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Cirrus Logic Reports Q4 FY19 Revenue of $240.4 Million
Progress on Strategic Initiatives in FY19 Positions Company for
Future Growth
AUSTIN, Texas–(BUSINESS WIRE)–Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-performance,
low-power ICs for audio and voice signal processing applications, today
posted on its website at http://investor.cirrus.com
the quarterly Shareholder Letter that contains the complete
financial results for the fourth quarter and full fiscal year 2019,
which ended March 30, 2019, as well as the company’s current business
outlook.
“In FY19 we significantly expanded our penetration of the handset
market, driven by strong demand for our boosted amplifiers,” said Jason
Rhode, president and chief executive officer. “Although smartphone
market headwinds brought challenges this past year, revenue for the
quarter was at the high end of guidance. We are pleased with our
progress in FY19 as we executed on key strategic initiatives and gained
momentum with new product lines, while expanding our customer base.”
Reported Financial Results – Fourth Quarter FY19
- Revenue of $240.4 million;
-
GAAP and non-GAAP gross margin of 51.8 percent and 52 percent,
respectively; -
GAAP operating expenses of $117.5 million and non-GAAP operating
expenses of $102.9 million; and -
GAAP earnings per share of $0.10 and non-GAAP earnings per share of
$0.37.
Reported Financial Results – Full Year FY19
- Revenue of $1.19 billion;
-
GAAP and non-GAAP gross margin of 50.4 percent and 50.5 percent,
respectively; -
GAAP operating expenses of $496.7 million and non-GAAP operating
expenses of $411.9 million; and -
GAAP earnings per share of $1.46 and non-GAAP earnings per share of
$2.64.
A reconciliation of the non-GAAP charges is included in the tables
accompanying this press release.
Business Outlook – First Quarter FY20
- Revenue is expected to range between $200 million and $240 million;
-
GAAP gross margin is expected to be between 49 percent and 51 percent;
and -
Combined GAAP R&D and SG&A expenses are expected to range between $120
million and $126 million, which includes approximately $14 million in
stock-based compensation and $7 million in amortization of acquired
intangibles.
Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to answer
questions related to its financial results and business outlook.
Participants may listen to the conference call on the Cirrus
Logic website. Participants who would like to submit a question to
be addressed during the call are requested to email [email protected].
A replay of the webcast can be accessed on the Cirrus Logic website
approximately two hours following its completion, or by calling (416)
621-4642, or toll-free at (800) 585-8367 (Access Code: 6169247).
Cirrus Logic, Inc.
Cirrus Logic is a leader in high-performance, low-power ICs for audio
and voice signal processing applications. Cirrus Logic’s products span
the entire audio signal chain, from capture to playback, providing
innovative products for the world’s top smartphones, tablets, digital
headsets, wearables and emerging smart home applications. With
headquarters in Austin, Texas, Cirrus Logic is recognized globally for
its award-winning corporate culture. Check us out at www.cirrus.com.
Cirrus Logic and Cirrus are registered trademarks of Cirrus Logic, Inc.
All other company or product names noted herein may be trademarks of
their respective holders.
Use of non-GAAP Financial Information
To supplement Cirrus Logic’s financial statements presented on a GAAP
basis, Cirrus has provided non-GAAP financial information, including
non-GAAP net income, diluted earnings per share, operating income and
profit, operating expenses, gross margin and profit, tax expense and
effective tax rate impact on earnings per share, and effective tax rate.
A reconciliation of the adjustments to GAAP results is included in the
tables below. Non-GAAP financial information is not meant as a
substitute for GAAP results, but is included because management believes
such information is useful to our investors for informational and
comparative purposes. In addition, certain non-GAAP financial
information is used internally by management to evaluate and manage the
company. The non-GAAP financial information used by Cirrus Logic may
differ from that used by other companies. These non-GAAP measures
should be considered in addition to, and not as a substitute for, the
results prepared in accordance with GAAP.
