TILT Holdings Inc., a foundational technology cannabis platform comprised of assets to support brands worldwide, released the following letter today from the Company’s interim Chief Executive Officer Mark Scatterday.
As we progress in 2020, we are moving forward with a reinvigorated sense of purpose and energy. Our vision is clear: TILT supports cannabis businesses across the globe through our portfolio of innovative technology companies. From software solutions to inhalation technology and more, TILT helps over 2,000 brands and retailers achieve success in this ever-changing industry. While 2019 was a challenging year for public companies in our industry, l am encouraged and reassured knowing that we have such a strong and supportive group of people working together with us and toward the same goals.
The new year is off to a great start, following on the heels of a productive fourth quarter. A few recent updates include:
- The successful migration of Baker Technologies Inc. (“Baker”) clients into the Blackbird Logistics Corporation (“Blackbird”) platform quadruples existing clients across its software platform – right in time for the recent expansion of our product offering. This is an impressive feat, and with all these clients on a single software platform we have one of the largest footprints in the industry;
- Jupiter Research, LLC (“Jupiter”) releasing several new proprietary devices that we debuted in Las Vegas last month. We also have several new exciting opportunities on the horizon.
In support of our technology and innovation businesses, our plant touching assets continue to generate revenue and free cash flow which will help fund the expansion of Jupiter and Blackbird:
- In Massachusetts, we are working closely with our operations and construction team in Taunton to finalize our Certificate of Occupancy. With this additional capacity online (50,000 square feet), we expect to double our cultivation footprint and increase our packaging space. We are expecting to see a significant increase in revenue from this effort once complete. We have also been working closely with our affiliate partners and the Cannabis Control Commission (CCC) to revise legacy supply and services agreements that are not in line with our refined business focus or our approach to social justice and advocacy. This resulted in our friend Elev8 Cannabis receiving its provisional licenses in Massachusetts, and while additional obstacles remain, brings us one step toward our own recreational licenses in the State.
- In Ohio, our production facility is operational – we have purchased cannabis biomass from local providers and successfully produced cannabis products. We are finalizing our go-to-market strategy and expect revenue to follow shortly.
We will continue to innovate and lead the industry in supporting brands and retailers through our focus on technology and services. This continued progress shows the underlying and inherent value of TILT: a portfolio of complementary businesses driving growth across the global cannabis industry.