Business
Cannabis MSO Tilt shifts strategy, cuts costs under new leadership: Q&A with interim CEO Tim Conder
In a few short months at the helm, Tilt Holdings interim CEO Tim Conder has initiated significant cost reductions and reevaluated brand partnerships – including cutting ties with some social equity brands – while shifting focus to the cannabis company’s vape hardware business.
The expense-cutting campaign, which included an undisclosed number of layoffs in the second quarter, is projected to save the Phoenix-based marijuana multistate operator $8 million annually.
In early September, Tilt announced a $1.4 million deal to sell its stake in a joint venture with the Shinnecock Indian Nation in New York, ending the company’s plans to open a Little Beach Harvest store with the Native American tribe.
Conder, who took the interim post in April after the resignation of Gary Santo, aims to put the MSO on a path to profitability.
It’s his second stint as a Tilt executive since 2019, though he’s remained on the board.
In early 2019, Conder sold his Nevada delivery service, Blackbird, to Tilt for $50 million.
In December 2020, the cannabis entrepreneur reacquired Blackbird from Tilt for approximately $15 million.
He then sold it again in mid-2021 under undisclosed terms to Herbl, the California distribution giant that collapsed in June.
In a wide-ranging interview with MJBizDaily, Conder discusses his top priorities in his comeback with Tilt, the company’s new strategic direction and other key developments.
What are your top priorities since taking the interim CEO position?
When I took the interim CEO role, the company was cash-consumptive, really in an environment where that doesn’t make a lot of sense.
Our immediate priorities were to reduce our cost structure and our expenses and increase operational efficiencies to ultimately achieve profitability.
What initiatives has the company rolled out to address these top concerns?
First and foremost, reducing our cost structure.
Taking a really hard look at expenses and, in some very unfortunate cases, some head-count rationalization.
In terms of head count, can you provide specifics? Did you provide that to Wall Street?
We didn’t provide specific numbers. It wasn’t a huge percentage of our total employee base.
It was really focused on specific business units that were cash-consumptive to really help those specific business units achieve profitability and help the company achieve profitability.
Do you expect more head-count reductions this year?
We do not.
When I make those kinds of moves, I like to do it all at once so the company can focus on the future and move forward, instead of continuing to relive some of these more challenging moments of our past.
How have your previous roles at Tilt – including director, president and chief operating officer – provided insights into the company’s opportunities and challenges, and addressing them?
It’s really made me very familiar with the company and its operations. And, to an extent, the employee base.
It’s been really nice to step back into a team that I’m familiar with and an operation that I understand.
Tilt recently cut some ties with social equity brands such as Her Highness, Highsman and Black Buddha, which drew criticism from industry watchers and social equity advocates. What drove that decision?
We had a lot of overlap in product offerings and within our brand portfolio.
And if you’re trying to sell similar products at similar price points from two different brands, you’re doing those brands a disservice.
And we had made promises and commitments to nascent or emerging brands that we weren’t going to be able to live up to.
We’re a platform that does well with existing brands with a proven track record in certain markets by helping them to expand into new markets where we have distribution and penetration.
We are not a platform that’s going to be able to launch brand-new brands.
It had absolutely nothing to do with social equity or the ownership makeup of those brands. We will continue to do DEI work at Tilt, it’s incredibly important to our team.
What else did the brand and product portfolio evaluation reveal?
We have a unique differentiator as a manufacturer and distributor, and our subsidiary Jupiter is one of, if not the largest, hardware distributor in North America.
Our focus going forward from a third-party-brand standpoint is going to start with inhalation. So vape, flower, concentrates, but a really heavy focus on vape.
We essentially create a flywheel at Tilt, where brands procure their hardware through our Jupiter subsidiary, we cultivate and manufacture their products and then we distribute those products throughout our distribution network, which includes our own retail stores as well as third-party retail stores.
Can you provide any updates on the latest developments with the Shinnecock Indian Nation?
It’s no secret that the state of New York has faced a number of challenges in its adult-use rollout.
And, unfortunately, Shinnecock Nation was not unaffected by similar challenges related to illicit or unregulated operators.
The Shinnecock Nation has a unique challenge. There’s an inability to bring products either into the nation from New York state or out of the nation into New York state.
Ultimately, we negotiated a buyout of our investment in that partnership.
The nation is probably a couple months away from opening the dispensary that we built together.
And we believe they have the opportunity for success with their new partner, and now we’ll be able to focus on the core elements of our business.
Tilt has posted some significant operational losses the past four calendar years, and in a second-quarter earnings call last month, you said the biggest area of focus was returning the company to profitability. How do you intend to reach that goal?
We’ve talked about some of the difficult decisions that we’ve made from a head-count rationalization and expense-reduction standpoint … (and) the operational efficiencies that we’ve achieved over the past several months are getting us to a place where we believe we can achieve profitability.
We’re excited about the progress that the company has made.
We think we have a lot of opportunity, not only in the markets where we currently operate – so, Massachusetts, Pennsylvania and Ohio in manufacturing and cultivation and, in the case of Massachusetts, retail – but (also) opportunity to expand our footprint and continue to serve our brands and additional markets in the future.
What are some near-term or longer-term business opportunities for Tilt that you’re particularly excited about?
We’re really excited about some prospective or potential brands that we’re looking to onboard in the next few months.
We’re also really excited about some hardware innovation that’s taking place at Jupiter that not only iterates on existing product lines but also introduces new products that we believe can help grow the pie for vaporization and inhalation.
I think there’s a lot of opportunity for Jupiter in hardware innovation and hardware, in general, in the upcoming months and years.
Source: https://mjbizdaily.com/tilt-shifts-cannabis-brand-strategy-cuts-costs-under-new-ceo-tim-conder/
Business
Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light
Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).
The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.
India’s Indigenous LEO Satellite Vision
Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.
The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.
According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.
The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.
Regulatory Process Moves Forward
Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.
The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.
Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.
Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.
Broadband, Mobile Connectivity, and Strategic Applications
Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.
The company also intends to establish 20 to 22 ground stations across India to support network operations.
Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.
Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.
Major Step for India’s Space and Telecom Sectors
Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.
The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.
Business
Alleged Crores Pharma Scam Mastermind Arrested from Surat
After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.
Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.
Fake Business Deals and Dishonoured Cheques Used in Fraud
Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.
In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”
Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.
Multiple Identities and Repeated Fraud Pattern
Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.
Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.
Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.
Multi-State Surveillance Leads to Arrest in Surat
A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.
Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.
Growing Threat of Corporate Identity Fraud
The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.
Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.
Experts Urge Stronger Due Diligence in High-Value Transactions
Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.
Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.
Business
EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices
A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.
Investigation Under Digital Markets Act Gains Momentum
The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.
Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.
Industry Groups Demand Swift Action
Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.
Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.
In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.
Google Denies Allegations
Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.
However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.
Potential Billion-Euro Penalties
If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.
Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.
Wider Implications for Big Tech
The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.
A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.
As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.
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