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TILT Holdings Inc (TLLTF) is a leader in the cannabis industry, providing a range of services to brands and retailers across multiple states and countries. With a focus on technology, hardware, cultivation, and production, TILT helps businesses build their brands and expand their reach. The company's core businesses include Jupiter Research LLC, Commonwealth Alternative Care, Inc., Standard Farms LLC, and Standard Farms Ohio, LLC. TILT is committed to innovation, growth, and creating value for its partners and customers.
TILT Holdings Inc. (OTCQX: TLLTF) reported its Q4 2022 results, highlighting a 9% increase in revenue to $44.3 million but a decline from $54.1 million year-over-year. The company's net loss surged to $73.1 million due to a $54.6 million goodwill impairment. However, cash from operations improved significantly to $8.6 million in FY 2022, up from cash used in 2021. Recent debt refinancing reduced principal outstanding debt to $46 million. TILT focused on strategic partnerships and launched innovative products, positioning itself to navigate challenges in the cannabis sector. The firm aims to maintain positive cash flow and adjusted EBITDA moving forward.
TILT Holdings Inc. has announced an amendment to increase its revolving credit facility from $10 million to $12.5 million and extend the maturity to July 21, 2024. The updated borrowing terms will now reflect an interest rate of prime plus 3%. This improvement, which secures financing through its subsidiary Jupiter Research, also includes a $6 million guaranty from TILT. Additionally, George Odden has been appointed to TILT's Board of Directors, bringing valuable M&A expertise. CEO Gary Santo emphasized the importance of enhanced liquidity and favorable terms amid market volatility.
TILT Holdings Inc. (OTCQX: TLLTF) announced a successful partnership with Coda Signature, which won "Boston's Best Edible 2023" for its "Coffee and Doughnuts" chocolate bar at the NECANN Cup. This marks a significant achievement for Coda in a competitive market, showcasing TILT's effective product launch across Massachusetts. Additionally, TILT secured third place in the baked edible category with its Millionaire Shortbread, continuing its winning streak at NECANN. These accolades highlight TILT's commitment to quality in the cannabis industry, enhancing brand recognition and market presence.
TILT Holdings will participate in two key conferences in March 2023. CEO Gary Santo will join a panel at SXSW on March 11 to discuss cannabis social equity alongside other industry leaders. Additionally, Amy Larson, SVP of Marketing & Communications, will moderate a session titled "Industry Overview and Future Market Outlook" at the CannaReg: Cannabis Regulation Summit from March 21-22. TILT continues to focus on advancing cannabis market solutions across several regions.
TILT Holdings Inc. announced an exclusive licensing agreement with Jupiter Research to distribute the patented Thredz™ stackable cartridge technology. This innovative product allows consumers to connect two cartridges for a customized vaporization experience, set to launch in Q2 2023. Senior VP of Corporate Development, Cristina De Tomasi, emphasized TILT's commitment to innovation and staying ahead in the cannabis market. Thredz cartridges will work with existing 510 cartridges, expanding TILT's product offerings across North America and internationally.
TILT Holdings Inc. will host a conference call on March 16, 2023, at 5:00 p.m. Eastern Time to discuss its financial results for the fourth quarter and full year ended December 31, 2022. The call will include a question-and-answer session following the management discussion. Interested participants can join by dialing (877) 423-9813 toll-free or (201) 689-8573 internationally. TILT offers a range of cannabis business solutions, focusing on inhalation technologies, cultivation, and retail.
More information is available on the company's website.
Doobie has formed a direct-to-consumer (DTC) recreational cannabis delivery partnership with TILT Holdings' retail dispensary, Commonwealth Alternative Care, in Massachusetts. Customers in the Boston metro area can now order cannabis products via Commonwealth's website and receive home delivery. This partnership marks Doobie's third DTC alliance, following collaborations with CANN and Fernway. Commonwealth Alternative Care operates a modern facility in Taunton, producing over 30,000 packaged units monthly. Doobie aims to enhance consumer access to premium cannabis products through this initiative.
TILT Holdings Inc. has successfully completed a US $15 million sale-leaseback for its Pennsylvania cultivation and manufacturing facility, significantly reducing its non-revolving debt from US $86.7 million in December 2021 to US $46 million. The company repaid US $2 million of senior debt, and amended terms with junior noteholders to create new promissory notes totaling US $38 million, maturing in February 2026. TILT's new warrants, exercisable at US $0.07084, total approximately 92 million. The company also underwent board changes, with key resignations and appointments, streamlining its governance structure. This positions TILT for focused growth and strategic initiatives.
TILT Holdings Inc. has announced the launch of Black Buddha Cannabis in Pennsylvania, expanding its product offerings in the cannabis market. This social impact-driven brand, founded by Roz McCarthy, aims to promote wellness through its environmentally conscious cannabis products. The initial offering named Blyss features sativa-leaning hybrid flower, available in eighths and vapes. CEO Gary Santo highlighted the company's operational growth and readiness to meet market demands. This marks the brand's expansion beyond Massachusetts, with future plans for availability in other states.
TILT Holdings Inc. announced that its CEO, Gary Santo, has joined the Board of Directors of the National Cannabis Roundtable (NCR). This non-partisan alliance focuses on advancing cannabis policy in the U.S. Santo emphasized the ongoing challenges in cannabis reform, particularly the recent failure of the SAFE Banking Act in Congress, which highlights the need for continued advocacy for financial access and the elimination of tax barriers for cannabis businesses. TILT aims to support legislative efforts for decriminalization, consumer safety, and social equity.
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