Drive Shack Announces First Quarter 2019 Results and Declares Second Quarter 2019 Preferred Stock Dividends
Reading Time: 9 minutes
Company announces 1 new Drive Shack location and confirms three new
venue openings in 2019
Has closed sales of 18 golf courses for $132 million to date
NEW YORK–(BUSINESS WIRE)–Drive Shack Inc. (NYSE: DS), an owner and operator of golf entertainment
and dining venues and traditional golf courses, today announced
financial results for its first quarter ended March 31, 2019.
Business Highlights
-
Drive Shack
-
Entered into new partnership with Trackman, the leading provider
of radar-based ball tracking - Announced Drive Shack location in Minneapolis, MN
-
Hired Head of Architecture to lead design of future Drive Shack
venues -
Drive Shack Orlando, which opened in April 2018, generated $1.7
million of revenue in Q1 2019, up 11% compared to Q4 -
Raleigh, Richmond and West Palm Beach locations on track to open
in the second half of 2019
-
Entered into new partnership with Trackman, the leading provider
-
American Golf Corporation
- Total golf proceeds of $132 million from the sale of 18 courses
- American Golf Corporation Q1 2019 revenue generation of $52 million
-
Grew public course The Players Club Members by 14% and private
course average membership Dues by 2%, on a same-store basis over
prior year
-
Company adds 2 new members, Virgis Colbert and Ben Crane, to the Board
of Directors
“We are pleased to see Drive Shack Orlando’s improved performance
compared to the prior quarter. We are on track to open Raleigh, Richmond
and West Palm Beach in the second half of this year, and we are thrilled
to announce a new Drive Shack location in Minneapolis, MN,” said Ken
May, Chief Executive Officer. “We continue to refine our blueprint for
site-level operations, using Orlando as the test kitchen for new ideas,
ahead of the next three site openings. Guest experience is the priority.
The implementation of Trackman ball tracking technology at all of our
sites and the menu redesign rollout are just a couple ways we are
enhancing the experience.”
“We continue to make strides optimizing our American Golf portfolio and
expect the stabilized business to generate $175M in total revenue by
2020. In terms of course sales, we generated $132 million in gross
proceeds from the sale of 18 owned golf courses and expect approximately
$42 million additional gross proceeds across 5 courses in contract or
LOI. We will use these proceeds to fund our entertainment golf business
and expect to have 20 sites open by 2022,” said David Hammarley, Chief
Financial Officer. “Overall, I’m confident that our world class
operating team will execute on our business plan and hit the financial
targets we’ve set. With our team and operating costs largely in place,
we expect overall company G&A costs to scale down to 5-10% of total
revenues over the next few years as the business scales up.”
Development
Since the last earnings release on March 14, 2019, the Company signed a
new location in Minneapolis, MN. The Company plans to open 3 new Drive
Shack sites in Raleigh, NC, Richmond, VA, and West Palm Beach, FL in the
second half of 2019.
Board Members
The management team is excited to announce the addition of Virgis
Colbert and Ben Crane to The Board of Directors to further drive the
growth of the business.
Virgis Colbert, who will also serve on the Board’s Audit and
Compensation Committees, has significant operational experience
including Executive Vice President of Worldwide Operations at Miller
Brewing Company. Mr. Colbert’s business acumen and proven track record
earned him roles as the Director of the NASDAQ exchange and a Board seat
on several Fortune 500 companies. He is a lifetime member of the
National Association for the Advancement of Colored People and was named
a national honorary member of the 100 Black Men of America. As an avid
fan of golf, Virgis is a member of two of the most prestigious golf
clubs in America.
Ben Crane, who will also serve on the Board’s Compensation Committee, is
an American professional golfer, who has been a member of the PGA tour
since December 2001 and captured five PGA tour wins. Mr. Crane is
actively involved in several charities, which includes founding the
Crane Foundation, whose mission is to help others reach new heights and
levels of achievement and spirituality in their lives. His charity
supports several other nonprofits including the College Golf Fellowship,
Forward Edge International, H.O.P.E Farm Inc., Love146 Inc., the St.
