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Cannabis company Tilt names Mark Scatterday interim CEO

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Tilt Holdings Inc. said Friday it has named entrepreneur Mark Scatterday as interim chief executive, while it continues a search for a permanent chief. Scatterday was most recently founder of Jupiter Research, a provider of vaporization and inhalation devices for the cannabis industry, which is now a wholly owned unit of Tilt. Cambridge, Mass.-based Tilt was formed by a four-way reverse merger and began trading on the Canadian Securities Exchange last last year. The company made headlines last week when it took a goodwill impairment charge of roughly $500 million in its first quarterly earnings report since going public, leading to a massive loss of $554.5 million on sales of just $5.7 million. Then chief Executive Alex Coleman, who has left that role but remains chairman, told MarketWatch that the charge was because the company used one methodology on Dec. 6, 2018, to value the companies that merged to form Tilt Holdings, and a different set of standards on Dec. 31. Shares were not active premarket, but have fallen 52% in 2019, while the S&P 500 has gained 5.4%.

 

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