Connect with us

Business

TILT Holdings Inc (OTCMKTS:TLLTF) Reports Robust Revenues Of $152.9 Million in 2019: Incorporates Changes In Senior Management

Published

on

In 2019, TILT Holdings Inc (OTCMKTS:TLLTF) reported better than expected revenues of $152.9 million. Its revenues in Q4 have declined by 27.54% to $33.4 million because of challenging marketing conditions and illegal sale of vape products.

Accomplishments

Customized inhalation products contributed 60% of the revenues of Jupiter Research, a subsidiary of TILT, in 2019. Jupiter suffered supply disruptions in Q4 and could not sell inventory targeted at China because of the impact of the COVID-19 pandemic.

Jupiter introduced innovative products such as Liquid X Infinity all in one and Liquid Que, which are developed using CCELL technology, in Q4. The company is conducting child safety tests for these products.

CAC, the plant-touching operating asset of TILT, obtained the local nod in October 2019 to establish a retail marijuana outlet in the Brockton City and Taunton City. It is working with CCC to resolve the outstanding issues of previous affiliate associations. Therefore, obtaining a license for Brockton and Taunton from the state is on hold.

Cost savings of $3.5 million

TILT saved $3.5 million by undertaking cost-cutting measures like giving pink slips to 42 staff at Blackbird.

Blackbird shipped wholesale cannabis worth more than $250 million to Nevada and Californian markets in 2019.

Change in senior management

TILT elevated Tim Conder, COO, to the board of directors on October 15, 2019. The company also added Jane Batzofin and Mark Coleman to the board.

Coleman previously worked as General Counsel and Executive Vice President at Trine Acquisition Corp. Jane is working as a General Counsel and MD of Corner Ventures and General Counsel and Partner of Corner Capital Group.

Blackbird Holdings launched a software platform on December 10, 2019, for cannabis retailers. The software platform combines inventory management, distribution, e-commerce, and CRM.

Arbitrations

O’Melveny & Myers LLP raised an arbitration claim against TILT on November 22, 2019, with JAMS San Francisco because TILT failed to honor the payment of costs and fees worth $3.1 million. TILT plans to submit a counterclaim in opposition to O’Melveny & Myers.

The former Director, Co-Chairman, and CEO, Alexander Coleman, filed an arbitration claim against TILT on December 16, 2019, with Denver based JAMS Office for breaching his employment agreement. According to the claim, the company failed to pay severance and certain expenses. TILT submitted a counterclaim against Coleman.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

FEATURED STORIES

Business2 hours ago

Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) Announced a First-Quarter Net Loss of About $16.1 Million

Post Views: 10 Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP), a clinical-stage drug development company ground-breaking transformative drugs aiming at the...

Business2 hours ago

Cannapharmarx Inc (OTCMKTS: CPMD) Proclaims Non-Dilutive Obligation Funding for Possessions and Amenities Situated in Cremona, AB

Post Views: 15 Cannapharmarx Inc (OTCMKTS: CPMD), an upcoming front-runner in forward-looking, extremely well-organized cannabis creation facilities in Canada, proclaimed...

Business2 hours ago

Blueberries Medical Corp (OTCMKTS: BBRRF) Employs Previous Clever Leaves International Head of B2B As President of Latin American Processes

Post Views: 20 BlueberriesMedical Corp (OTCMKTS: BBRRF), a Latin American approved creator oftherapeutic cannabis and cannabis-derived produces, has announced theemployment...

Business3 hours ago

Tilray Inc (NASDAQ: TLRY) Unveils Worth Medicinal Track Named Symbios

Post Views: 2 Tilray Inc (NASDAQ: TLRY) is commencing a new medicinal marijuana creation named Symbios. The company said that...

Business1 day ago

Amyris Inc (NASDAQ: AMRS) to Obtain OLIKA Customer Brand, Growing Family Of Spotless Customer Brands, And Hastening Development

Post Views: 8 Today, Amyris Inc (NASDAQ: AMRS), a foremost artificial biotechnology company lively in the Clean Health and Beauty...

Business1 day ago

Acreage Holdings Inc (OTCMKTS: ACRHF) Proclaims Transaction of Notes

Post Views: 4 Acreage Holdings Inc (OTCMKTS: ACRHF) a multi-state operative of cannabis ‎farming and retailing amenities in the U.S.,...