Bernard Project and Young Life.
Sarah Watterson resigned from the Board on May 7, 2019 to focus on other
professional pursuits. “We’re grateful for Sarah’s contributions in
creating Drive Shack. I wish her all the best, and I am confident that
her leadership will be greatly valued in future endeavors,” said Ken May.
Financial Outlook
Our FY 2019 expectations and stabilized targets are as follows:
-
Drive Shack Orlando site is targeted to break even from a cash flow
perspective in 2019 and continue to ramp up its revenues and cash flow
generation in 2020 onwards -
Raleigh, Richmond, and West Palm Beach planned to open in the second
half of 2019 and expect to generate revenues and EBITDA consistent
with target unit economics starting in 2020 -
Plan to open 3 to 5 new sites in 2020 and 5 to 10 sites in 2021 and
2022 - Targeting 20+ open sites in 2022
-
Stabilized target Drive Shack entertainment unit economics:
-
Cost to build between $20 to $35 million across the varying
markets and relevant venue formats -
Top-line revenues anticipated to be $15 to $25 million with
targeted EBITDA margins of approximately 25%-30%
-
Cost to build between $20 to $35 million across the varying
-
Stabilized traditional golf business to generate revenue of
approximately $175 million and target annual course-level EBITDA
margins of 15-20% in 2020 and beyond -
Complete the remaining short-term course sales by end of 2019 with
total gross proceeds of approximately $175 million from 24 of the 26
owned courses-
Continue to explore the monetization of the remaining 2 owned
courses in 2019
-
Continue to explore the monetization of the remaining 2 owned
- Target total Company G&A of 5-10% of total Revenue by 2022
Preferred Stock Dividends
The Company will pay dividends on July 31, 2019 to holders of record of
preferred stock on July 1, 2019, for the period beginning May 1, 2019
and ending July 31, 2019, in an amount equal to $0.609375, $0.503125 and
$0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375%
Series D preferred stock, respectively.
Financial Results
|
First Quarter 2019 compared to the First Quarter 2018 ($ in |
|||||||||||
|
Three Months Ended March 31, |
|||||||||||
| 2019 | 2018 | ||||||||||
| Total revenues | $ | 53,952 | $ | 66,660 | |||||||
| Loss applicable to common stockholders | $ | (15,995 | ) | $ | (17,690 | ) | |||||
| Basic | $ | (0.24 | ) | $ | (0.26 | ) | |||||
| Diluted | $ | (0.24 | ) | $ | (0.26 | ) | |||||
Conference Call Today
Management will hold a conference call to discuss these results today at
9:00 a.m. Eastern Time. The conference call can be accessed over the
phone by dialing 1-866-913-6930 (from within the U.S.) or 1-409-983-9881
(from outside of the U.S.) ten minutes prior to the scheduled start of
the call; please reference conference ID “8038894.”
A copy of the earnings release will be posted to the Investor Relations
section of Drive Shack Inc.’s website, http://ir.driveshack.com.
A simultaneous webcast of the conference call will be available to the
public on a listen-only basis at http://ir.driveshack.com.
Please allow extra time prior to the call to visit the website and
download any necessary software required to listen to the internet
broadcast.
A telephonic replay of the conference call will also be available two
hours following the call’s completion through 11:30 P.M. Eastern Time on
Friday, May 24, 2019 by dialing 1-800-585-8367 (from within the U.S.) or
1-404-537-3406 (from outside of the U.S.); please reference conference
ID “8038894.”
Additional Information
For additional information that management believes to be useful for
investors, please refer to the presentation posted on the Investor
Relations section of the Company’s website, http://ir.driveshack.com.
For consolidated information, please refer to the Company’s most recent
Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which
are available on the Company’s website, http://ir.driveshack.com.
About Drive Shack
Drive Shack Inc. is a leading owner and operator of golf-related leisure
and entertainment businesses.