Safe Harbor Statement
Except for historical information contained herein, the matters set
forth in this news release contain forward-looking statements including
our statements about our future growth opportunities, along with
estimates for the first quarter fiscal year 2020 revenue, gross margin,
combined research and development and selling, general and
administrative expense levels, stock compensation expense and
amortization of acquired intangibles. In some cases, forward-looking
statements are identified by words such as “expect,” “anticipate,”
“target,” “project,” “believe,” “goals,” “opportunity,” “estimates,”
“intend,” and variations of these types of words and similar expressions.
In addition, any statements that refer to our plans, expectations,
strategies or other characterizations of future events or circumstances
are forward-looking statements. These forward-looking statements
are based on our current expectations, estimates, and assumptions and
are subject to certain risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties include, but
are not limited to, the following: the level of orders and shipments
during the first quarter of fiscal year 2020, customer cancellations of
orders, or the failure to place orders consistent with forecasts, along
with the risk factors listed in our Form 10-K for the year ended March
31, 2018 and in our other filings with the Securities and Exchange
Commission, which are available at www.sec.gov.
The foregoing information concerning our business outlook represents our
outlook as of the date of this news release, and we undertake no
obligation to update or revise any forward-looking statements, whether
as a result of new developments or otherwise.
Summary financial data follows:
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
Mar. 30, | Dec. 29, | Mar. 31, | Mar. 30, | Mar. 31, | ||||||||||||||||||||||
2019 | 2018 | 2018 | 2019 | 2018 | ||||||||||||||||||||||
Q4’19 | Q3’19 | Q4’18 | Q4’19 | Q4’18 | ||||||||||||||||||||||
Portable products | $ | 207,099 | $ | 288,640 | $ | 262,777 | $ | 1,032,049 | $ | 1,363,876 | ||||||||||||||||
Non-portable and other products | 33,342 | 35,655 | 40,396 | 153,475 | 168,310 | |||||||||||||||||||||
Net sales | 240,441 | 324,295 | 303,173 | 1,185,524 | 1,532,186 | |||||||||||||||||||||
Cost of sales | 115,802 | 161,115 | 150,543 | 588,027 | 771,470 | |||||||||||||||||||||
Gross profit | 124,639 | 163,180 | 152,630 | 597,497 | 760,716 | |||||||||||||||||||||
Gross margin | 51.8 | % | 50.3 | % | 50.3 | % | 50.4 | % | 49.6 | % | ||||||||||||||||
Research and development | 92,251 | 88,575 | 95,556 | 375,139 | 366,444 | |||||||||||||||||||||
Selling, general and administrative | 30,194 | 30,364 | 36,307 | 126,502 | 131,811 | |||||||||||||||||||||
Gain on sale of assets | (4,913 | ) | – | – | (4,913 | ) | – | |||||||||||||||||||
Total operating expenses | 117,532 | 118,939 | 131,863 | 496,728 | 498,255 | |||||||||||||||||||||
Income from operations | 7,107 | 44,241 | 20,767 | 100,769 | 262,461 | |||||||||||||||||||||
Interest income | 2,248 | 1,740 | 1,378 | 6,960 | 3,609 | |||||||||||||||||||||
U.K. pension settlement | – | (13,768 | ) | – | (13,768 | ) | – | |||||||||||||||||||
Other expense | (150 | ) | 101 | (158 | ) | (217 | ) | (971 | ) | |||||||||||||||||
Income before income taxes | 9,205 | 32,314 | 21,987 | 93,744 | 265,099 | |||||||||||||||||||||
Provision for income taxes | 3,048 | 2,381 | 9,983 | 3,753 | 103,104 | |||||||||||||||||||||
Net income | $ | 6,157 | $ | 29,933 | $ | 12,004 | $ | 89,991 | $ | 161,995 | ||||||||||||||||
Basic earnings per share: | $ | 0.10 | $ | 0.50 | $ | 0.19 | $ | 1.50 | $ | 2.55 | ||||||||||||||||
Diluted earnings per share: | $ | 0.10 | $ | 0.49 | $ | 0.19 | $ | 1.46 | $ | 2.46 | ||||||||||||||||
Weighted average number of shares: | ||||||||||||||||||||||||||
Basic | 59,031 | 59,511 | 62,654 | 60,116 | 63,407 | |||||||||||||||||||||
Diluted | 60,199 | 60,783 | 64,572 | 61,583 | 65,951 | |||||||||||||||||||||
Prepared in accordance with Generally Accepted Accounting |
||||||||||||||||||||||||||
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION |
(unaudited, in thousands, except per share data) |
(not prepared in accordance with GAAP) |
Non-GAAP financial information is not meant as a substitute for GAAP
results, but is included because management believes such information is
useful to our investors for informational and comparative purposes. In
addition, certain non-GAAP financial information is used internally by
management to evaluate and manage the company. As a note, the non-GAAP
financial information used by Cirrus Logic may differ from that used by
other companies. These non-GAAP measures should be considered in
addition to, and not as a substitute for, the results prepared in
accordance with GAAP.
