TILT Holdings (OTCQB: TLLTF, Cboe Canada: TILT) is a cannabis and vaporizer technology company that operates through two divisions: Inhalation Technology and Cannabis. The Inhalation Technology division, run through its Jupiter subsidiary, sells vape and accessory products and services to regulated markets. The Cannabis division operates cultivation, manufacturing, and retail assets in Massachusetts, Pennsylvania, and Ohio. Revenue is generated through transactional product sales across both divisions, with the Cannabis segment also serving B2B brand partners through wholesale distribution under the Standard Farm brand and co-branding arrangements. The company was incorporated under Nevada law on June 22, 2018 and continued under the BCBCA on November 14, 2018, with its head office in Phoenix, Arizona and registered office in Vancouver, British Columbia. Jupiter is named as a defendant in a federal antitrust complaint filed February 11, 2025, related to closed cannabis oil vaporizing systems. The company's common shares are quoted on the OTCQB; shares were previously on the OTCQX until September 5, 2023.

Revenue model

Transactional product sales through two divisions: Jupiter sells vape hardware and accessories to regulated markets across 40 U.S. states, Canada, South America, and the European Union; the Cannabis division generates revenue through cultivation, manufacturing, and retail operations in Massachusetts, Pennsylvania, and Ohio, plus wholesale distribution of its Standard Farm brand and services to B2B brand partners.

Products and services

Vape and accessory products (Jupiter division); cannabis cultivation, manufacturing, and retail operations; wholesale cannabis distribution; Standard Farm brand cannabis products; brand partnership and product approval services for B2B cannabis brands.

Customers and end markets

B2B customers in the regulated cannabis industry, including cannabis brands seeking distribution and market access; regulated cannabis and vape markets across 40 U.S. states, Canada, South America, and the European Union for the Jupiter division; adult-use and medical cannabis consumers in Massachusetts, Pennsylvania, and Ohio for the Cannabis division.

Value-chain role

Vertically positioned across cultivation, manufacturing, wholesale distribution, and retail in state-licensed cannabis markets; also a supplier of vape hardware and accessories to regulated markets through Jupiter. Provides product approval, packaging, pricing, and inventory services to third-party brand partners through its wholesale channel.

Geographic exposure

United States primary markets: Massachusetts, Pennsylvania, Ohio (Cannabis division); 40 U.S. states (Jupiter/Inhalation Technology). International: Canada, South America, European Union (Jupiter/Inhalation Technology). Head office in Phoenix, Arizona; registered office in Vancouver, British Columbia.

Competitors

Small family-owned cannabis cultivators, manufacturers, distributors, and retailers in Massachusetts, Pennsylvania, and Ohio, Well-capitalized publicly traded multi-state cannabis operators

Source: SEC 10-K, filed 2025-04-10

Industry: Cigarettes Peers: Allied Corp.