Forward-Looking Statements: Certain items in this Press Release
may constitute forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding Drive Shack Inc.’s (NYSE: DS; “DS Inc.”
or the “Company” and “we,” “us” and “our,” as applicable) (a) statements
relating to returns on our investments, (b) anticipated future sales of
selected owned golf properties, including without limitation statements
relating to the timing and amount of anticipated proceeds, (c) our plans
and expectations to optimize the operation of, and grow, our existing
leased and managed golf properties, (d) redeployment of cash from our
generated liquidity, (e) targeted multiples, yields and returns, (f) our
ability to terminate or restructure leases and (g) the Company’s current
business plan and expectations relating to our Drive Shack venues,
including (i) the number of venues that we may be able to develop, (ii)
timing and frequency for opening venues, (iii) financial performance of
these venues and capital expenditure costs, (iv) the growth of the golf,
golf entertainment, and eatertainment industry and business, and (v) our
ability to enhance technology. These statements are based on
management’s current expectations and beliefs and are subject to a
number of risks, trends and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements, many of which are beyond our control. We cannot give any
assurances that management’s current expectations will be attained. For
a discussion of some of the risks and important factors that could cause
actual results to differ materially from such forward-looking
statements, see the sections entitled “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in the Company’s periodic reports filed with the Securities
and Exchange Commission (“SEC”), which are available on the Company’s
website (www.http://ir.driveshack.com).
In addition, new risks and uncertainties emerge from time to time, and
it is not possible to predict or assess the impact of every factor that
may cause actual results to differ from those contained in any
forward-looking statements. Accordingly, you should not place undue
reliance on any forward-looking statements contained in this Press
Release. Forward-looking statements speak only as of the date of this
Press Release. We expressly disclaim any obligation to release publicly
any updates or revisions to any forward-looking statements contained
herein to reflect any change in expectations with regard thereto or
change in events, conditions or circumstances on which any statement is
based.
Past Performance; No Offer; No Reliance: Past performance is not
a reliable indicator of future results and should not be relied upon as
the basis for making an investment decision. This Press Release does not
constitute an offer to sell, or a solicitation of an offer to buy, any
security. Any such offer would only be made by means of formal offering
documents, the terms of which would govern in all respects. You should
not rely on this Press Release as the basis upon which to make any
investment decision.
The Company has not reconciled its EBITDA targets set forth in this
press release to net income (loss) or cash from operations, as items
that impact such measures are out of the Company’s control and/or cannot
be reasonably predicted. Accordingly, a reconciliation is not available
without unreasonable effort.
Cautionary Note regarding Estimated / Targeted Returns and Growth:
Targeted returns and growth represent management’s view and are
estimated based on current and projected future operating performance of
our location in Orlando and other targeted locations, comparable
companies in our industry and a variety of other assumptions, many of
which are beyond our control, that could prove incorrect. As a result,
actual results may vary materially with changes in our liquidity or
ability to obtain financing, changes in market conditions and additional
factors described in our reports filed with the SEC, which we encourage
you to review. We undertake no obligation to update these estimates. See
above for more information on forward-looking statements.