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
Mar. 30, | Dec. 29, | Mar. 31, | Mar. 30, | Mar. 31, | ||||||||||||||||||||||
2019 | 2018 | 2018 | 2019 | 2018 | ||||||||||||||||||||||
Net Income Reconciliation | Q4’19 | Q3’19 | Q4’18 | Q4’19 | Q4’18 | |||||||||||||||||||||
GAAP Net Income | $ | 6,157 | $ | 29,933 | $ | 12,004 | $ | 89,991 | $ | 161,995 | ||||||||||||||||
Amortization of acquisition intangibles | 7,228 | 7,630 | 13,266 | 40,991 | 48,066 | |||||||||||||||||||||
Stock-based compensation expense | 12,583 | 11,181 | 12,533 | 49,689 | 48,740 | |||||||||||||||||||||
U.K. pension settlement | – | 13,768 | – | 13,768 | – | |||||||||||||||||||||
Gain on asset sale | (4,913 | ) | – | – | (4,913 | ) | – | |||||||||||||||||||
Acquisition-related items | – | – | (279 | ) | – | (4,327 | ) | |||||||||||||||||||
Adjustment to income taxes | 1,202 | (7,003 | ) | (4,502 | ) | (26,781 | ) | 27,254 | ||||||||||||||||||
Non-GAAP Net Income | $ | 22,257 | $ | 55,509 | $ | 33,022 | $ | 162,745 | $ | 281,728 | ||||||||||||||||
Earnings Per Share Reconciliation | ||||||||||||||||||||||||||
GAAP Diluted earnings per share | $ | 0.10 | $ | 0.49 | $ | 0.19 | $ | 1.46 | $ | 2.46 | ||||||||||||||||
Effect of Amortization of acquisition intangibles | 0.12 | 0.13 | 0.21 | 0.67 | 0.73 | |||||||||||||||||||||
Effect of Stock-based compensation expense | 0.21 | 0.18 | 0.19 | 0.81 | 0.74 | |||||||||||||||||||||
Effect of U.K. pension settlement | – | 0.23 | – | 0.22 | – | |||||||||||||||||||||
Effect of Gain on asset sale | (0.08 | ) | – | – | (0.08 | ) | – | |||||||||||||||||||
Effect of Acquisition-related items | – | – | – | – | (0.07 | ) | ||||||||||||||||||||
Effect of Adjustment to income taxes | 0.02 | (0.12 | ) | (0.08 | ) | (0.44 | ) | 0.41 | ||||||||||||||||||
Non-GAAP Diluted earnings per share | $ | 0.37 | $ | 0.91 | $ | 0.51 | $ | 2.64 | $ | 4.27 | ||||||||||||||||
Operating Income Reconciliation | ||||||||||||||||||||||||||
GAAP Operating Income | $ | 7,107 | $ | 44,241 | $ | 20,767 | $ | 100,769 | $ | 262,461 | ||||||||||||||||
GAAP Operating Profit | 3 | % | 14 | % | 7 | % | 8 | % | 17 | % | ||||||||||||||||
Amortization of acquisition intangibles | 7,228 | 7,630 | 13,266 | 40,991 | 48,066 | |||||||||||||||||||||
Stock-based compensation expense – COGS | 288 | 220 | 422 | 877 | 1,474 | |||||||||||||||||||||
Stock-based compensation expense – R&D | 8,270 | 6,761 | 6,847 | 29,115 | 26,136 | |||||||||||||||||||||
Stock-based compensation expense – SG&A | 4,025 | 4,200 | 5,264 | 19,697 | 21,130 | |||||||||||||||||||||
Gain on asset sale | (4,913 | ) | – | – | (4,913 | ) | – | |||||||||||||||||||
Acquisition-related items | – | – | (279 | ) | – | (4,327 | ) | |||||||||||||||||||
Non-GAAP Operating Income | $ | 22,005 | $ | 63,052 | $ | 46,287 | $ | 186,536 | $ | 354,940 | ||||||||||||||||
Non-GAAP Operating Profit | 9 | % | 19 | % | 15 | % | 16 | % | 23 | % | ||||||||||||||||
Operating Expense Reconciliation | ||||||||||||||||||||||||||
GAAP Operating Expenses | $ | 117,532 | $ | 118,939 | $ | 131,863 | $ | 496,728 | $ | 498,255 | ||||||||||||||||
