TILT

What TILT does

TILT Holdings Inc. is a vertically integrated cannabis technology and infrastructure platform historically operating across two segments: ancillary vaporization hardware and plant-touching multi-state cannabis operations. The company was incorporated in British Columbia, Canada, headquartered in Scottsdale, Arizona, and publicly listed on Cboe Canada (TILT) and OTC Markets (TLLTF) until trading was suspended on November 7, 2025 and shares were delisted on November 18, 2025 following CCAA proceedings.

The company's core product business is Jupiter Research LLC, a wholly-owned subsidiary focused on vaporization hardware design, research, development, and manufacturing. Jupiter services cannabis brands and retailers across North America, South America, Israel, and the European Union under a B2B hardware sales model, and in October 2025 received EU medical device certification (EU MDR) for Europe's first handheld liquid inhalation device. TILT's plant-touching operations comprised Commonwealth Alternative Care in Massachusetts, Standard Farms Ohio, and Standard Farms LLC (Pennsylvania permit holder); the Massachusetts retail operations were divested in 2025 as part of a strategic review.

TILT's revenue model combines B2B hardware sales (Jupiter Research) with cannabis cultivation, manufacturing, processing, and retail. Following two years of negative EBITDA, declining revenue, and accumulated losses, the company entered CCAA restructuring in November 2025, secured a $2.0M Bridge Notes facility from existing senior secured noteholders, and is pursuing a plan to cancel existing equity and emerge as a privately held, debt-holder-owned company. PricewaterhouseCoopers serves as Monitor, and the founder of Jupiter Research has returned full-time to lead the core hardware business.

Name

TILT

Legal name

TILT Holdings Inc.

Website

https://tiltholdings.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

TILT Holdings was a vertically integrated cannabis platform operating Jupiter Research, a B2B vaporization hardware manufacturer, alongside multi-state cannabis operations in Massachusetts, Ohio, and Pennsylvania. The company entered CCAA restructuring and was delisted in November 2025.

Ownership category

akta.pro rank

Product category

Cannabis Vaporization Hardware

NAICS

Management of Companies and Enterprises (5511), Management of Companies and Enterprises (55)

SIC

Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122), Retail-Drug Stores And Proprietary Stores (5912), Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Cannabis Accessories & Ancillary Products Wholesale (Vapes, Packaging, Hardware) (CRAOAIAH)

akta.pro secondary industries

Cannabis Accessories & Smoke Shops (Pipes, Papers, Grinders) (CRANAHAG), CBD/Hemp Specialty Stores (Tinctures, Oils, Edibles) (CRANAHAA)

Keywords

• Cannabis vaporization hardware
• Inhalation device manufacturing
• Medical marijuana cultivation
• Multi-state cannabis operations
• Cannabis brand services

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Technology or R&D, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Vaporization Hardware (Jupiter Research): Jupiter Research generates revenue through the design, development, manufacturing, and sale of vaporization hardware to cannabis brands and retailers across North America, South America, Israel, and the EU. This is a B2B hardware sales model.
2. Multi-State Cannabis Operations: Revenue from cannabis cultivation, manufacturing, processing, and retail operations across three states: Commonwealth Alternative Care in Massachusetts, Standard Farms Ohio in Ohio, and Standard Farms LLC permit holder in Pennsylvania.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

TILT Holdings is a vertically-integrated cannabis platform operating through two main lines: (1) Jupiter Research, a wholly-owned subsidiary and market leader in vaporization hardware design, R&D, and manufacturing, which sells inhalation devices and hardware solutions to cannabis brands and retailers globally; and (2) multi-state plant-touching cannabis operations — Commonwealth Alternative Care (Massachusetts), Standard Farms Ohio, and Standard Farms LLC (Pennsylvania permit holder) — covering cultivation, manufacturing, processing, brand development, and retail.

Product overview

TILT Holdings is a combination of leading cannabis companies that delivers products and services to businesses operating in the cannabis industry. The company operates as a platform of distinct businesses: Jupiter Research serves as the core ancillary product business providing vaporization hardware design, development, and manufacturing; while Commonwealth Alternative Care (Massachusetts), Standard Farms Ohio (Ohio), and Standard Farms LLC (Pennsylvania) comprise the company's multi-state plant-touching cannabis operations covering cultivation, manufacturing, processing, and retail.

