It is no longer a secret that the cannabis industry has gone a notch higher in terms of reaching its intended audience. Several companies are coming together to enhance the delivery of services, including cultivation and production. First, let us talk about TILT Holdings Inc. (OTCMKTS: TLLTF) The global provider of cannabis business solutions is very vocal about building its brands and remaining loyal. It brings together a portfolio of companies providing different solutions to brands and cannabis retailers across 36 states in the US.
The company has been doing well if its Q2 2021 financial results are anything to go by. Its total revenue increased 33% to $48.5 million. Thanks to increased revenue growth from cannabis, inhalation, and accessory revenue. The gross profit shot 25% to $13.1 million compared to the $10.5 million or 28.9% of revenue in the same quarter of 2020.
Historic Operational Highlights and Execution of B2B Strategies
TILT is located in Phoenix, Arizona, and has several wholly-owned subsidiaries. The company generated another quarter of record results, but it also brought home historical partnerships. The most notable was with the Shinnecock Indian Nation. According to Gary Santo, TILT’s CEO, this will enable them direct entry into New York’s cannabis market, one of the largest in the country. Another was with 1906 and will enhance the launch of various products in Pennsylvania, Massachusetts, and Ohio, defined as key markets.
“…I am incredibly excited for both our teams as well as the economic opportunity this will create for the Nation—this is truly what an equitable partnership should look like…,” Santo explained.
Strengthening of Partnerships to Increase Shareholder Value
TILT also expanded its existing partnership with Airo Brands and Old Pal to bring selected products into the Pennsylvania market. It is within the same quarter that Santo received his appointment into the CEO role. Several hires, including a Chief Operating Officer, Head of Cultivation, and Head of Cultivation.
All said and done; the company says they are on track to deliver additional organic results as 2021 slips away.