Cannabis business-to-business services provider TILT Holdings Inc. (CSE: TILT; OTCQB: SVVTF) today announced a change to upper management with the recruitment of a new Chief Operating Officer.
Blackbird founder Tim Conder is now officially moving up to the COO position from his current role with TILT as SVP of Software and Services.
Conder initially joined the company earlier this year when TILT acquired Blackbird Services to move into wholesale delivery for dispensaries and direct delivery to customers in California markets.
Since joining the TILT team and transitioning towards his new executive role, Conder has focused on implementing standardized procedures and eliminating redundancies in the corporate structure.
Discussing plans to boost profits through budget culling and navigating state regulations for wholesale operations, Conder had this to say:
In addition to California expansion through the Blackbird acquisition that netted the company its new COO, TILT has also been focused on wholesale efforts across Massachusetts.
On that front, TILT subsidiary Commonwealth Alternative Care was recently granted a license to expand a cultivation facility located in Taunton.
That site was approved for an additional 19,000 sq. ft. of cultivation and manufacturing space that will be utilized for producing cannabis infused products and installing an automated packaging line.
In other recent company news, earlier this week TILT secured $125 million in funding by signing a binding term sheet for a private placement. That private placement was raised by Toronto-based investment firm UCP and begins with a $50 million funding tranche, which can increase over time to the full $125 million amount.
The investment will notably allow TILT to pay off an existing $20 million loan, as the terms of this fundraising deal include significantly lower interest rates. Aside from paying off previous debts, the funds will be used to expand existing businesses, including a new product development and research center.