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TILT HOLDINGS TILT Holdings Reports Third Quarter 2021 Financial Results ; Record Quarterly Revenue of $ 53.4 Million , Up 37 % YoY and 10 % QOQ November 15 , 2021 PHOENIX , Nov. 15 , 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 nine - months ended September 30 , 2021. All financial information is provided in U.S. dollars unless otherwise indicated . " TILT's B2B strategy originated from our belief that the rising supply of wholesale cannabis in multiple markets across the U.S. would require a differentiated approach , shifting away from bulk flower sales towards branded packaged goods , " said Gary Santo , CEO of TILT . " When we launched our strategy at the start of the year , we envisioned that marketplace transition would take 12 to 18 months as new cultivation came online . In the third quarter , we saw that timeline accelerate along with macro - economic pressure impacting consumers . " " Competition for shelf space is accelerating . Compressing margins are forcing MSOs and SSOS to focus on their own branded products while still maintaining a portion of that shelf space for a curated portfolio of high demand third - party products . This is the space where TILT plays , and although we are still early in scaling our operations to meet brand partner demand , our top - line performance during the quarter demonstrates that by establishing partnerships with the right brands at the right price points , TILT can support retailers while expanding the reach of independent brands . " " While we expect ongoing improvements in our efficiency and margin profile in our cannabis business as we ramp cultivation , Jupiter continues to lead the way in cannabis inhalation devices with record revenue during the quarter . Our supply chain management expertise has been on full display throughout the year , and while there has been a near - term impact to our margins due to higher freight costs , our ability to strategically deploy working capital to ensure availability of product has benefitted our customers while attracting the business of our competitors ' customers . " The Company reiterates its 2021 revenue guidance of $ 205- $ 210 million , expecting to come in at the lower end of the range primarily as a result of unexpected delays in obtaining new product approvals in Pennsylvania . This , coupled with higher freight costs associated with the Company's inhalation and accessories business and expanding cultivation in Massachusetts , has resulted in the Company revising its 2021 adjusted EBITDA outlook to range between $ 24- $ 26 million , representing a 42 % -54 % increase compared to 2020 .