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TILT Holdings Inc. reports developments tied to its cannabis business-solutions portfolio, including inhalation technologies, cultivation, manufacturing, processing, brand development and retail. Its core business, Jupiter Research LLC, designs, develops and distributes vaporization hardware for cannabis brands and retailers across the United States, Canada, South America and the European Union.
Recurring updates include financial results, shareholder meeting outcomes, Jupiter product and regulatory developments, asset sales involving retail operations, and corporate-status matters. Recent company news also covers CCAA proceedings, noteholder voting materials, trading suspensions and delisting-related notices affecting TILT's common shares.
TILT Holdings Inc. (Cboe: TILT) (OTCQB: TLLTF), a global provider of cannabis business solutions, has announced its upcoming second quarter 2024 conference call scheduled for August 9, 2024, at 8:30 a.m. Eastern Time. The call will discuss the company's business strategy and financial results for the quarter ended June 30, 2024. TILT management will host the call, followed by a question-and-answer session. The company's results will be reported in a press release prior to the call. Interested parties can join via phone or webcast, with replay available in the investor relations section of TILT's website.
TILT Holdings announced the outcomes of its 2024 Annual General Meeting held virtually on June 11, 2024. Shareholders approved the election of five directors: John Barravecchia, Tim Conder, Adam Draizin, George Odden, and Arthur Smuck, who will serve until the next AGM. Additionally, Macias Gini & O’Connell LLP (MGO) was re-appointed as the company's auditor for the upcoming year, and the board received authorization to set MGO's remuneration. A detailed report of voting results has been filed on SEDAR+.
TILT Holdings reported its Q1 2024 financial results, revealing a revenue of $37.5 million, down from $42.3 million in Q1 2023 due to lower sales volumes and price compression in Massachusetts and Pennsylvania. The gross profit stood at $6.7 million with a margin of 17.9%, compared to $8.8 million and 20.8% respectively from the previous year. The net loss widened to $9.7 million, primarily due to a reduced gross profit and no asset sales gains as in Q1 2023. Adjusted EBITDA improved slightly to $38,000 from $(79,000). Operational highlights included the launch of the Level brand in Pennsylvania and winning the NECANN Cup for best vape cartridge. TILT is focusing on strengthening its balance sheet and addressing debt in 2024, despite ongoing industry challenges.
TILT Holdings Inc. secures funding for its Pennsylvania subsidiary, Standard Farms, to develop and operate three medical marijuana dispensaries in the Commonwealth of Pennsylvania under a new permit. The funding, up to $10.5 million, is provided by an experienced retailer and operator. The Note will bear interest at 20% initially, increasing to 30% and then 40% as milestones are achieved. The loan is secured by Standard Farms' retail assets and equity interests held by Baker Technologies, Inc.
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