Jupiter Research’s takeover is critical to the company’s foremost goal of centralizing and consolidating services for industry spheres, claims TILT Holdings’ Chief Executive Officer.
Vancouver based TILT Holdings Inc. has recently announced that the company has agreed to acquire leading inhalation and vaporization tech firm Jupiter Research, which is based out of Arizona, U.S. Apparently, this move from TILT is aimed at expanding its B2B reach and technology ecosystem across the supply chain.
TILT Holdings has allegedly inked a definitive agreement on Jan. 2, 2019, for acquiring Jupiter Research for US$210 million for bolstering its hardware offerings. The consideration for this acquisition would consist of 56,116,723 common shares of TILT and $70 million in cash, and the outside date for acquisition’s closing is Jan. 31, 2019.
TILT Holdings’ Chief Executive Officer, Alex Coleman, mentioned that the acquisition of Jupiter Research is critical to the company’s foremost goal of centralizing and consolidating services for all the industry verticals like retail, production and cultivation. Vaporization is growing to become a preferred method for the consumption of cannabis. With the proprietary inhalation technology of Jupiter, the offerings of TILT in this category would be unparalleled, Coleman added.
Bob Crompton, one of the founders of Jupiter Research, said in a statement that the monthly sales of Jupiter Research continue to grow by 15 percent every month and the company already has booked orders of $28 million going into Q1. This opportunity of combining the synergies of TILT is expected to add to Jupiter’s rapid growth.
For the record, Jupiter Research, founded in 2015 by Bob Crompton and Mark Scatterday, is leading the charge in the industry of vaporization, which is estimated to be a multi-billion dollar industry.
Mark Scatterday, President of Jupiter, was quoted saying that the rich heritage of the company in e-cigarette product innovation and CPG, in combination with well-established manufacturing partnerships in China has provided the company with a market leading advantage for bringing high-performance advanced technologies to the cannabis industry.