|
Consolidated Balance Sheets |
|||||||||||
| (Unaudited) | |||||||||||
| March 31, 2019 | December 31, 2018 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 49,599 | $ | 79,235 | |||||||
| Restricted cash | 3,365 | 3,326 | |||||||||
| Accounts receivable, net | 5,635 | 7,518 | |||||||||
| Real estate assets, held-for-sale, net | 51,931 | 75,862 | |||||||||
| Real estate securities, available-for-sale | 3,007 | 2,953 | |||||||||
| Other current assets | 20,331 | 20,505 | |||||||||
| Total current assets | 133,868 | 189,399 | |||||||||
| Restricted cash, noncurrent | 258 | 258 | |||||||||
| Property and equipment, net of accumulated depreciation | 157,636 | 132,605 | |||||||||
| Operating lease right-of-use assets | 223,278 | — | |||||||||
| Intangibles, net of accumulated amortization | 20,952 | 48,388 | |||||||||
| Other investments | 22,956 | 22,613 | |||||||||
| Other assets | 5,043 | 8,684 | |||||||||
| Total assets | $ | 563,991 | $ | 401,947 | |||||||
| Liabilities and Equity | |||||||||||
| Current liabilities | |||||||||||
| Obligations under finance leases | $ | 6,790 | $ | 5,489 | |||||||
| Membership deposit liabilities | 8,834 | 8,861 | |||||||||
| Accounts payable and accrued expenses | 37,740 | 45,284 | |||||||||
| Deferred revenue | 14,738 | 18,793 | |||||||||
| Real estate liabilities, held-for-sale | 813 | 2,947 | |||||||||
| Other current liabilities | 29,277 | 22,285 | |||||||||
| Total current liabilities | 98,192 | 103,659 | |||||||||
| Credit facilities and obligations under finance leases – noncurrent | 13,185 | 10,489 | |||||||||
| Operating lease liabilities – noncurrent | 190,229 | — | |||||||||
| Junior subordinated notes payable | 51,198 | 51,200 | |||||||||
| Membership deposit liabilities, noncurrent | 92,603 | 90,684 | |||||||||
| Deferred revenue, noncurrent | 5,445 | 6,016 | |||||||||
| Other liabilities | 3,076 | 5,232 | |||||||||
| Total liabilities | $ | 453,928 | $ | 267,280 | |||||||
| Commitments and contingencies | |||||||||||
| Equity | |||||||||||
|
Preferred stock, $0.01 par value, 100,000,000 shares authorized, |
|||||||||||
|
of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 |
61,583 | 61,583 | |||||||||
|
Common stock, $0.01 par value, 1,000,000,000 shares authorized, |
|||||||||||
|
67,027,104 shares issued and outstanding at March 31, 2019 and |
670 | 670 | |||||||||
| Additional paid-in capital | 3,177,065 | 3,175,843 | |||||||||
| Accumulated deficit | (3,131,133 | ) | (3,105,307 | ) | |||||||
| Accumulated other comprehensive income | 1,878 | 1,878 | |||||||||
| Total equity | $ | 110,063 | $ | 134,667 | |||||||
| Total liabilities and equity | $ | 563,991 | $ | 401,947 | |||||||
|
Consolidated Statements of Operations |
|||||||||||
|
Three Months Ended March 31, |
|||||||||||
| 2019 | 2018 | ||||||||||
| Revenues | |||||||||||
| Golf operations | $ | 44,706 | $ | 53,554 | |||||||
| Sales of food and beverages | 9,246 | 13,106 | |||||||||
| Total revenues | 53,952 | 66,660 | |||||||||
| Operating costs | |||||||||||
| Operating expenses | 47,723 | 57,379 | |||||||||
| Cost of sales – food and beverages | 2,698 | 4,040 | |||||||||
| General and administrative expense | 11,619 | 9,192 | |||||||||
| Depreciation and amortization | 4,924 | 5,548 | |||||||||
| Pre-opening costs | 1,179 | 1,556 | |||||||||
| Impairment | 4,088 | 1,473 | |||||||||
| Realized and unrealized (gain) on investments | — | (242 | ) | ||||||||
| Total operating costs | 72,231 | 78,946 | |||||||||
| Operating loss | (18,279 | ) | (12,286 | ) | |||||||
| Other income (expenses) | |||||||||||
| Interest and investment income | 344 | 446 | |||||||||
| Interest expense, net | (2,153 | ) | (4,049 | ) | |||||||
| Other income (loss), net |
5,488 |
(406 | ) | ||||||||
| Total other income (expenses) | 3,679 | (4,009 | ) | ||||||||
| Loss before income tax | (14,600 | ) | (16,295 | ) | |||||||
| Income tax expense | — | — | |||||||||
| Net Loss | (14,600 | ) | (16,295 | ) | |||||||
| Preferred dividends | (1,395 | ) | (1,395 | ) | |||||||
| Loss Applicable to Common Stockholders | $ | (15,995 | ) | $ | (17,690 | ) | |||||
| Loss Applicable to Common Stock, per share | |||||||||||
| Basic | $ | (0.24 | ) | $ | (0.26 | ) | |||||
| Diluted | $ | (0.24 | ) | $ | (0.26 | ) | |||||
| Weighted Average Number of Shares of Common Stock Outstanding | |||||||||||
| Basic | 67,027,104 | 66,977,104 | |||||||||
| Diluted | 67,027,104 | 66,977,104 | |||||||||
Contacts
For Investor Relations Inquiries:
Austin Pruitt
Drive
Shack Inc.
