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TILT Reports Record First Quarter 2019 Revenue



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Executed acquisitions and business integration to create one of
the industry’s leading end-to-end provider of products and services in
support of the rapidly growth North American cannabis industry

First Quarter Pro forma Revenue increased 169% year over year to
$40 million

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 announced its financial results for the
first quarter of 2019 ended March 31, 2019. All financial information
presented in this release is in U.S. dollars, unless otherwise noted.

First Quarter 2019 Operational and Financial Highlights

  • First quarter pro forma1 revenue increased 169% year over
    year to $40 million.
  • Improved pro forma1 Adjusted EBITDA margin as a percentage
    of revenue by 330 basis points year over year to (18.4%).
  • Closed the acquisitions of Jupiter Research, Blackbird and Standard
    Farms, creating a comprehensive solutions provider to the cannabis
  • Successfully launched manufacturing supply-chain partnerships in
    Massachusetts for third-party clients.
  • Launched on-demand direct-to-consumer cannabis delivery in the Greater
    Los Angeles area.
  • Expanded Jupiter distribution in California through integration with
    TILT’s software and supply chain services.
  • Successfully up-listed shares to the OTCQB Venture Market.
  • Named Mark Scatterday Interim Chief Executive Officer.

“We are pleased to report our first quarter as a consolidated company,
reflecting the strength of the business combination that has established
TILT as one of the largest revenue producing companies in the cannabis
industry. We have only begun to realize the synergies of our business
combination, which we expect to drive incremental revenue growth and
improved margins as we execute our business development and integration
strategies,” stated Mark Scatterday, Interim Chief Executive Officer.
“Our end-to-end, U.S.-focused cannabis businesses continue to scale and
we have assembled leading assets to drive leadership in cultivation and
production, consumer devices and packaged goods, and software and
services. Our near-term plans are to optimize the integration of our
businesses, foster an entrepreneurial culture grounded in accountability
and growth, allocate capital to the combined enterprise’s most promising
near- and long-term growth initiatives, fine-tune and improve
communication with all of our stakeholders and further augment our
operational team.”


First Quarter 2019 Financial Highlights

      Q1 2019     Q1 2018
Reported revenue     $34.4 million     $0.0 million
Pro forma revenue(1)     $39.6 million     $14.7 million
Gross profit     $7.5 million     $0.0 million
Pro forma gross profit(1)     $7.7 million     $3.9 million
Adjusted EBITDA     $(8.0) million     $(2.1) million
Pro forma Adjusted EBITDA(1)     $(7.3) million     $(3.2) million

(1) Represents the pro forma unaudited gross
revenue generated by TILT in the first quarter of fiscal 2019 and 2018
assuming the closing of the business combination (the “Business
Combination”) between Sea Hunter Therapeutics LLC, Briteside Holdings,
LLC, Baker Technologies, Inc. and Santé Veritas Holdings Inc., and the
acquisitions of Jupiter, Blackbird and Standard Farms occurred on
January 1, 2018.


The Company’s cash and cash equivalents at March 31, 2019 were $12.1
million compared to $97.2 million on December 31, 2018. There was no
debt as of March 31, 2019. Subsequent to the end of the first quarter of
fiscal 2019, the Company secured a $20 million credit facility to be
utilized to fund existing and future growth projects, future M&A
activity and general corporate purposes.

Earnings Webcast

The Company will hold a webcast with the investment community at 8:30
a.m. Eastern Time on Friday, May 31, 2019. A live webcast with the
ability to ask questions and view the Company’s presentation will be
available on the Investors – Events & Presentations section of the
Company’s website at
or directly at
Please visit TILT’s website at least 15 minutes prior to the start of
the call to register, download and install any necessary audio software.
The webcast will be archived for approximately 30 days.

About TILT

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 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

Forward-Looking Information

This news release contains forward-looking information based on
current expectations. Forward-looking information is provided for the
purpose of presenting information about management’s current
expectations and plans relating to the future and readers are cautioned
that such statements may not be appropriate for other purposes. Forward
looking information may include, without limitation, the opinions or
beliefs of management, prospects, opportunities, priorities, targets,
goals, ongoing objectives, milestones, strategies and outlook of TILT,
and includes statements about, among other things, future developments,
the future operations, strengths and strategy of TILT. Generally,
forward looking information can be identified by the use of forward
looking terminology such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates” or “does not anticipate”, or “believes”, or variations of
such words and phrases or state that certain actions, events or results
“may”, “could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. These statements should not be read as guarantees of future
performance or results. These statements are based upon certain material
factors, assumptions and analyses that were applied in drawing a
conclusion or making a forecast or projection, including TILT’s
experience and perceptions of historical trends, current conditions and
expected future developments, as well as other factors that are believed
to be reasonable in the circumstances.

