TILT Holdings Inc. ( OTCQX: TLLTF ) reported it has completed its acquisition of Standard Farms Ohio LLC, previously announced on April 16, 2019. Ohio currently has 160,000 registered medical patients, representing more than double Ohio’s 2019 patient totals. In 2020, cannabis sales approached $277 million, representing almost 290% growth compared to 2019.
“With the expansion of the Standard Farms footprint into Ohio, we continue to execute on our strategy of delivering a differentiated portfolio of premium products and supply chain solutions to multi-state providers, licensed producers, and cannabis retailers, as well as opening up another dynamic marketplace to our brand partners,” said Gary Santo, President of TILT. “Through the acquisition of SFO, TILT now has plant-touching operations in three fast-growing limited license markets, and we are excited to provide Ohio’s 52 dispensaries with a diverse selection of top brands that their customers want while generating meaningful revenue.”
SFO’s purpose-built 9,600 sq. ft. processing and CO 2 extraction facility is located just outside of Cleveland, providing ready access to the state’s 52 operating dispensaries. The Facility currently produces high-quality medical cannabis products including tinctures, vaporization cartridges, syringes and topicals, with the Company expecting to expand its product offerings to include concentrates and edibles inspired by TILT’s award-winning operations in Massachusetts and Pennsylvania.
A couple of weeks ago, Tilt announced that it had announced it received regulatory approval from the Massachusetts Cannabis Control Commission to start the operations of eight additional grow rooms at its subsidiary, Commonwealth Alternative Care, Inc. Tilt said it intended to begin cultivation operations in the newly approved space later this month.
At the time Gary Santo, President of TILT said, “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 “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.”