Differentiator

Problem solved

Functional benefit

Brands

• Jupiter Research: Market leader in the vaporization segment focused on hardware design, research, development, and manufacturing. Services brands and cannabis retailers across North America, South America, Israel, and the European Union.
• Standard Farms
• Commonwealth Alternative Care

Products and services

• Jupiter Research Vaporization Hardware Hardware design, research, development, and manufacturing of vaporization devices for cannabis brands and retailers. Jupiter Research services customers across North America, South America, Israel, and the European Union and holds EU MDR certification for a handheld liquid inhalation device.
• Standard Farms Medical Marijuana Cultivation & Production Medical marijuana cultivation and production operations combining cutting-edge science with cultivation practices. Operates in Ohio (Standard Farms Ohio, LLC) and Pennsylvania (Standard Farms LLC, permit holder of record), targeting natural-quality medical marijuana production.
• Commonwealth Alternative Care (Massachusetts) Multi-state cannabis business operations in Massachusetts covering cultivation, manufacturing, and retail. Sold during TILT's 2025 strategic review process.

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• PricewaterhouseCoopers (Monitor)coreImplementation/ SI/ Consulting Partner · 7 November 2025PricewaterhouseCoopers was appointed to serve as Monitor during the CCAA restructuring process, providing oversight under Court supervision.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Curaleaf Holdings: Curaleaf is one of the largest U.S. multi-state cannabis operators with cultivation, processing, and retail across dozens of states. It is comparable to TILT's plant-touching business in scale and vertical integration, though it does not have a vaporization hardware business.
• Green Thumb Industries: Green Thumb Industries (GTI) is a national cannabis consumer packaged goods company and multi-state operator. It is comparable to TILT's plant-touching operations in vertical integration and brand portfolio approach, but operates in substantially more states.
• Trulieve Cannabis: Trulieve is a major U.S. multi-state cannabis operator with strong cultivation, retail, and brand portfolio. It is comparable to TILT's multi-state operator business in operating model and customer base, though materially larger in scale and asset base.
• Cresco Labs: Cresco Labs is a vertically integrated multi-state cannabis operator with cultivation, manufacturing, and retail across multiple U.S. states. It is comparable to TILT's cannabis operations in vertical integration strategy and geographic footprint.

Direct peers

• iAnthus Capital Holdings: iAnthus is a multi-state cannabis operator that similarly underwent financial restructuring, providing a comparable case study in distressed cannabis platforms. It is relevant as a peer that has navigated the combination of multi-state operations, capital structure stress, and operational consolidation.
• CCELL (Smoore Technology): CCELL, a brand of Shenzhen Smoore Technology, is one of the world's largest vaporization hardware manufacturers serving the cannabis industry with cartridges, batteries, and disposable devices. It directly competes with Jupiter Research on hardware supply to cannabis brands at greater scale.
• Storz & Bickel: Storz & Bickel, acquired by Canopy Growth, manufactures premium medical-grade vaporizers (Volcano, Mighty) and holds medical device certifications in multiple jurisdictions. It is comparable to Jupiter Research in the EU medical vaporizer category, particularly relevant given Jupiter's recent MDR certification.
• Grenco Science: Grenco Science (G Pen) is a vaporization hardware brand serving cannabis consumers and brands with portable devices and accessories. It competes with Jupiter Research in the brand-side vape hardware category, particularly for value-tier and lifestyle-positioned products.
• PAX Labs: PAX Labs is a leading designer and manufacturer of premium cannabis vaporization hardware, selling directly to consumers and cannabis brands. It is the most direct competitor to Jupiter Research in the B2B vape hardware segment, with overlapping brand customers and similar technology focus.

Emerging players

• DaVinci Tech: DaVinci manufactures premium portable vaporizers for dry herb and concentrates, positioned in the higher-end cannabis hardware segment. It is comparable to Jupiter Research in vaporizer technology and target market, though smaller in scale and more consumer-direct.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/TILT_holdings

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TILT