CAMBRIDGE, Mass.--(BUSINESS WIRE)--TILT Holdings Inc. (CSE: TILT) (OTC: SVVTF), a global technology and infrastructure company engaged in research, development, manufacturing and sale of a broad range of products for the cannabis industry, announced today it has officially closed the acquisition of Jupiter Research, a leading inhalation and vaporization technology company. This synergistic acquisition broadens TILT’s product offerings and increases Jupiter's reach by integrating it into the Company’s proprietary supply chain.
The Company signed a definitive agreement on January 2, 2019 to acquire Jupiter Research for US$210 million to bolster TILT’s hardware offerings and further optimize the consumer consumption experience. Jupiter is one of the largest companies in the cannabis industry to be acquired, profitably booking US$105M in orders in 2018, with approximately 20% EBITDA margins.
“At TILT, we’re focused on building a company that provides services and technology to cannabis companies at all stages. We’re strongly positioned at the center of the cannabis ecosystem, and Jupiter’s team will add strong consumer expertise to our portfolio,” said Alex Coleman, Chief Executive Officer of TILT Holdings. “Jupiter has the best inhalation technology in the industry and has successfully reached the fastest growing segment of vaporizing consumers, and we are excited to accelerate their already dynamic growth. Broadly, consumers across many channels are showing a strong preference for inhalation devices, and Jupiter’s pipeline of product introductions will solidify its position as the market device leader in cannabis,” Coleman said.
“We anticipate our continued high growth trajectory with the integration of the software and services of TILT’s portfolio of companies,” says Mark Scatterday, President and CEO of Jupiter Research. “In addition, our new state-of-the-art 12,000 square foot fundamental research and product development center will be operational in Q2 of this year.”
Consideration for the Jupiter acquisition is US$210M, consisting of US$70M cash and 56,116,723 common shares of TILT. More information about TILT’s other recent acquisitions and moves within the cannabis industry can be found here.
About TILT
TILT Holdings Inc. is a vertically-integrated technology and infrastructure platform delivering the most comprehensive range of products and services across the cannabis industry. TILT strives to deliver the highest quality products and services through knowledge-based technology systems for both businesses and consumers. TILT technologies have a presence in more than 1,000 dispensaries across the U.S., Canada, Puerto Rico and Jamaica. For more information, please visit www.tiltholdings.com.
