TILT Holdings Inc. agreed to acquire Jupiter Research LLC, a manufacturer of vaporization technologies, for $210 million in a cash plus shares.
Cambridge, Mass.-based TILT Holdings, formed after a merger of multiple cannabis companies, will pay $70 million in cash and issue 56,116,723 of its shares to acquire Jupiter Research, which is a wholly owned subsidiary of JUPR Holdings Inc.
"Our acquisition of Jupiter Research is paramount to our goal of consolidating and centralizing services for all industry verticals: cultivation, production and retail. Vaporization is increasingly becoming the preferred method for cannabis consumption. With Jupiter's proprietary inhalation technology, our offerings in this category are going to be unparalleled," TILT Holdings CEO Alex Coleman said in a statement.
Jupiter, which produces power supplies and cartridges specifically designed for cannabis oil, generated $77 million in annual revenues for 2018 and has already booked orders worth $28 million for the first quarter of 2019.
Either party can terminate the agreement if the deal is not closed before Jan. 31.
TILT Holdings provides software, infrastructure and capital support to cannabis retailers.