Jupiter’s Burnout: Can TILT Holdings Reverse Its Five-Year Vape Decline?
TILT Holdings (OTC:TLLTF) is at a critical juncture as it explores divesting its plant-touching business (PTB), which generates 75% of its revenue but continues to struggle with declining margins. Massachusetts operations, contributing two-thirds of revenue, are under pressure from market saturation, while Pennsylvania’s wholesale arm faces reduced purchases as vertically integrated operators prioritize in-house products.
Gross margins across TILT fell from 18% in Q1 to 14% in Q3, reflecting challenges across all divisions. Analyst Pablo Zuanic values the PTB between $20–$30 million, a modest sum given the company’s $3 million market cap and heavy debt burden.
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