CAMBRIDGE, Mass.–(BUSINESS WIRE)–
TILT Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTCQB: SVVTF),
a leading provider of products and services to businesses operating in
the cannabis industry, today released a letter from the Company’s
recently announced Interim Chief Executive Officer, Mark Scatterday.
Dear TILT Shareholders:
I have accepted the position of interim CEO of TILT Holdings Inc.
(“TILT” or the “Company”) to lead TILT in its next phase of growth. In
my first 100 days, I intend to apply to TILT the operational playbook I
used to build and scale Jupiter Research (“Jupiter”) into a cannabis
industry leader over the past several years. I am excited by what lies
ahead and have become fully immersed in the Company’s business units and
integration planning. Our leadership team is laser-focused on continued
growth, disciplined cost management and improved investor communication.
I am acutely aware that TILT’s story, strategic advantages and ongoing
progress must be shared in a simpler and more compelling way with our
shareholders, prospective investors and the public, and I will be
working closely with my team to ensure better and more productive
communication between TILT and our stakeholders.
TILT is a B2B company providing products and services to the cannabis
industry. Today we are among the leaders in the industry when it comes
to providing vaporizer hardware solutions, software products,
distribution and delivery to brands and retailers across North America.
We are not aware of any other company that provides our entire suite of
services to the cannabis industry, and TILT is among the largest revenue
producing US-based cannabis companies, as measured by our latest
pro-forma Q4 revenue.
Fortunately, the businesses within TILT are operating at full speed to
deliver value across the supply chain:
Jupiter continues to grow, providing vaporizer devices to businesses
across the United States and now internationally. Moreover, Jupiter is
realizing the anticipated synergies of merging with TILT as Jupiter’s
clients are benefitting from the Blackbird distribution network. Our
end-customers can now order Jupiter products directly through
Blackbird’s software platform, and have them delivered directly by a
Blackbird vehicle.
Blackbird Logistics and Baker Technologies have integrated their
respective platforms, providing Blackbird customers with Baker’s loyalty
and marketing solutions. Distribution continues to expand throughout
Nevada and California, and we are actively evaluating and preparing
entry into new markets in the coming months.
Cultivation and production capacity continues to expand in Massachusetts
and Pennsylvania, and we look forward to sharing strategic developments
as we combine efforts to increase our offerings in these markets.
In short term I will be assessing and optimizing our organizational
structure to further integrate the business units for efficiency. By
refining our corporate strategy and simplifying our story, we can better
communicate who we are to both our clients and our shareholders. Most
importantly, my focus will be on properly allocating capital and
reducing costs.
I look forward to sharing the early developments of this plan on our
first quarter earnings call, and will continue over the next few months
and beyond to better highlight the pillars of our business and growth
strategy while driving success. We will be streamlining our financial
and media communications so they are easier to follow while sharing
relevant updates of the progress we’re making.
I am eager to get to know you all better as we work together to scale
TILT as a market innovator and leader.
Sincerely Yours,
Mark Scatterday
Interim Chief Executive Officer
About TILT
TILT is a leading provider of products and services to businesses
operating in the cannabis industry. The Company offers the contract
manufacturing of marijuana in a variety of form factors, vaporizer and
inhalation devices, business and consumer delivery services and a broad
suite of software products for over 1,500 retailers and brands
throughout the United States (“U.S.”), Canada and Europe. The majority
of TILT’s products are customized to client specifications and branding,
all enabling them to operate their businesses more efficiently and
connect with their customers more effectively. The Company is organized
in two main business units, Software & Services and Consumer Devices &
Packaged Goods, designed to augment competencies across the organization
in research, manufacturing, packaging and technology to deliver
end-to-end services and customer solutions. All of TILT’s products are
supported by an extensive research process led by scientists and
engineers, using data analytics and discovery to produce new products
helping shape the industry. Headquartered in Cambridge, MA, with offices
throughout the U.S., Toronto and London, TILT has over 500 employees and
has sales in 40 U.S. states, Canada and Europe. For more information,
please visit www.tiltholdings.com.
Forward-Looking Information
This news release contains forward-looking information based on
current expectations. Forward-looking information is provided for the
purpose of presenting information about 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, the receipt of the
Certificate of Operation by Standard Farms, the operational date of the
Facility, the expected growth of the Ohio cannabis market, 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”, “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,
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 they it be completed on the terms described above and
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 material 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
statements.
The CSE has neither approved nor disapproved the contents of this
news release.
Pro Forma Presentation
The pro forma information (“Pro Forma Information”) presented herein
is not necessarily indicative of the operating results or financial
condition that would have been achieved if the proposed acquisitions to
which the Pro Forma Information relates had been completed on the dates
or for the periods presented, nor do they purport to project the results
of operations or financial position of the combined entities for any
future period or as of any future date. Actual amounts recorded upon
consummation of the acquisitions to which the Pro Forma Information
relates would likely differ from those recorded in the Pro Forma
Information. The Pro Forma Information does not reflect any special
items such as integration costs or operating synergies that may be
realized as a result of the acquisitions to which the Pro Forma
Information relates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190517005091/en/
Contact Information:
Joel Milton
SVP of Business
Development
Phone: (303) 872-7255
Investor Contact:
Scott Van Winkle
ICR
Phone:
617-956-6736
investors@tiltholdings.com
Media Contact:
Cory Ziskind
ICR
Phone: 646-277-1232
tiltholdings@icrinc.com
Source: TILT Holdings Inc.
Released May 17, 2019