Amortization of acquisition intangibles | (7,228 | ) | (7,630 | ) | (13,266 | ) | (40,991 | ) | (48,066 | ) | ||||||||||||||||
Stock-based compensation expense – R&D | (8,270 | ) | (6,761 | ) | (6,847 | ) | (29,115 | ) | (26,136 | ) | ||||||||||||||||
Stock-based compensation expense – SG&A | (4,025 | ) | (4,200 | ) | (5,264 | ) | (19,697 | ) | (21,130 | ) | ||||||||||||||||
Gain on asset sale | 4,913 | – | – | 4,913 | – | |||||||||||||||||||||
Acquisition-related items | – | – | 279 | – | 4,327 | |||||||||||||||||||||
Non-GAAP Operating Expenses | $ | 102,922 | $ | 100,348 | $ | 106,765 | $ | 411,838 | $ | 407,250 | ||||||||||||||||
Gross Margin/Profit Reconciliation | ||||||||||||||||||||||||||
GAAP Gross Profit | $ | 124,639 | $ | 163,180 | $ | 152,630 | $ | 597,497 | $ | 760,716 | ||||||||||||||||
GAAP Gross Margin | 51.8 | % | 50.3 | % | 50.3 | % | 50.4 | % | 49.6 | % | ||||||||||||||||
Stock-based compensation expense – COGS | 288 | 220 | 422 | 877 | 1,474 | |||||||||||||||||||||
Non-GAAP Gross Profit | $ | 124,927 | $ | 163,400 | $ | 153,052 | $ | 598,374 | $ | 762,190 | ||||||||||||||||
Non-GAAP Gross Margin | 52.0 | % | 50.4 | % | 50.5 | % | 50.5 | % | 49.7 | % | ||||||||||||||||
Effective Tax Rate Reconciliation | ||||||||||||||||||||||||||
GAAP Tax Expense | $ | 3,048 | $ | 2,381 | $ | 9,983 | $ | 3,753 | $ | 103,104 | ||||||||||||||||
GAAP Effective Tax Rate | 33.1 | % | 7.4 | % | 45.4 | % | 4.0 | % | 38.9 | % | ||||||||||||||||
Adjustments to income taxes | (1,202 | ) | 7,003 | 4,502 | 26,781 | (27,254 | ) | |||||||||||||||||||
Non-GAAP Tax Expense | $ | 1,846 | $ | 9,384 | $ | 14,485 | $ | 30,534 | $ | 75,850 | ||||||||||||||||
Non-GAAP Effective Tax Rate | 7.7 | % | 14.5 | % | 30.5 | % | 15.8 | % | 21.2 | % | ||||||||||||||||
Tax Impact to EPS Reconciliation | ||||||||||||||||||||||||||
GAAP Tax Expense | $ | 0.05 | $ | 0.04 | $ | 0.15 | $ | 0.06 | $ | 1.56 | ||||||||||||||||
Adjustments to income taxes | (0.02 | ) | 0.12 | 0.08 | 0.44 | (0.41 | ) | |||||||||||||||||||
Non-GAAP Tax Expense | $ | 0.03 | $ | 0.16 | $ | 0.23 | $ | 0.50 | $ | 1.15 | ||||||||||||||||
CONSOLIDATED CONDENSED BALANCE SHEET | ||||||||||||||||
unaudited; in thousands | ||||||||||||||||
Mar. 30, | Dec. 29, | Mar. 31, | ||||||||||||||
2019 | 2018 | 2018 | ||||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 216,172 | $ | 219,319 | $ | 235,604 | ||||||||||
Marketable securities | 70,183 | 59,793 | 26,397 | |||||||||||||
Accounts receivable, net | 120,656 | 142,135 | 100,801 | |||||||||||||
Inventories | 164,733 | 167,879 | 205,760 | |||||||||||||
Other current assets | 53,239 | 51,151 | 45,112 | |||||||||||||
Total current Assets | 624,983 | 640,277 | 613,674 | |||||||||||||
Long-term marketable securities | 158,968 | 165,063 | 172,499 | |||||||||||||
Property and equipment, net | 186,185 | 191,324 | 191,154 | |||||||||||||
Intangibles, net | 67,847 | 76,389 | 111,547 | |||||||||||||
Goodwill | 286,241 | 286,678 | 288,718 | |||||||||||||
Deferred tax asset | 8,727 | 13,131 | 14,716 | |||||||||||||
Other assets | 19,689 | 24,003 | 37,809 | |||||||||||||
Total assets | $ | 1,352,640 | $ | 1,396,865 | $ | 1,430,117 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accounts payable | $ | 48,398 | $ | 108,022 | $ | 69,850 | ||||||||||
