Update: An earlier version of the article said that TILT will list on the Canadian Stock Exchange on Tuesday, Dec. 4. The new updated date is Thursday, Dec. 6.
Recreational marijuana in Massachusetts is off to a lucrative start.
Pot shops have raked in $2.2 million in just five days of having the substance becoming legal in-state. Customers spent an average of $39.33 on an average of 3.4 items and over 56,000 products were sold in the first week. On Black Friday alone, Massachusetts customers spent $480,000 on legal weed.
And cannabis companies are riding the wave and cashing in on it -- Boston-based TILT Holdings, a company that delivers solutions for cannabis companies including infrastructure support, business services, cannabis supply-chain from cultivation to consumption, raised $119 million in an equity round of funding. The company did not disclose the names of investors.
TILT Holdings is a merger of four cannabis companies and is based in Boston. These companies are Baker Technologies, a Denver, Colo.,-based software company offering a variety of products including online ordering, customer loyalty, messaging, and analytics; Briteside Holdings based in Bend, Ore., which produces a diverse range of products and services, from prefabricated modular cultivation units to home delivery and subscription-based services; Boston-based Sea Hunter that manufactures consumer packaged goods for the cannabis industry; and Vancouver, Canada-based Sante Veritas Holdings, is a cannabis cultivator and is at the final stage of obtaining a cultivation license under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR").
What's more? The company expects to begin trading on the Canadian Securities Exchange next week, on Thusday, Dec. 6 under the ticker symbol 'TILT.'
