TILT Holdings Inc. (“TILT or the “Company”) (CSE: TILT) (OTCQX: TLLTF), a provider of business solutions to the global cannabis industry that includes inhalation technologies, cultivation, manufacturing, processing, brand development, distribution and retail, announced that it has completed its acquisition of Standard Farms Ohio LLC (“SFO”), previously announced on April 16, 2019.
SFO’s purpose-built 9,600 sq. ft. processing and CO2 extraction facility (the “Facility”) is conveniently located just outside of Cleveland, providing ready access to the state’s 52 operating dispensaries. The Facility currently produces high-quality medical cannabis products including tinctures, vaporization cartridges, syringes and topicals, with the Company expecting to expand its product offerings to include concentrates and edibles inspired by TILT’s award winning operations in Massachusetts and Pennsylvania.
“With the expansion of the Standard Farms footprint into Ohio, we continue to execute on our strategy of delivering a differentiated portfolio of premium products and supply chain solutions to multi-state providers, licensed producers and cannabis retailers, as well as opening up another dynamic marketplace to our brand partners,” said Gary Santo, President of TILT. “Through the acquisition of SFO, TILT now has plant-touching operations in three fast-growing limited license markets, and we are excited to provide Ohio’s 52 dispensaries with a diverse selection of top brands that their customers want, while generating meaningful revenue.”
Ohio is the seventh most populated state in the U.S. The state currently has 160,000 registered medical patients, representing more than double Ohio’s 2019 patient totals. In 2020, cannabis sales approached $277 million, representing almost 290% growth compared to 2019.