Gary Santo resigns as CEO of Tilt Holdings, Tim Conder appointed Interim CEO

Gary Santo has resigned as Chief Executive Officer of Tilt Holdings, and board of directors member, Tim Conder, is appointed Interim CEO, effective April 21, 2023.

Mr. Conder has been a board member since October 2019. Previously, Mr. Conder served as the company's President and Chief Operating Officer from 2019 until 2020, following TILT's acquisition of its former business unit Blackbird, a cannabis software and services company co-founded by Mr. Conder.

In addition to Mr. Conder's appointment as Interim CEO, the Board also announced the appointment of Mark Scatterday as a senior advisor focused on the company's Jupiter inhalation business. Mr. Scatterday was previously the founder of Jupiter and CEO of TILT until May 2021 and was chair of the board through December 2022 and a board member until February 2023. Mr. Scatterday is a significant beneficial owner of the company's securities and a significant holder of the company's outstanding debt.

"Tim has served TILT as an executive leader, director, and trusted advisor for more than four years and is familiar with our business strategy, executive team, and financial objectives," said TILT Board chair John Barravecchia. "The board is confident in Tim's ability to seamlessly step into helm day-to-day operations as we conduct our search for a permanent successor. We believe that we have the right leadership in place during this transition."

"We thank Gary for his contributions over the past two years. We will continue to prioritize serving our brand partners and customers with a renewed focus on generating free cash flow through operational excellence and purposeful capital allocation."