Massachusetts-based Tilt said the compensation was a result of stock options awarded when it went public on the Canadian Securities Exchange via reverse takeover of Canada’s Sante Veritas Holdings six months ago. (Globe and Mail)

Talking point: Tilt reported that the writedown was a reflection of Canada’s medical cannabis industry as a whole in the face of recreational legalization. It follows an October 2018 report from the Canadian Securities Administrators that found widespread problems with cannabis companies’ financial disclosures. On top of the half-a-billion-dollar writedown, the company lost US$69 million before interest, taxes, depreciation and amortization in its first quarter; much of that was spent on compensation. Investors who bought shares when Tilt went public are down 66 per cent. During the company’s earnings call, investors expressed concern over why, given its financials, Tilt was paying its executives generous bonuses.