TILT Holdings Sees More C-Suite Shuffle, Gary Santo Departs CEO Role

Tim Conder, a board member, was named as interim CEO.

Phoenix-based TILT Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) announced a change in its top leadership. Gary Santo has resigned as the chief executive officer and board member, effective immediately. Tim Conder, a board member, has been appointed as the interim CEO, effective April 21.

TILT is a global provider of cannabis business solutions that offers a range of services, including inhalation technologies, cultivation, manufacturing, processing, brand development, and retail.

The company has been experiencing a leadership shake-up in recent years, with the departure of several key executives.

Gary Santo, second from right, addresses a panel audience at Benzinga Miami on Wednesday Apr. 12, 2023. (Green Market Report/Adam Jackson)

Last month, Santo noted that the company maintained positive adjusted EBITDA and produced positive cash flow from operations in 2022, a critical metric for any business, despite the decrease in revenue and gross profit.

Conder has been a board member since October 2019 and previously served as the company’s president and chief operating officer from 2019 until 2020 following TILT’s acquisition of Blackbird, a cannabis software and services company that he co-founded.

In addition to Conder’s appointment as interim CEO, TILT appointed Mark Scatterday as a senior advisor focused on the company’s Jupiter inhalation business. Scatterday was previously the founder of Jupiter and CEO of TILT until May 2021. He also served as chair of the board through December 2022 and a board member until February 2023.

TILT’s board chair, John Barravecchia, said that the board is confident in Conder’s ability to “seamlessly step in to helm day-to-day operations as we conduct our search for a permanent successor.” He also thanked Santo for his contributions over the past two years.

“We will continue to prioritize serving our brand partners and customers with a renewed focus on generating free cash flow through operational excellence and purposeful capital allocation,” said Barravecchia.

TLLTF was down 3.57% to $0.627 at close trading on the over-the-counter market.

Adam Jackson

Adam Jackson writes about the cannabis industry for the Green Market Report. He previously covered the Missouri Statehouse for the Columbia Missourian and has written for the Missouri Independent. He most recently covered retail, restaurants and other consumer companies for Bloomberg Business News. You can find him on Twitter at @adam_sjackson and email him at adam.jackson@crain.com.


4 comments

  • John M

    April 24, 2023 at 9:11 pm

    What took the board so long?

    Reply

  • Skibare

    April 25, 2023 at 10:44 am

    Scatterday owns the majority of debt

    Reply

  • Tilt’d

    May 13, 2023 at 6:31 am

    Ooh the stock is gonna tank when news gets out about…

    Reply

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