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TILT acquiring 2 cannabis companies to expand cultivation, logistics

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TILT acquiring 2 cannabis companies to expand cultivation, logistics

TILT Holdings Inc. will acquire two cannabis companies, called Blackbird Holdings Corp. and Standard Farms, to expand its capabilities in cultivation and logistics.

The acquisition of distribution company Blackbird is being made for US$5 million in cash and US$45 million in securities. TILT will issue compressed shares in the transaction at C$525, where a compressed share is convertible into 100 common shares at C$5.25 apiece. The outside date for the completion of the acquisition is Jan. 31, 2019.

TILT CEO Alex Coleman said in the company's Dec. 6 press release that the acquisition offers capabilities of direct-to-consumer delivery as well as software for wholesale and retail inventory management.

West Palm Beach, Fla.-based TILT said the acquisition of Standard Farms is for US$12 million in cash and US$28 million in securities, subject to reallocation of up to US$5 million from cash to securities. Standard Farms is a multistate medical cannabis operator focused on greenhouse cultivation and CO2 extraction. The outside date for the completion of the acquisition is March 31, 2019.

Separately, shares of TILT began trading on the Canadian Securities Exchange under the ticker symbol TILT on Dec. 6.

TILT, formed in November, is an infrastructure and technology cannabis company. It was formed as a result of a merger between cannabis companies Sea Hunter Therapeutics LLC, Briteside Holdings LLC, Baker Technologies Inc. and Santé Veritas Holdings Inc.