Tilt Holdings TLLTF, led by interim CEO Tim Conder has undertaken significant cost-cutting measures and shifted its focus towards the cannabis company's vape hardware business.
The expense reduction campaign, which included layoffs, is expected to save the Phoenix-based multi-state operator $8 million annually.
Tilt also terminated its $1.4 million joint venture with the Shinnecock Indian Nation in New York, opting out of plans to open a Native American tribe-associated store.
Conder told MJBizDaily that during his second stint as a Tilt executive, he aims to steer the company toward profitability. He discussed the company's priorities, emphasizing cost reduction and operational efficiency.
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Strategic Rebranding and Expansion: Tilt's Focus on Profitability, Hardware Innovation, and Established Brands
Tilt recently severed ties with social equity brands like Her Highness, Highsman and Black Buddha to streamline its product offerings and brand portfolio. This move is not related to social equity but aims to focus on established brands. Tilt's subsidiary, Jupiter, is set to concentrate on vape hardware distribution.
The company's goal is to return to profitability through cost-cutting and operational improvements while expanding into new markets and innovating its hardware offerings.
Tilt is enthusiastic about onboarding new brands and exploring hardware innovation, particularly at Jupiter, in the coming months and years.
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Photo by Wance Paleri on Unsplash.
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