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cing on our brand partner products was relatively flat. Remember that a core tenant of our strategy was to reduce volatility in wholesale pricing and while still a small sample size those brand partner products that we have activated are doing exactly that
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2022 Q2
16 Aug 22
For example, per BDSA quarter-over-quarter retail unit pricing was down approximately 7% in Massachusetts and 11% in Pennsylvania.
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2022 Q2
16 Aug 22
but we have received requests from these brands to provide advisory services and help manage their supply chains across all their markets, not just the ones where TILT has cannabis operations. I am pleased to report that at present, we are in negotiations with certain brands to provide those services nationwide and are excited to begin to developing this emerging line of business. This ability to provide such a differentiated approach continues to draw interest amongst brands with inbound inquiries from potential brand partners up almost five times from what it was at the start of the year, keeping our corporate development pipeline strong. By the numbers TILT experienced over 20% growth in our cannabis business on a year-over-year basis.
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2022 Q2
16 Aug 22
cannabis sales in Massachusetts increased approximately 6% from the first quarter to the second quarter. In Pennsylvania BDSA market analytics reports that sales grew only about 1% over the same period. Ohio, however, remains a bright spot as their medical program continues to ramp with sales growing 16% from Q1 to Q2.
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2022 Q2
16 Aug 22
While the vape recall served as a tailwind in Pennsylvania, the improvements we have made to our garden in both Pennsylvania and Massachusetts over the past six months has also contributed to the momentum in our wholesale business in these markets.
While it normally takes 12 to 18 months to completely reset a garden, we are on track to do it in less than 12 months.
With the new LED lighting better techniques and efficiencies, we are turning out higher quality, higher THC product and significantly lowered test fail rates.
Our yields are up more than four times since last year and our potency ratings have nearly doubled to the low 30% THC range, with routing times decreasing from 20 days to 10 days.
Our production has also materially improved. Pre-rolled production in Massachusetts has seen increases from 500 per week in the third quarter to 5,000 in the fourth quarter and 10,000 in the first quarter of this year.
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2022 Q1
15 Jun 22
So I think coupled with that a key kind of component of that will be working with the regional operators within the state to ensure that they will be able to sell product to the Shinnecock over sovereign territory lines. And we've been putting a lot of work into documenting and coming up with for example an MOU that we would put in front of the state that would outline not only the terms, but also the SOPs that we would abide by in order to accommodate that and to give them a level of comfort in doing so. And those conversations are happening right now.
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2022 Q1
14 Jun 22
five of the seven brands we work with are touching both sides of our business.
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2022 Q1
14 Jun 22
In fact, five of the seven brand partners signed to date are or will be working with both our plant-touching and non-plant touching assets giving us the ability to offer pricing power through operational efficiencies. To that end, during the conference we were also approached by brands seeking to access those efficiencies as it pertains to managing their supply chain across all markets not just the ones we operate in. Most of their packaging and promotional materials originate from outside the US, making for a very complex and capital intensive supply chain if done incorrectly.
Given Jupiter's demonstrated expertise in navigating these challenging waters since its inception, it is only natural to lend our demand planning and supply chain management capabilities to the brands we work with. This has the potential to become a profitable complementary business line and another way to create deeper and more lasting relationships with our partners, while leveraging existing assets and core competencies in the process. The team is currently working through what that might look like.
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2022 Q1
14 Jun 22
We continue to have a high level of customer retention at approximately 70%, thanks to our team's dedication to serving our medical patients in the community
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2022 Q1
14 Jun 22
vape consumer continues to show an increasing preference for high terpene extracts over traditional distillate formulations, this effort will position us to be on the forefront of that evolution.
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2022 Q1
14 Jun 22
we're in the process of developing two distinct proprietary mechanisms separating Jupiter technology from the crowd and innovating delivery of refined extract formulations.
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2022 Q1
14 Jun 22
The first quarter is traditionally a slower quarter for our innovation business, as many of our customers accelerated orders in the fourth quarter of 2021, in preparation for Chinese New Year. That pattern was exacerbated this time, as the market was also preparing for adult-use sales in New Jersey to come online in February. The broader vape market saw some weakness in January and February and began to rebound in March. We saw stock inventory orders accelerate in March more than double what we experienced in February. And as Gary mentioned April was our second highest month of sales for inhalation.
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2022 Q1
14 Jun 22
Our first quarter results were only slightly off from internal revenue projections, while remaining in line with regard to our adjusted EBITDA projections.
With the improvements we have already seen during the early days of the second quarter, I am pleased to report that we are reaffirming our 2022 guidance.
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2022 Q1
14 Jun 22
Our brand partner revenue now accounts for over 30% of TILT's wholesale cannabis sales, up from what was effectively a standing start back in February of last year when we announced our first partnership with the team at Her Highness.
See revenue from wholesale business earlier, and try to estimate potential level
Transcript
2022 Q1
14 Jun 22
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