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.
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.
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.
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