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TILT HOLDINGS NGS TILT Holdings Reports Record Second Quarter 2021 Financial Results Record Q2 Revenue up 33 % YoY to $ 48.5 Million Record Q2 Adjusted EBITDA up 2.7x to $ 6.5 Million Reiterates 2021 Guidance of Revenue Between $ 205 - $ 210 Million and Adjusted EBITDA Between $ 30- $ 32 Million PHOENIX , Aug. 24 , 2021 ( GLOBE NEWSWIRE ) -- TILT Holdings Inc. ( " TILT " or the " Company " ) ( NEO : TILT ) ( OTCQX : TLLTF ) , a global provider of cannabis business solutions that include inhalation technologies , cultivation , manufacturing , processing , brand development and retail , is reporting its financial and operating results for the three - months and six - months ended June 30 , 2021. All financial information is provided in U.S. dollars unless otherwise indicated . " We generated another quarter of record results by continuing to execute our B2B strategy and driving synergies across our business segments , " said Gary Santo , CEO of TILT . “ Our ability to cross - sell and deepen relationships with our 700+ customer base is materializing in the numbers . In fact , at the end of last year , 20 % of our revenue was generated by our customers leveraging services across our cannabis inhalation and accessory businesses . By the end of Q2 , that number increased to over 30 % , which tells us that our strategy is working . " " Earlier today we announced a historic partnership with the Shinnecock Indian Nation to develop vertical cannabis operations in New York , marking our entrance into what is projected to be one of the largest cannabis markets in the country . I am incredibly excited for both our teams as well as the economic opportunity this will create for the Nation — this is truly what an equitable partnership should look like . " " We remain committed to delivering shareholder value through growth and profitability . We are on track to deliver strong organic results in 2021 , and given our recently awarded provisional licenses in Massachusetts , our expanded canopy , new and expanded brand partnerships , and our entry into New York , 2022 is positioned to be an even stronger year for TILT . " Q2 2021 Financial Summary ( vs. Q2 2020 , where applicable ) • Revenue increased 33 % to $ 48.5 million driven by growth in both cannabis and inhalation and accessory revenue . Cannabis revenue increased 31 % to $ 10.0 million and inhalation and accessory revenue increased 34 % to $ 38.5 million . • Gross profit before fair value adjustments increased 25 % to $ 13.1 million or 27 % of revenue , compared to $ 10.5 million or 28.9 % of revenue . Gross margins were impacted by supply chain expenses related to freight costs for the Company's inhalation and accessory business . • Adjusted EBITDA was up 2.7x to $ 6.5 million compared to $ 2.4 million . As a percentage of revenue , Adjusted EBITDA increased 680 basis points to 13.5 % compared to 6.7 % . • At June 30 , 2021 , cash and cash equivalents increased 29 % to $ 9.6 million compared to $ 7.4 million at December 31 , 2020 . Q2 2021 Operational Highlights • TILT's inhalation and accessory business generated record monthly sales in April . • Generated record quarterly flower sales in Pennsylvania . • Launched exclusive partnership with Old Pal to bring select products to Massachusetts . Expanded exclusive partnership with Airo Brands to bring select products to Pennsylvania . • Secured local approval by the City Council of Brockton for adult use cannabis sales at the Company's Brockton dispensary . • Appointed Gary Santo to CEO ; Mark Scatterday continues serving as Chairman of the Board . Operational Highlights Subsequent to Quarter End • Announced partnership with the Shinnecock Indian Nation to enter New York's cannabis market . • Received four new provisional adult - use licenses in Massachusetts and final medical dispensary license for the Company's Brockton location . • Expanded partnership with Old Pal to bring select products to market in Pennsylvania . • Announced partnership with 1906 to launch various products in three key markets : Massachusetts , Pennsylvania and Ohio . • Commenced trading of TILT's common shares on the more senior NEO Exchange in Canada . • Entered into a new $ 10 million revolving credit facility that bears interest at Prime plus 3.5 % . • Deepened talent pool with several key new hires , including a new Chief Operating Officer , Head of Cannabis Operations and Head of Cultivation . Earnings Call and Webcast