TILT RELEASES LETTER FROM INTERIM CEO
Download as PDFMay 17, 2019
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- TILT Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTCQB: SVVTF), a leading provider of products and services to businesses operating in the cannabis industry, today released a letter from the Company’s recently announced Interim Chief Executive Officer, Mark Scatterday.
Dear TILT Shareholders:
I have accepted the position of interim CEO of TILT Holdings Inc. (“TILT” or the “Company”) to lead TILT in its next phase of growth. In my first 100 days, I intend to apply to TILT the operational playbook I used to build and scale Jupiter Research (“Jupiter”) into a cannabis industry leader over the past several years. I am excited by what lies ahead and have become fully immersed in the Company’s business units and integration planning. Our leadership team is laser-focused on continued growth, disciplined cost management and improved investor communication.
I am acutely aware that TILT’s story, strategic advantages and ongoing progress must be shared in a simpler and more compelling way with our shareholders, prospective investors and the public, and I will be working closely with my team to ensure better and more productive communication between TILT and our stakeholders.
TILT is a B2B company providing products and services to the cannabis industry. Today we are among the leaders in the industry when it comes to providing vaporizer hardware solutions, software products, distribution and delivery to brands and retailers across North America. We are not aware of any other company that provides our entire suite of services to the cannabis industry, and TILT is among the largest revenue producing US-based cannabis companies, as measured by our latest pro-forma Q4 revenue.
Fortunately, the businesses within TILT are operating at full speed to deliver value across the supply chain:
Jupiter continues to grow, providing vaporizer devices to businesses across the United States and now internationally. Moreover, Jupiter is realizing the anticipated synergies of merging with TILT as Jupiter’s clients are benefitting from the Blackbird distribution network. Our end-customers can now order Jupiter products directly through Blackbird’s software platform, and have them delivered directly by a Blackbird vehicle.
Blackbird Logistics and Baker Technologies have integrated their respective platforms, providing Blackbird customers with Baker’s loyalty and marketing solutions. Distribution continues to expand throughout Nevada and California, and we are actively evaluating and preparing entry into new markets in the coming months.
Cultivation and production capacity continues to expand in Massachusetts and Pennsylvania, and we look forward to sharing strategic developments as we combine efforts to increase our offerings in these markets.
In short term I will be assessing and optimizing our organizational structure to further integrate the business units for efficiency. By refining our corporate strategy and simplifying our story, we can better communicate who we are to both our clients and our shareholders. Most importantly, my focus will be on properly allocating capital and reducing costs.
I look forward to sharing the early developments of this plan on our first quarter earnings call, and will continue over the next few months and beyond to better highlight the pillars of our business and growth strategy while driving success. We will be streamlining our financial and media communications so they are easier to follow while sharing relevant updates of the progress we’re making.
I am eager to get to know you all better as we work together to scale TILT as a market innovator and leader.
Interim Chief Executive Officer
TILT is a leading provider of products and services to businesses operating in the cannabis industry. The Company offers the contract manufacturing of marijuana in a variety of form factors, vaporizer and inhalation devices, business and consumer delivery services and a broad suite of software products for over 1,500 retailers and brands throughout the United States (“U.S.”), Canada and Europe. The majority of TILT’s products are customized to client specifications and branding, all enabling them to operate their businesses more efficiently and connect with their customers more effectively. The Company is organized in two main business units, Software & Services and Consumer Devices & Packaged Goods, designed to augment competencies across the organization in research, manufacturing, packaging and technology to deliver end-to-end services and customer solutions. All of TILT’s products are supported by an extensive research process led by scientists and engineers, using data analytics and discovery to produce new products helping shape the industry. Headquartered in Cambridge, MA, with offices throughout the U.S., Toronto and London, TILT has over 500 employees and has sales in 40 U.S. states, Canada and Europe. For more information, please visit www.tiltholdings.com.