore, the YE 2018 MD&A was refiled at the request of the BCSC to:

  • address the guidance provided in Staff Notice 51-352 (Revised) Issuers with U.S. Marijuana-Related Activities published by the Canadian Securities Administrators on February 8, 2018;
  • provide more prominent and comprehensive disclosure regarding the Company’s goodwill impairment for the year ended December 31, 2019;
  • provide more prominent and comprehensive disclosure as to the Company’s significant increase from fiscal 2017 in consulting fees, general and office expenses, professional expenses and wages and benefits;
  • identify those persons party to Related Party Transactions disclosed in the MD&A;
  • provide more comprehensive disclosure and discussion regarding Pro Forma Results from the year ended December 31, 2018;
  • remove content from the MD&A deemed “promotional” by the BCSC;
  • specifically identify the forward-looking statements in the MD&A;
  • include a detailed listing of TILT’s financial instruments; and
  • discuss the impact on TILT of the implementation of IFRS 16 – Leases.

PR Firm Change

In addition to the refiling announcement, TILT also noted that the company added another PR firm. It has been working with ICR Inc. and now has signed with CMW Media. “From an operational and functionality standpoint, TILT is positioned better and stronger than we’ve ever been, and we want the world to know it,” said Mark Scatterday, Interim CEO of TILT Holdings Inc. “Our goal through the partnership with CMW Media is to educate the public on TILT’s ongoing successes and bring light to our subsidiary businesses through executed media campaigns and storytelling that demonstrates what sets us apart from everyone else in the industry.”

TILT has come under fire ever since the company wrote down over $500 million in company assets shortly after going public. Investors were furious and felt they had been duped, while the company shifted the blame for the overvaluation on Cowen & Company (its bankers) and the complications of combining numerous different companies. The stock has lost over half its valuation during 2019 as investors walked away.

According to the company statement, CMW Media will execute a public relations strategy to tell the accurate TILT story. The statement said that CMW will increase public knowledge of TILT by gaining national and regional media attention for the Company.

“The opportunity to partner with TILT Holdings is a major accomplishment for our company and meets our everlasting goal to work with businesses that are providing real, impactful solutions for the cannabis industry,” said Andrew Hard, CEO of CMW Media. “We are excited to hit the ground running alongside TILT’s impressive, renewed executive team and to share with the cannabis industry and beyond what this impressive company has accomplished and their goals for the future.”

 

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


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