As the cannabis industry releases collective quarterly financial reports this month, several companies are looking for increased presence and additional fundraising opportunities by listing on new exchanges.
TILT Holdings Inc. (CSE: TILT) is one such company, officially listing common shares on the OTCQB Venture Market today under the ticker symbol TILTF.
The North American vertical cannabis solution company focuses on assisting other marijuana related businesses. TILT operates in two main areas, providing software solutions for cannabis brands and direct retail dispensary sites, in addition to manufacturing devices and packaged goods such as vaporizers and product packaging branding.
Discussing news of the company’s shares hitting the new market, TILT’s Chief Executive Officer Alex Coleman had this to say:
We expect that trading on the OTCQB will increase TILT’s access for US institutional and retail investors, allowing them to participate in the significant growth opportunity we are seeing across North America and select international markets.
Recent months have seen a variety of cannabis companies moving up the stock ladder with listings on more prestigious exchanges.
Cresco Labs (CSE: CL; OTCQX: CRLBF) just made the move from the lower tier OTC Pink market to trading on the OTCQX last week, while CannTrust Holdings (TSX: TRST; NYSE: CTST) began trading shares on the New York Stock Exchange last month.
In other recent TILT news, the company announced revenue of $18.3 million for January after completing a major cannabis producer acquisition. Originally entering into an agreement in late 2018, TILT recently finalized the acquisition of Pennsylvania-based Standard Farms LLC.
That cash and share deal valued at $40 million sees TILT gaining access to dried flower, capsule, and vape products produced at an 18,000 sq. ft. existing production facility. Following the acquisition, Standard Farms announced the facility is undergoing a construction expansion to nearly double the space with an extra 16,000 sq. ft. of production capacity. Coleman commented on that acquisition deal:
Having now completed this transaction, TILT is able to focus on the consumer in new markets such as Pennsylvania through B2C offerings where we already have a B2B presence.
TILT’S senior VP of Business Development Joel Milton additionally spoke at the Gravitas Growth Conference in Vancouver last month to discuss the company’s recent acquisitions and answer questions on a panel titled “Innovation in Cannabis.”