TILT Holdings Inc (OTCMKTS:TLLTF) posted revenues of $42.4 million in Q1 2020. CEO Mark Scatterday said the company reported better growth in Q1 on better management of businesses. The company is generating revenues from several streams to enhance value for shareholders and boost cash flow.
Highlights
Jupiter Research contributed revenues of $32.3 million in Q1. It is an increase of 13% YoY and 35% QoQ. The company achieved better revenues on the backdrop of satisfying the demand for vaporization and inhalation technology by maintaining a strong inventory. It also unveiled innovative vaporization products for this year.
TILT appointed Mark as CEO. It enhanced the throughput of cultivation and achieved a 5% sequential growth in plant-touching revenues by focusing on high yielding strains. The company’s gross margins are impacted by the ongoing coronavirus crisis and the resulting restrictions on recreational use in Massachusetts towards the end of March 2020.
Realigns Blackbird
TILT rapidly realigned the business model and resources of Blackbird Holdings Corp because of the disruptions caused in March on account of the COVID-19 pandemic. The company achieved efficiencies in wholesale delivery and retail pricing. Blackbird also revamped its online store for cannabis products by including ads. It also improved operational efficiency by lowering costs.
Brad Hoch takes charge as interim CFO
Following the CFO’s departure, David Coloia, on June 12, 2020, the controller of Jupiter Research, Brad Hoch, took charge as Interim CFO of TILT. Brad will also work as a Corporate Controller until alternate arrangements are made.
Commenting on the appointment of Brad as Corporate Controller and Interim CFO, Mark said he played a vital role in promoting Jupiter’s growth. Brad is well-versed with the company’s operating assets and contributes solid experience in public markets, corporate finance, and accounting.
Caloia will help Brad in the next 90 days for a smooth transition of duties of the CFO. Brad will receive full support during this transition period from Caloia, who contributed to its growth. Previous stints of Hoch include Divisional Controller at a technology company – American Traffic Solutions.
TILT serves over 2,000 brands and retailers in 33 states across the nation. The company offers services in South America, Mexico, the EU, Israel, and Canada.
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