Although such statements are based on management’s reasonable
assumptions at the date such statements are made, there can be no
assurance that they it be completed on the terms described above and
that such forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such forward-looking information. Accordingly, readers
should not place undue reliance on the forward-looking information. TILT
assumes no responsibility to update or revise forward-looking
information to reflect new events or circumstances unless required by
applicable law.

By its nature, forward-looking information is subject to risks and
uncertainties, and there are a variety of material factors, many of
which are beyond the control of TILT, and that may cause actual outcomes
to differ materially from those discussed in the forward-looking

The CSE has neither approved nor disapproved the contents of this
news release.

Pro Forma Presentation

The pro forma information (“Pro Forma Information”) presented herein
is not necessarily indicative of the operating results or financial
condition that would have been achieved if the proposed acquisitions to
which the Pro Forma Information relates had been completed on the dates
or for the periods presented, nor do they purport to project the results
of operations or financial position of the combined entities for any
future period or as of any future date. Actual amounts recorded upon
consummation of the acquisitions to which the Pro Forma Information
relates would likely differ from those recorded in the Pro Forma
Information. The Pro Forma Information does not reflect any special
items such as integration costs or operating synergies that may be
realized as a result of the acquisitions to which the Pro Forma
Information relates.

Non-IFRS Financial and Performance Measures

In addition to providing financial measurements based on
International Financial Reporting Standards (“IFRS”), the Company
provides additional financial metrics that are not prepared in
accordance with IFRS. Management uses non-IFRS financial measures, in
addition to IFRS financial measures, to understand and compare operating
results across accounting periods, for financial and operational
decision making, for planning and forecasting purposes and to evaluate
the Company’s financial performance. These non-IFRS financial measures
are Adjusted EBITDA and Pro Forma Adjusted EBITDA.

Management believes that these non-IFRS financial measures reflect
the Company’s ongoing business in a manner that allows for meaningful
comparisons and analysis of trends in the business, as they facilitate
comparing financial results across accounting periods and to those of
peer companies. Management also believes that these non-IFRS financial
measures enable investors to evaluate the Company’s operating results
and future prospects in the same manner as management. These non-IFRS
financial measures may also exclude expenses and gains that may be
unusual in nature, infrequent or not reflective of the Company’s ongoing
operating results.

As there are no standardized methods of calculating these non-IFRS
measures, the Company’s methods may differ from those used by others,
and accordingly, the use of these measures may not be directly
comparable to similarly titled measures used by others. Accordingly,
these non-IFRS measures are intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS.

EBITDA and Adjusted EBITDA

Adjusted EBITDA and Pro Forma Adjusted EBITDA are financial measures
that are not defined under IFRS. The Company uses these non-IFRS
financial measures, and believes they enhance an investor’s
understanding of the Company’s financial and operating performance from
period to period, because they excludes certain material non-cash items
and certain other adjustments management believes are not reflective of
the Company’s ongoing operations and performance. The Company calculates
EBITDA as net income (loss), plus (minus) income taxes (recovery), plus
(minus) interest expense (income), plus depreciation and amortization
expense. Adjusted EBITDA excludes certain one-time non-operating
expenses, as determined by management, including stock compensation
expense, goodwill impairment, loss (gain) on disposal of asset and
business combination expense.

Reconciliations of Non-IFRS Financial and Performance Measures

Adjusted EBITDA is reconciled to Net Loss in the Management
Discussion and Analysis of the Company for the quarter ended on March
31, 2019, which is available on the Company’s SEDAR profile at
Pro Forma Adjusted EBITDA is reconciled to Net Loss in the table that

Reconciliations of Non-IFRS Financial and Performance Measures
The table below reconciles Net Loss to EBITDA and Adjusted EBITDA
for the periods indicated.
    Three Months Ended
Mar. 31, 2019       Mar. 31, 2018
Net Income (Loss) (IFRS) ($77,895,668 ) ($2,126,021 )
Add (Deduct) Impact of:
Net Interest Expense (Income) ($780,909 )
Income Tax Expense (Recovery) $ 577,589
Depreciation and Amortization $ 9,083,505   $ 4,978  
Total Adjustments $ 8,880,185 $ 4,978
EBITDA (Non-IFRS)   ($69,015,483 )   ($2,121,043 )
EBITDA (Non-IFRS) ($69,015,483 ) ($2,121,043 )
Add (Deduct) Impact of:
Foreign Exchange Loss (Gain)
Stock Compensation Expense $ 59,772,491
Impairment of Inventory
Goodwill Impairment
Business Combination Expense
Business Acquisition Expense $ 1,196,777      
Total Adjustments $ 60,969,268
Adjusted EBITDA (Non-IFRS)   ($8,046,215 )   ($2,121,043 )