646-585-5591
[email protected]
Indivior
Indivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).
- Primary and Secondary End Points of the Study were Not Met
- Indivior Does Not Currently Expect to Exercise AEF0117 Option
SLOUGH, United Kingdom and RICHMOND, Va., Sept. 4, 2024 /PRNewswire/ — Indivior PLC (Nasdaq/LSE: INDV) is today providing an update following Aelis Farma’s announcement of the results from its clinical Phase 2B trial with AEF01171, evaluating the efficacy and safety in treatment-seeking participants with moderate to severe Cannabis Use Disorder (CUD). The purpose of this trial was twofold: (1) to show that AEF0117 (0.1, 0.3, 1 mg once a day for 12 weeks) lowers cannabis use and (2) to determine the endpoints and optimal dosage of AEF0117 for use in future studies. In this phase 2B study, patients were treatment-seeking participants, 84% of whom had severe CUD.
The results of the study demonstrated that the primary endpoint, the proportion of participants who reduced their cannabis use to ≤1 day per week, as well as secondary endpoints measuring the proportion of participants reaching either complete abstinence or who used ≤2 day per week, were not met. Although these results are disappointing, they indicate that significant work remains to be done to understand subpopulations of patients with CUD, specifically those with severe CUD.
This clinical Phase 2B study is part of the strategic collaboration between Aelis Farma and Indivior, which includes an exclusive option for Indivior to license the global rights to AEF0117. Given the lack of separation from placebo on primary and secondary endpoints and before seeing further additional favorable clinical data, Indivior does not currently expect to exercise its option.
Important Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding whether: we will be able to ultimately demonstrate the safety and efficacy of AEF0117, which is a prerequisite to filing any New Drug Application; we might ever exercise our option for AEF0117 and, if so, when; and other statements containing the words “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “forecast,” “strategy,” “target,” “guidance,” “outlook,” “potential,” “project,” “priority,” “may,” “will,” “should,” “would,” “could,” “can,” “outlook,” “guidance,” the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future.
Actual results may differ materially from those because they relate to future events. Various factors may cause differences between Indivior’s expectations and actual results, including, among others, the risks described in our most recent annual report on Form 20-F beginning on page 9 as filed with the U.S. SEC and in subsequent releases; legal and market restrictions that may limit how quickly we can repurchaser our shares; the substantial litigation and ongoing investigations to which we are or may become a party; our reliance on third parties to manufacture commercial supplies of most of our products, conduct our clinical trials and at times to collaborate on products in our pipeline; our ability to comply with legal and regulatory settlements, healthcare laws and regulations, requirements imposed by regulatory agencies and payment and reporting obligations under government pricing programs; risks related to the manufacture and distribution of our products, most of which contain controlled substances; market acceptance of our products as well as our ability to commercialize our products and compete with other market participants; competition; the uncertainties related to the development of new products, including through acquisitions, and the related regulatory approval process; our dependence on third-party payors for the reimbursement of our products and the increasing focus on pricing and competition in our industry; unintended side effects caused by the clinical study or commercial use of our products; our ability to successfully execute acquisitions, partnerships, joint ventures, dispositions or other strategic acquisitions; our ability to protect our intellectual property rights and the substantial cost of litigation or other proceedings related to intellectual property rights; the risks related to product liability claims or product recalls; the significant amount of laws and regulations that we are subject to, including due to the international nature of our business; macroeconomic trends and other global developments such as armed conflicts and pandemics; the terms of our debt instruments, changes in our credit ratings and our ability to service our indebtedness and other obligations as they come due; changes in applicable tax rate or tax rules, regulations or interpretations and our ability to realize our deferred tax assets; and volatility in our share price due to factors unrelated to our operating performance or that may result from the potential move of our primary listing to the U.S.
Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events.
This release is being made by Kathryn Hudson, Company Secretary Indivior PLC.
About Indivior
Indivior is a global pharmaceutical company working to help change patients’ lives by developing medicines to treat substance use disorders (SUD), overdose and serious mental illnesses. Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD. Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease.
Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to both expand on its heritage in this category and potentially address other chronic conditions and co-occurring disorders of SUD. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/indivior.
References:
- National Library of Medicine (U.S.) (2022, April). Effect of AEF0117 on treatment-seeking patients with cannabis use disorder (CUD) (SICA2). Identifier
NCT05322941 https://www.clinicaltrials.gov/study/NCT05322941
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HERZLIYA, Israel and CALGARY, Alberta, Aug. 29, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce that it has completed its previously announced non-brokered private placement offering of 5,025,725 units of the Company (the “Units”) at a price of C$0.22 per Unit for gross proceeds of C$1,105,659.50 (the “Offering”).
Each Unit is comprised of: (i) one (1) common share in the capital of the Company (each a “Common Share”); and (ii) one (1) common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.32 for a period of four (4) years from the date of issuance.
Innocan intends to use the proceeds of the Offering for working capital and general corporate purposes.
The securities issued to Canadian subscribers in connection with the Offering are subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.
Iris Bincovich, Chief Executive Officer of the Company, stated “we are very pleased with our successful offering. I would like to extend my sincere gratitude to our investors for their unwavering support. We see this as a strong vote of confidence by both existing and new investors which demonstrates investor support of our vision and strategic direction. These new funds will provide us with additional working capital to enable us to capitalize on new opportunities and allow us to advance strongly on our growth plans.”
The Company is also pleased to announce that it has granted an aggregate of 300,000 stock options (each an “Option“) to certain consultants of the Company pursuant to the Company’s stock option plan (the “Plan“). Each Option may be exercised for one (1) common share in the capital of the Company (each, a “Share“) at a price of $0.25 per Share. The Options expire on August 27, 2029.
All Options granted vest in accordance with the following vesting schedule: (i) 1/3rd of the Options vested immediately at grant; (ii) 1/3rd of the Options will vest on February 28, 2025; and (iii) 1/3rd will vest on August 27, 2025; all subject to the terms and conditions of the Plan.
About Innocan Pharma:
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/
Contact Information:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Cannabis
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) — The “Europe Medical Cannabis Oil Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2032.” report has been added to ResearchAndMarkets.com’s offering.
The Europe Medical Cannabis Oil market is poised for significant growth, projected to escalate from US$ 0.91 billion in 2023 to US$ 2.40 billion by 2032, advancing at a CAGR of 12.08%. In this comprehensive research report, the market is analyzed by:
- Derivatives;
- Source;
- Application;
- Route of Administration;
- End-user;
- Distribution Channel; and
- Country.
Market Highlights Identified in the Report
- Progressive legalization across Europe is creating a favorable regulatory environment, enhancing market expansion for medical cannabis oil products.
- Germany leads the market with a robust infrastructure and supportive regulations, while other countries like the UK, Italy, and Spain show significant growth potential based on evolving regulatory landscapes and market dynamics.
- Key players such as Tilray, Aurora Cannabis Inc., and GW Pharmaceuticals dominate the market, emphasizing research, strategic partnerships, and innovation to maintain competitive edge amidst evolving industry dynamics.
