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by Stockwatch Business Reporter
Vape-focused Tilt Holdings Inc. (TILT) sank 12.5 cents to 48.5 cents on 1.84 million shares after releasing its second quarter results for 2020. The United States-based company saw its revenue slip to $38.6-million (U.S.) in Q2 2020, down from $42.4-million (U.S.) in Q1 2020. The drop in revenue continues what has been a difficult year for Tilt Holdings.
The company posted record revenue of $46.1-million (U.S.) in Q3 2019 but that fell steeply in Q4 2019 to $33.4-million (U.S.). At that time, Tilt attributed the fall to the vape crisis that killed 68 people in the United States. (The majority of Tilt's sales come from its vaping division, Jupiter Research LLC.) Now believed to be caused by vitamin E acetate, the crisis peaked in September and October but both media coverage and the memory of the crisis likely lingered in consumers' minds.
After its revenue mostly recovered in Q1 2020, Tilt has taken another step back. This time, the company is attributing the decline to COVID-19. It said the pandemic caused both its vape sales to decrease and led to lower wholesale demand after Massachusetts suspended recreation sales from March 24 to May 25.
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