TILT Holdings Comments on Ongoing Vaping Issues and Temporary Vape Ban in Massachusetts
CAMBRIDGE, Mass. September 26, 2019–(BUSINESS WIRE)–TILT Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTCQB: TLLTF), a foundational technology cannabis platform comprised of assets to support brands worldwide, released the following statement today from the Company’s interim CEO Mark Scatterday, regarding recent media coverage of vaping issues and a temporary vape ban in Massachusetts.
“While the four month ban on vape products in Massachusetts means we will not be selling Jupiter Research, LLC (“Jupiter”) products in that market, the state represents less than 2% of Jupiter’s overall annual revenue according to internal company data. We understand some of our investors’ concerns, however, it should have little to no impact on Jupiter’s revenue or growth in the short term.
“In addition, we do not expect the ban on vape products to have a material impact on the revenue of TILT subsidiary Commonwealth Alternative Care (“Commonwealth”). We are fortunate to have numerous products in that market that we make available to consumers both through our wholesale sales efforts and in our own dispensary. We will focus on these product lines for the next four months.
“In the long term, we believe this is an opportunity for regulatory bodies to eliminate many of the unsafe products on the market in Massachusetts. We are confident Jupiter’s high-quality products and safety measures position us as category leaders, and will ultimately allow us to capture market share in the state when the ban lifts.
“Jupiter is committed to aiding any governing bodies as needed. Even while legislative requirements did not fully exist, we proactively tested and will continue to test each component we produce. Consumer safety and product satisfaction is, and will always be, our guiding principle.”
To see further commentary from TILT regarding vaping, please reference “TILT Releases Shareholder Letter from Interim CEO” released on September 11, 2019. To learn more about TILT, visit www.tiltholdings.com.
TILT Holdings serves cannabis brands worldwide through a strong network of portfolio companies committed to technological innovations that support long-term success. TILT services more than 2,000 brands and cannabis retailers across 33 states in the U.S., as well as in Canada, Israel, Mexico, South America and the European Union. As a market leader in cannabis technology and related products and services, the Company’s core assets include wholly-owned subsidiaries Jupiter, a company that focuses on the vast potential of inhalation through innovative design, development and manufacturing; Blackbird Logistics Corporation, a company that provides operations and software solutions for wholesale and retail distribution; and Baker Technologies Inc., a CRM platform helping dispensaries grow their business. The Company also owns cannabis operations in states including Massachusetts, led by Commonwealth Alternative Care, Inc.; and in Pennsylvania, led by Standard Farms, LLC. Headquartered in Cambridge, Massachusetts, with offices throughout the U.S., and London, TILT has over 400 employees and has sales in the U.S., Canada and Europe. For more information, visit www.tiltholdings.com.