Calling it a plan to “join forces” and create a “fully-integrated, multi-national cannabis company,” four different cannabis industry companies announced today their intent to merge together into a single entity and operate under their new name, TILT Holdings Inc.
“TILT will enable businesses the opportunity to interact, communicate, and operate with a greater degree of efficiency with their patients and consumers,” said Alex Coleman, Manager of Sea Hunter Holdings, one of the companies involved in the merger. “Due to the conflict between [US] federal and state law, the industry still faces numerous challenges that are impeding the ability of businesses to effectively deliver products and services to a large and growing demand base.”
TILT, said Coleman “will maintain competencies across the entire spectrum of the industry, from vertically integrated operations to cutting-edge genetics, and CRM systems, all supported by robust data-driven insights.”
Along with Sea Hunter, the other companies involved in this new merger are:
Together, officials said the four companies represent all facets of the industry.
Once the merger is complete, TILT is expected to establish operations in every state where cannabis laws exist.
With a forecasted $70 billion in revenue by the end of 2018 TILT will maintain principal offices in Boston, Denver, and Toronto.
At present, Baker, Briteside and Sea Hunter operate in 24 states collectively, and have licenses for operations in a portion of those, and expects to operate in all such states within a short time.
“The combined company is expected to allow TILT to provide a more holistic solution to the industry,” said Baker CEO, Joel Milton. “Baker’s goal has always been to provide our clients a single platform that connects all of the tools and data they use on a daily basis.
The merger, he added, “is expected to be a win for us, the cannabis retail ecosystem and, most of all, the producers and dispensaries and their customers.”