TILT Holdings President Gary Santo to Succeed Mark Scatterday as CEO; Scatterday to Continue Serving as Chairman of the Board

Published: May 17, 2021

TILT Holdings President Gary Santo to Succeed Mark Scatterday as CEO; Scatterday to Continue Serving as Chairman of the Board

TILT Holdings Inc., a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, announced that current President Gary Santo will be appointed as the Company’s new Chief Executive Officer (“CEO”), effective June 1, 2021. Current CEO Mark Scatterday will continue to serve as Chairman of the Board and will work closely with Mr. Santo and the senior management team. He will also serve as a special advisor to TILT’s research and development team as they continue to create new technology and product innovations.

“This is an exciting time for TILT and the cannabis industry as consumer adoption and demand continues to accelerate,” said Mark Scatterday, current Chairman & CEO of TILT. “Since joining TILT last year, Gary has been an integral part of our leadership team as he brought a wealth of experience in both cannabis and other highly regulated sectors. His development and implementation of our long-term strategy has been key to our return to growth and profitability. I look forward to continuing to work closely with him, our board and the research and development team.”

Current TILT President Gary Santo added, “It is an honor to become the CEO of such a forward-thinking, innovative company and to work alongside such a talented and passionate team. TILT has been given a rare opportunity in the cannabis sector to have a second act, and the Company has proven its commitment to value creation by divesting unprofitable business segments and repositioning itself to better serve consumers, MSOs, licensed producers and cannabis brands around the globe. These efforts have enabled our robust growth outlook for 2021, which has us nearly doubling adjusted EBITDA to $30-$32 million. As we continue to execute on our growth initiatives, I am excited to lead the team into what promises to be an exciting few years ahead.”

Santo continued, “I’d like to express my deepest gratitude to Mark for this opportunity. Together with our prior President and Chief Operating Officer Tim Conder, Mark successfully stabilized TILT’s foundation during a pivotal transition period for the Company. I look forward to continuing to work closely with him as we lead TILT into its next chapter of growth.”

Mr. Santo was appointed President of TILT in October 2020. Since that time, he has solidified TILT’s B2B strategy, executed on strategic distribution and brand partnerships, and made key hires across compliance, marketing and human resources. Mr. Santo brings more than 25 years of experience leading lean, high-performance teams in consumer credit, financial services, gaming and technology, higher education and specialty-pharma. He has held a variety of senior roles at The First Marblehead Corporation, Fitch Ratings, International Game Technology, Lantheus Medical Imaging and most recently, Columbia Care Inc., a leading multi-state operator in the cannabis industry. Santo holds an Investor Relations Charter® certification from the National Investor Relations Institute, as well as a degree in Political Science from Boston University.

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 36 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.