Contact Information:
Joel Milton
SVP of Business
Phone: 303-872-7255

Investor Contact:
Scott Van Winkle

Media Contact:
Cory Ziskind
Phone: 646-277-1232


Oppenheimer & Co. To Host 19th Annual Consumer Growth and E-Commerce Conference



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Oppenheimer & Co. Inc. (“Oppenheimer”) – a leading investment bank, wealth manager, and a subsidiary of Oppenheimer Holdings (NYSE: OPY) – will host its 19th Annual Consumer Growth and E-Commerce Conference on June 18-19 in Boston, MA. This year’s event features companies from prominent consumer brands such as Autozone, Domino’s Pizza, Express, Home Depot, Lowe’s, Six Flags Theme Parks, Tiffany & Company, Ulta, Walmart, Weight Watchers, and Yum Brands.

Of particular note, Oppenheimer is pleased to host nine of the market-leading companies involved with emerging trends in the Cannabis space this year. The event will also feature seven panel discussions, moderated by Oppenheimer Consumer Research Analysts, addressing emerging and disruptive trends in the consumer marketplace as follows:

  • Evolving Role of Technology in the Consumer Sector with Cooler Screens and Lindsay Goldberg LLC, moderated by Brian Nagel
  • A Discussion with Emerging Restaurant Brands with Aurify and B. Good, moderated by Brian Bittner
  • A Discussion on the Evolving US Food & Beverage Landscape with Lifeway, New Age Beverage, and United Natural Foods, moderated by Rupesh Parikh
  • Next Gen Brands Re-Shaping Landscape for Women’s Fashion with CARAA and Rothy’s, moderated by Brian Nagel
  • Exciting New Brands Shaking Up Home Products Space with Burkelman, LoveSac and Resident/Nectar, moderated by Brian Nagel
  • A Discussion on the Emerging CBD Landscape with Curaleaf and CV Sciences, moderated by Rupesh Parikh
  • Leveraging the Power of Digital to Connect with Consumers with Eight and FlexShopper, moderated by Brian Nagel

The conference features Oppenheimer’s Consumer Senior Research Analysts:

  • Brian Bittner, Managing Director Senior Analyst covering Restaurants
  • Brian Nagel, Managing Director and Senior Analyst covering Retail and E-Commerce
  • Rupesh Parikh, Managing Director and Senior Analyst covering Food, Grocery and Consumer Products
  • Ian Zaffino, Managing Director and Senior Analyst covering event-driven Special Situations

“Long-established business models are being upended by disruptive brands and technology, affecting consumer preferences and buying behaviors throughout the consumer industry. This year’s event aims to showcase the mix of market-leading and emerging companies driving and navigating these changes,” said Erica L. Moffett, Managing Director and Associate Director of Research at Oppenheimer. “From effortless payment methods to accelerated delivery times and customized products, consumers want a seamless experience. In order to succeed, companies must stay current on the evolving consumer and we are pleased to host a conference to explore this new landscape.”

Oppenheimer’s next conference will be the Montauk Emerging Life Sciences Summit, which will be held on June 26-28in Montauk, NY. The 22nd Annual Technology, Internet & Communications Conference will follow on August 6-7 in Boston, MA, followed by the Midwest Corporate Access Day in Chicago on August 15.

Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), and its affiliates provide a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions.

SOURCE Oppenheimer & Co. Inc.

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iCAN: Israel-Cannabis CEO and Founder Saul Kaye to Participate at the World Cannabis Congress in Saint John, New Brunswick



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iCAN: Israel Cannabis Founder and CEO Saul Kaye will participate at the World Cannabis Conference being held in Saint John, New Brunswick, Canada from June 16-18, 2019.

Kaye, a leader in the global cannabis ecosystem will moderate a session entitled, “Innovative Methodologies and Emerging Topics in Global Cannabis Research.”  Panelists are Dr. Suzanne Sisley MD President and Principal Investigator, Scottsdale Research Institute and, Dr. Jerry King, R&D Consultant, CFS.  The session will take place at the Saint John Trade & Convention Centre on June 18.

The World Cannabis Congress (WCC) is an exclusive, invite-only event for international cannabis leaders, influencers and trend setters. The event will have hundreds of attendees from around the world from business, government and medicine.

