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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. has made significant progress in restructuring its debt, retiring US $7.5 million in secured promissory notes in Q4, alongside amending US $2.1 million of remaining notes to extend maturity to February 28, 2023. This effort has seen the company eliminate approximately US $33.7 million of its original US $35.8 million debt. Additionally, TILT has signed an amendment with Innovative Industrial Properties to extend the sale and leaseback agreement of its Pennsylvania facility, aligning with plans for new debt refinancing.
TILT Holdings Inc. (OTCQX: TLLTF), a provider of cannabis business solutions, will attend two upcoming virtual conferences. On December 5, CEO Gary Santo will speak at the Wolfe Research Consumer Growth Conference, participating in a panel on 'Cannabis Capital, Tech, and Product.' From December 6-8, TILT executives will hold one-on-one meetings at the Cowen 5th Annual Cannabis Conference, focusing on various cannabis industry aspects. TILT operates across 37 U.S. states and internationally, providing technology, hardware, and retail solutions.
TILT Holdings, a global provider of cannabis solutions, announced the launch of the Little Beach Harvest brand in collaboration with the Shinnecock Indian Nation. This initiative aims to introduce ancestral cannabis products to Massachusetts, building on a partnership established in 2021. The brand will initially focus on flower products, with a dispensary opening in early 2023 on Shinnecock land. The partnership also includes educational scholarships for tribal members to support workforce development in the cannabis industry.
TILT Holdings announced an agreement via its subsidiary Jupiter Research with House of Blends Inc. to distribute the innovative Blend Pen™ in the U.S. and Canada. The Blend Pen™ features dual cartridges, enabling users to mix unique THC and CBD blends. Expected to launch by early 2023, it aims to enhance the personalization of cannabis consumption through adjustable power outputs and an accompanying app. This new product is showcased at the MJBizCon event, highlighting TILT's commitment to consumer-driven innovation.
TILT Holdings Inc. (TLLTF) announced the upcoming launch of Concept LVT, a unique rig-less dab solution set to debut in early 2023. Developed by TILT's subsidiary, Jupiter Research, the Concept LVT targets the growing cannabis concentrate market, projected to achieve $8 billion in retail sales this year. Featuring an innovative heating technology, this product offers enhanced flavor and ease of use, as consumers will use reusable cartridges and pre-filled crucibles. This initiative underscores TILT's commitment to innovation and responsiveness to market trends.
TILT Holdings reported an 8% increase in year-over-year revenue, driven by a remarkable 424% growth in brand partner sales. For the third quarter of 2022, revenue stood at $40.5 million, down from $53.4 million in the prior year due to lower inhalation business sales. Despite a net loss of $15.7 million compared to a net income of $1.0 million last year, TILT achieved positive cash flow from operations, totaling $8.3 million year-to-date. The company also announced an extension of senior debt maturities and a new debt agreement expected to strengthen its financial position moving forward.
TILT Holdings has launched a new cannabis-infused brownie mix called Baked at Home, developed in collaboration with the cannabis brand Old Pal. This product, available for approximately $25, simplifies the baking process for consumers by including dry ingredients infused with 100mg of THC. Each box produces 20 brownies, with each serving containing roughly 5mg of THC. The mix will be available in Massachusetts and California, just in time for the holiday shopping season, maximizing brand exposure and enhancing consumer access to cannabis edibles.
TILT Holdings has amended senior secured promissory notes totaling US $9.6 million, extending their maturity date from November 14, 2022 to December 31, 2022. CEO Gary Santo indicated this extension aligns with the previous sale and leaseback terms for the White Haven facility. The company is in discussions to refinance these notes and potentially replace the entire legacy debt structure. The outcome of these negotiations is expected to materialize by year-end, signaling ongoing investor confidence despite challenging market conditions.
TILT Holdings has partnered with Coda Signature, a leading infused chocolatier, to launch Coda's cannabis-infused products in Massachusetts in Q1 2023, followed by Ohio. This addition to TILT's brand portfolio emphasizes BIPOC and women-owned enterprises. Coda, founded in Colorado in 2016, offers premium chocolate bars and innovative cannabis products, gaining popularity for unique flavors. TILT's CEO highlighted the significance of this partnership, aiming to expand Coda’s reach and consumer base in Massachusetts through existing dispensaries.
TILT Holdings announced that its subsidiary, Jupiter Research, has signed a five-year exclusive agreement with Curaleaf International to manufacture and supply the Liquid Que™ vaporizer for use as a medical device. This partnership will expand TILT's footprint into the UK and European markets, with plans to enter additional territories including Australia and the UAE. The Liquid Que™, designed for high-viscosity cannabis extracts, is projected to be available in the UK by late 2023, pending regulatory approvals.
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