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North American Cannabis Companies Merge to Form TILT Holdings
Thursday 17 May 2018

17 May 2018 - Four North American-based cannabis companies have announced a binding letter of intent (LOI) to merge as TILT Holdings Inc., representing all facets of the industry to provide technology driven solutions throughout the entire cannabis ecosystem, the company said.
The companies, which have collectively raised over USD 150m in capital and securities, include: Denver-based software company Baker Technologies Inc., Oregon-based product supplier Briteside Holdings, LLC, Boston, US-based cultivation company Sea Hunter and Canada-based cultivation company Sante Veritas Holdings, Inc.
Following completion of the business combination, it is expected that former shareholders and securityholders of each of Baker, Briteside, Sea Hunter and SVT will own approximately 14.3%, 22.3%, 41.1% and 22.3%, of TILT, respectively. It is anticipated that the business combination will be carried out by way of a court-approved plan of arrangement.
Sea Hunter Holdings said the merged company, TILT, expects to enable businesses the opportunity to interact, communicate and operate with a greater degree of efficiency with their patients and consumers.
TILT will maintain competencies across the entire spectrum of the industry, from vertically integrated operations to cutting edge genetics and CRM systems, all supported by robust data-driven insights.
TILT expects to establish operations in every state where cannabis laws exist, for both infrastructure as well as technology.
At present, Baker, Briteside and Sea Hunter operate in 24 states collectively, and have licenses for operations in a portion of those, and expects to operate in all such states within a short time.
The merged company, TILT is forecasting revenue of USD 70m at calendar year-end 2018 and in excess of USD 200m at calendar year-end 2019. TILT will maintain principal offices in Boston, Denver and Toronto.
Date Published: 17/05/2018
Target: Baker Technologies, Briteside Holdings, Sea Hunter and Sante Veritas
Country: USA
Deal Size: 150m (USD)
Sector: Agriculture/Forestry
Type: Merger
Status: Agreed
Buyer: TILT Holdings
Five companies merge to form TILT Holdings