The medical cannabis oil market has experienced substantial growth as legalization and acceptance of cannabis-based treatments expand globally. Cannabis oil, derived from the cannabis plant through extraction methods, contains cannabinoids such as THC and CBD, known for their therapeutic properties. Increasing recognition of cannabis oil’s potential in alleviating symptoms of various medical conditions, including chronic pain, epilepsy, and anxiety disorders, has driven its adoption in medical settings.
Governments in several countries are progressively legalizing medical cannabis, creating a conducive regulatory environment for market expansion. Additionally, growing consumer awareness about alternative and natural therapies has fueled the demand for cannabis oil products. The market is characterized by diverse product offerings, including full-spectrum and CBD-isolate oils, catering to different therapeutic needs and preferences.
Despite regulatory challenges and stigma associated with cannabis, the medical cannabis oil market continues to evolve, driven by ongoing research, favorable legislative changes, and shifting attitudes toward cannabis-based therapies in healthcare.
Regional Insights
Germany is likely to maintain its leadership position in the European medical cannabis oil market due to its established infrastructure, supportive regulations, and strong healthcare system. Germany legalized medical cannabis in 2017, giving the market a head start compared to many other European countries. This established infrastructure and experience position Germany as a leader in the field. As awareness and acceptance of medical cannabis increase, the number of patients seeking treatment in Germany is steadily rising. This fuels market growth and incentivizes further investment in research and development.
Germany’s regulatory framework for medical cannabis is considered relatively patient-friendly compared to some other European countries. This facilitates access for patients with qualifying conditions. The UK legalized medical cannabis in 2018 and is experiencing an increase in patient access programs. This, coupled with ongoing research, could lead to significant market growth. Italy legalized medical cannabis in 2006 but has faced challenges with availability. As regulations become more streamlined and patient access expands, the Italian market holds significant growth potential. Spain has a well-established medical cannabis industry with a focus on domestic production. As regulations evolve and export opportunities increase, the Spanish market could see a boost.
Competitive Landscape
The Medical Cannabis Oil market is characterized by a vigorous competitive landscape, with prominent entities like Tilray, Aurora Cannabis Inc., GW Pharmaceuticals, Almiral, Bedrocan, and others at the forefront, collectively accounting for approximately 41 % of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings.
The primary competitive factors include pricing, product caliber, and technological innovation. As the Medical Cannabis Oil industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry’s fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector’s comprehensive growth and transformation.
Key Topics Covered
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Europe Medical Cannabis Oil Market
Chapter 4. Europe Medical Cannabis Oil Market Overview
Chapter 5. Europe Medical Cannabis Oil Market Analysis, by Derivatives
Chapter 6. Europe Medical Cannabis Oil Market Analysis, by Source
Chapter 7. Europe Medical Cannabis Oil Market Analysis, by Application
Chapter 8. Europe Medical Cannabis Oil Market Analysis, by Route of Administration
Chapter 9. Europe Medical Cannabis Oil Market Analysis, by End-user
Chapter 10. Europe Medical Cannabis Oil Market Analysis, by Distribution Channel
Chapter 11. Europe Medical Cannabis Oil Market Analysis, by Country
Chapter 12. The UK Medical Cannabis Oil Market Analysis
Chapter 13. Germany Medical Cannabis Oil Market Analysis
Chapter 14. The Netherlands Medical Cannabis Oil Market Analysis
Chapter 15. Italy Medical Cannabis Oil Market Analysis
Chapter 16. Spain Medical Cannabis Oil Market Analysis
Chapter 17. Poland Medical Cannabis Oil Market Analysis
Chapter 18. Rest of Europe Medical Cannabis Oil Market Analysis
Chapter 19. Company Profiles (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
A selection of companies mentioned in this report includes, but is not limited to:
- Aurora Cannabis Inc.
- Bedrocan
- Biocann
- BIOTA Biosciences LLC
- Cannamedical
- Mary Jane CBD
- Sanity Group GmbH
- Tilray
- Valcon Medical
For more information about this report visit https://www.researchandmarkets.com/r/dh7q46
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