Tilt Hldgs Inc Stock Price, News & Analysis

TILT Holdings Inc. has announced that its subsidiary, Jupiter Research, has secured a new two-year, $10 million asset-based revolving credit facility with Entrepreneur Growth Capital. The loan, secured by Jupiter's inventory and accounts receivable, will bear interest at Prime plus 3.5%. CEO Gary Santo highlighted that this credit facility is a significant step towards a more normalized capital structure and reflects the company’s improved profitability. The funding will support growth initiatives as the new cultivation capacity is operational and brand partnerships expand across Massachusetts, Pennsylvania, and Ohio.

TILT Holdings has appointed Dana Arvidson as Chief Operating Officer effective July 22, 2021. Mr. Arvidson, with over 20 years of experience, will collaborate with the senior management team to enhance operational and financial growth. His responsibilities include providing leadership on strategic objectives and establishing KPIs for operational efficiency. Previously, Arvidson held key positions at PhyNet Dermatology and The First Marblehead Corporation. CEO Gary Santo expressed confidence in Arvidson's ability to drive shareholder value through effective execution of long-term strategies.

TILT Holdings has reached an agreement with the Massachusetts Cannabis Control Commission (CCC) to resolve longstanding concerns, facilitating the provisional licensure for retail cannabis sales in Massachusetts. Following a thorough investigation that delayed its licenses, TILT agreed to pay $275,000 to the CCC Marijuana Regulation Fund. The agreement enables TILT to open two new dispensaries in Cambridge and Brockton. CEO Gary Santo emphasized the company's commitment to compliance and improving operational integrity.

TILT Holdings has entered an exclusive agreement to manufacture, package, and distribute products for Old Pal, a leading cannabis lifestyle brand, in Massachusetts. This partnership will leverage TILT’s subsidiaries, Commonwealth Alternative Care and Jupiter Research, to launch Old Pal’s Ready to Roll pouches and 510 Oil Cartridges, along with a new THC-infused brownie. TILT aims to enhance its portfolio with well-known brands, supporting long-term profitability in growing markets.

TILT Holdings, a provider of cannabis business solutions, announced that its subsidiary Baker Technologies plans to amend and receive payment for a secured convertible promissory note, known as the Blackbird Note, valued at $7.9 million as of March 31, 2021. The payment will consist of $1.5 million in cash and shares of HERBL, with repayment expected to be completed by June 11, 2021. HERBL will guarantee Slam Dunk's obligations regarding the Blackbird Note. This transaction aims to streamline Baker's financial commitments following the sale of Blackbird to Slam Dunk in December 2020.

TILT Holdings, a global provider of cannabis business solutions, announced participation in four conferences in June 2021. Notable engagements include the Benzinga Cannabis Capital Conference on June 3-4, where CEO Gary Santo will present. The Stifel 2021 Virtual Cross Sector Insight Conference, Lytham Partners Summer 2021 Investor Conference from June 14-16, and KCSA Cannabis Virtual Investor Conference on June 29 are also significant events where TILT will host investor meetings and discussions.

TILT Holdings Inc. reported record Q1 2021 revenue of $46.8 million, reflecting a 15% year-over-year and 11% quarter-over-quarter increase. Adjusted EBITDA reached $6.2 million, up 28% year-over-year and 36% quarter-over-quarter. The company maintains its guidance for 2021, expecting revenue between $205 million and $210 million and Adjusted EBITDA between $30 million and $32 million. Significant operational highlights include record flower sales in Pennsylvania and completed expansion of cultivation capacity in Massachusetts.

TILT continues to execute its brand strategy by partnering with Airo Brands to launch AiroPro, AiroX, and AiroPod cartridges in Pennsylvania by early summer. This partnership aims to meet the demand for quality vape products in a market where vape products hold a 35% share. Airo's products are already available in over 1,250 dispensaries, and TILT's Standard Farms will manufacture the cartridges pending regulatory approval. This collaboration highlights TILT's ability to cross-sell and leverage existing relationships for market expansion.

TILT Holdings has announced that Gary Santo will become the new CEO, effective June 1, 2021, succeeding Mark Scatterday, who will remain as Chairman. Santo, who has been the President since October 2020, is credited with implementing the long-term strategy leading to growth and profitability. TILT expects a strong financial performance, projecting adjusted EBITDA of $30-$32 million for 2021, nearly doubling from previous figures, following a strategic divestiture of unprofitable segments. The company aims to enhance its position in the rapidly growing cannabis industry.