Cannabis tech company TILT Holdings Inc. (OTC: SVVTF) (CSE: TILT) posted $39 million in second-quarter revenue on Wednesday, up 13% quarter-over-quarter.
The company's adjusted EBITDA loss fell by 49% from $7.9 million in the first quarter to $4 million.
During the quarter, the company appointed of Mark Scatterday as interim CEO and Tim Conder as COO; expanded its fully licensed cultivation facility in Massachusetts; and accelerated wholesale operations toward the end of the quarter.
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Tilt also expanded in Pennsylvania and said it continued to grow its SaaS and distribution solutions.
Finally, it completed the full integration of Blackbird’s logistics and distribution operations with Baker Technology’s CRM toolset.
“We are excited to announce a highly productive second quarter for TILT. We continue to optimize our organization, with the appointment of a new executive management team, increasing revenue across our businesses and acceleration of wholesale cannabis sales in Massachusetts under the leadership of our new COO and his team," interim CEO Scatterday told Benzinga.
"The company's enhanced focus on profitability is reflected in our strong second-quarter revenue of $39 million. These improvements to our financial performance have accelerated in the third quarter. During July, we generated our first-ever month of positive adjusted EBITDA, reaffirming the successful execution of our team."
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Photo courtesy of Tilt Holdings.
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