Accrued salaries and benefits | 29,289 | 23,566 | 35,721 | |||||||||||||
Other accrued liabilities | 37,853 | 38,175 | 34,638 | |||||||||||||
Total current liabilities | 115,540 | 169,763 | 140,209 | |||||||||||||
Non-current income taxes | 78,309 | 78,532 | 92,753 | |||||||||||||
Other long-term liabilities | 18,551 | 18,769 | 35,427 | |||||||||||||
Stockholders’ equity: | ||||||||||||||||
Capital stock | 1,363,736 | 1,349,941 | 1,312,434 | |||||||||||||
Accumulated deficit | (222,430 | ) | (217,871 | ) | (139,345 | ) | ||||||||||
Accumulated other comprehensive income (loss) | (1,066 | ) | (2,269 | ) | (11,361 | ) | ||||||||||
Total stockholders’ equity | 1,140,240 | 1,129,801 | 1,161,728 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 1,352,640 | $ | 1,396,865 | $ | 1,430,117 | ||||||||||
Prepared in accordance with Generally Accepted Accounting Principles |
Contacts
Investor Contact:
Thurman K. Case
Chief Financial
Officer
Cirrus Logic, Inc.
(512) 851-4125
[email protected]
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Humboldt
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace
Apollo Green to distribute Humboldt Seed Company clonal cannabis genetics to Germany, Portugal and Australia
SAN FRANCISCO, April 30, 2024 /PRNewswire/ — Humboldt Seed Company (HSC), California’s leading cannabis seed producer, has announced a partnership with Canadian-based Apollo Green to make eight breeder cuts available to researchers, licensed commercial cultivators and home growers in legal markets worldwide. This first-to-market clonal genetics release is a significant milestone and will expand access to distinctive, high-quality cannabis genetics in both established and emerging global markets including Germany, Portugal and Australia.
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About Humboldt Seed Company
Established in 2001, Humboldt Seed Company is a Northern California heritage brand providing quality cannabis genetics to commercial cultivators and home growers in legalized states across the U.S. and international markets including Spain, Canada, Jamaica, South Africa, Colombia, France, Portugal, Greece, the UK, Malta and Thailand. With a focus on environmental and social justice, they combine traditional breeding and modern scientific practices in their strain development program. They have served the cannabis community for over two decades.
For more information visit https://humboldtseedcompany.com/.
About Apollo Green
Licensed since 2019, Apollo Green is Canada’s leader in cannabis genetics. The company’s mission is to provide an ever-growing bank of seeds and clones to medical patients and recreational consumers. Apollo Green provides clean, trusted cannabis seeds and clones, which are backed by the foremost tissue culture technology to reduce risks, costs and time-to-market for licensed producers around the world. Apollo Green is passionate about cannabis genetics.
For more information visit https://apollogreen.com/.
Media contact
Jaana Prall
[email protected]
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