CAMBRIDGE, Mass.--(BUSINESS WIRE)--TILT Holdings Inc. (CSE: TILT) (OTC: SVVTF), a global technology and infrastructure company engaged in the research, development, manufacturing and sale of a broad range of products for the cannabis industry, announced today it has finalized the acquisition of Standard Farms LLC. Standard Farms is a vertically integrated cannabis operator, with the majority of its operations in Pennsylvania. The Acquisition, initially announced on December 4, 2018, further expands TILT’s infrastructure platform, providing access to 13 million additional potential customers and bringing its total addressable market to over 100 million people.
Standard Farms is virtually universal in Pennsylvania—its products are carried in 95 percent of the state’s dispensaries and the company has shipped over 200,000 units of product. Combining cutting edge science and cultivation, Standard Farms provides clean and pure medical cannabis products including vape cartridges, capsules and dry flower. With over 18,000 square feet of canopy and a planned extension of an additional 16,000 square feet in 2019, it will have one of the largest canopies in the State of Pennsylvania. Standard Farms was founded in 2017 in White Haven and has 45 employees.
“At TILT, our goal is to build and operate a comprehensive technology and infrastructure platform across markets where cannabis laws permit. The addition of Standard Farms’ market leading operations is consistent with this goal,” said Alex Coleman, Chief Executive Officer of TILT Holdings. “Standard Farms not only brings a high quality operation but also a very talented management team who will be assisting with our overall efforts. 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.”
“It is with pride and distinction that we close our merger with TILT—this is our most important milestone to date,” said Standard Farms Co-founder and CFO, Jonathon Goldrath. “TILT will solidify Standard Farms’ position as a leader in one of the fastest growing and most exciting cannabis markets in the Northeast. TILT’s platform, perspective and professionalism will have a profound impact on the way in which Standard Farms’ go-to-market strategy will evolve over the coming years. Alongside TILT, we are eager to raise the bar for excellence in the Commonwealth.”
Consideration paid for the Acquisition is approximately US$40M, consisting of approximately US$12M cash and 11,090,453 shares of TILT. More information about TILT’s other recent acquisitions and moves within the cannabis industry can be found here.
More information about Standard Farms can be found at https://www.standard-farms.com.
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.