In addition to his leadership of iCAN: Israel Cannabis, Kaye is an industry advisor to the Medical Cannabis Caucus of the Israeli Parliament, as well as an advisor to the Ministries of Economy and Health in Israel. He is a licensed pharmacist and a successful entrepreneur with both retail and e-commerce experience. Saul has founded multiple companies spanning six countries across the US, EuropeIsrael and Australia.

Canada has truly been a global trailblazer in the cannabis industry.  Canadian cannabis companies and its stock market are influential and forward looking and we in Israel, the R&D capital of cannabis, collaborate with our Canadian friends on many different levels.  I look forward to participating at the WCC as the medicine and business of cannabis develops at breathtaking speed both in Israel and beyond,” said Kaye.


SOURCE iCAN: Israel Cannabis

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Loyalist College to launch Canada’s first Technology Access Centre for natural products and cannabis



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Loyalist College is the recipient of a $1,750,000 Natural Sciences and Engineering Research Council of Canada (NSERC) College and Community Innovation (CCI) Program grant over five years to launch Canada’s first Technology Access Centre (TAC) for natural products and cannabis. In addition, Loyalist received $1Mthrough the Canada Foundation for Innovation’s (CFI) College-Industry Innovation Fund (CIIF) to add specialized equipment to the TAC.

Loyalist was one of 90 recipients at colleges, cégeps and polytechnics across the country to receive part of the $73M in funding, announced today by the Honourable Kirsty Duncan, Minister of Science and Sport, at Georgian College in Barrie, Ontario. Through the CCI Program and the CIIF, this investment will help post-secondary institutions partner directly with local employers to facilitate commercialization and transform the results of research and development into new technologies to help businesses expand and grow.

The rapid growth of Canada’s cannabis, hops and natural products sectors positions Loyalist’s Applied Research Centre for Natural Products and Medical Cannabis (ARC) as a national innovation hub for small- to medium-sized enterprises. As a TAC, Loyalist will build on the ARC’s 15 years of natural product extraction expertise and analysis-based applied research. In transitioning to a TAC, Loyalist’s ARC will significantly increase the College’s capacity to lead applied research of commercially relevant natural products and cannabis, and to support innovation by enhancing industries’ access to sector-relevant expertise and technology.

The TAC initiative will cultivate an environment for College-industry partnerships to thrive while providing students with unparalleled opportunities for work-integrated learning; investigating extraction, isolation, and formulation; and product development. In partnership with the Quinte Economic Development Commission (QEDC), Loyalist will support the Bay of Quinte’s burgeoning natural products and cannabis sectors to generate regional socioeconomic benefits, and to provide opportunities for a new generation of innovators. Loyalist will also offer companies across Canada a supportive, community-oriented platform from which to enhance their productivity, expand their reach and augment their competitiveness in the global market.


“We are very grateful for NSERC’s continued support and proud to be Canada’s first TAC for natural products and cannabis. Loyalist currently has more than 25 companies interested in applied research, and as our ARC transitions into a TAC, we will be able to meet their requirements while significantly extending our network to help more companies to innovate. Our Biosciences and Cannabis Applied Science students will have the advantage of being involved in ground-breaking research that propels Canada forward as the world leader in cannabis and natural product developments.” – Dr. Ann Marie Vaughan, Loyalist College President & CEO

“It’s great to see this NSERC and CFI funding come through for Loyalist College’s launch of Canada’s first TAC for research in natural products and cannabis. Being able to conduct research in a state-of-the-art facility means that students working in the College’s ARC will be able to build up their expertise in product analysis; which can then be applied directly to commercial development. This is just the beginning of seeing a new series of natural products being designed, assessed, made and delivered from our region.” – Neil R. Ellis, Member of Parliament for Bay of Quinte

“I am so proud to see the innovation that is driving research and economic development in our rural community through Loyalist College’s ARC. Innovation is key to Rural Sustainability and this investment will ensure that we are training the next generation in the latest technological advances. I congratulate them on their NSERC and CFI grant, and wish them all the best of success.” – Mike Bossio, Member of Parliament for Hastings—Lennox and Addington

“The Quinte Economic Development Commission is proud to be a supporting partner with Loyalist College on this important initiative that is aligned with economic development opportunities and priorities in the region. The TAC will support industry research and innovation for companies in key industry sectors as well as helping students develop in-demand skills and experience. Congratulations to the team at Loyalist on launching this important project.” – Chris King, Chief Executive Officer, Quinte Economic Development Commission


SOURCE Loyalist College

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