TILT Holdings Announces the Departure of its Chief Revenue Officer

Rhea-AI Summary

TILT Holdings (Cboe CA: TILT) (OTCQB: TLLTF), a global provider of cannabis business solutions, announced a significant leadership change on October 18, 2024. Chris Kelly, who had been serving as the company's Chief Revenue Officer (CRO) since December 2022, has departed from his position, effective immediately.

Tim Conder, CEO of TILT Holdings, stated that the company is continuing to transform and refocus, leading to this change in leadership. Conder expressed gratitude for Kelly's contributions to TILT, as well as his leadership and mentorship to his team, and wished him well in his future endeavors.

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• Departure of Chief Revenue Officer Chris Kelly
• Potential disruption in revenue strategy due to leadership change

PHOENIX, Oct. 18, 2024 (GLOBE NEWSWIRE) -- TILT Holdings Inc. (“TILT” or the “Company”) (Cboe CA: TILT) (OTCQB: TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, today announced a leadership change. Chris Kelly, who has served as Chief Revenue Officer (“CRO”) since December 2022, has departed the Company, effective today.

“The Company continues to transform and refocus, and with these changes, comes the announcement today of Chris Kelly’s departure as chief revenue officer,” stated Tim Conder, chief executive officer of TILT Holdings. “We thank Chris for his contributions to TILT as well as his leadership and mentorship to his team, and wish him well in his future endeavors.”

About TILT

TILT helps cannabis businesses build brands. Through a portfolio of companies providing technology, hardware, cultivation and production, TILT services brands and cannabis retailers across 40 states in the U.S., as well as Canada, Israel, Mexico, South America and the European Union. TILT’s core businesses include Jupiter Research LLC, a wholly-owned subsidiary and leader in the vaporization segment focused on hardware design, research, development and manufacturing; and cannabis operations, Commonwealth Alternative Care, Inc. in Massachusetts, Standard Farms LLC in Pennsylvania, and Standard Farms Ohio, LLC in Ohio. TILT is headquartered in Phoenix, Arizona. For more information, visit www.tiltholdings.com.

Forward-Looking Information

This news release contains forward-looking information and statements (together, “forward-looking information”) under applicable Canadian and U.S. securities laws which are based on current expectations. Forward-looking information is provided for the purpose of presenting information about TILT management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may include, without limitation, expectations relating to the impact of the leadership change on TILT’s operations, TILT’s beliefs about working through the leadership transition, TILT’s expectations on reductions in corporate overhead and headcount and re-alignment of its business, TILT’s business strategy and growth opportunities, the opinions or beliefs of management, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies, and outlook of TILT, and includes statements about, among other things, future developments, the future operations, strengths and strategy of TILT. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “will”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These statements should not be read as guarantees of future performance or results. These statements are based upon certain material factors, assumptions and analyses that were applied in drawing a conclusion or making a forecast or projection, including TILT’s experience and perceptions of historical trends, the ability of TILT to maximize shareholder value, current conditions and expected future developments, as well as other factors that are believed to be reasonable in the circumstances.

Although such statements are based on management’s reasonable assumptions at the date such statements are made, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on the forward-looking information. TILT assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.

By its nature, forward-looking information is subject to risks and uncertainties, and there are a variety of risk factors, many of which are beyond the control of TILT, and that may cause actual outcomes to differ materially from those discussed in the forward-looking information. Such risk factors include, but are not limited to, TILT’s ability to find a permanent successor executive, the impact of the announcement of the leadership change on TILT’s stock, performance, operations, results of operations, employees, suppliers and customers, TILT’s ability to successfully work through the leadership transition, TILT’s ability to execute on its business optimization strategy, capital preservation and cash generation, and reductions in corporate overhead and headcount and re-alignment of its business and those risks described under the heading “Item 1A Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and “Item 1A Risk Factors” in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and other subsequent reports filed by TILT with the United States Securities and Exchange Commission at www.sec.gov and on SEDAR+ at www.sedarplus.ca.

Company Contact:
Lynn Ricci, VP of Investor Relations & Corporate Communications
TILT Holdings Inc.
lricci@tiltholdings.com

Investor Relations Contact:
Sean Mansouri, CFA
Elevate IR
TILT@elevate-ir.com
720.330.2829

FAQ

When did Chris Kelly leave his position as CRO at TILT Holdings (TLLTF)?

Chris Kelly departed from his position as Chief Revenue Officer at TILT Holdings (TLLTF) on October 18, 2024.

How long did Chris Kelly serve as CRO at TILT Holdings (TLLTF)?

Chris Kelly served as Chief Revenue Officer at TILT Holdings (TLLTF) from December 2022 until October 18, 2024, a period of approximately 22 months.

What reason did TILT Holdings (TLLTF) give for Chris Kelly's departure?

TILT Holdings (TLLTF) stated that the company is continuing to transform and refocus, which led to the announcement of Chris Kelly's departure as Chief Revenue Officer.

Who announced Chris Kelly's departure from TILT Holdings (TLLTF)?

Tim Conder, the Chief Executive Officer of TILT Holdings (TLLTF), announced Chris Kelly's departure from the company.