Investor Group Files Complaint against Bed Bath & Beyond to Protect Shareholder Rights to a Fair Election
Believes the Company is seeking to disenfranchise shareholders and
gain an unfair advantage in the proxy contest
Bed Bath’s continued governance issues underscore that meaningful
change is needed at the Company now
Legion revises slate to 10 nominees given Company’s reduction in size
of Board
NEW YORK–(BUSINESS WIRE)–Legion Partners Holdings, LLC (“Legion Partners Holdings” together with
its affiliates, “Legion Partners”), Macellum Advisors GP, LLC (together
with its affiliates, “Macellum”), and Ancora Advisors, LLC (together
with its affiliates, “Ancora” and, together with Legion Partners and
Macellum, “the Investor Group”) today announced that Legion Partners
Holdings has filed a complaint in the United States District Court,
Southern District of New York against Bed Bath & Beyond Inc. (NASDAQ:
BBBY) (“Bed Bath” or the “Company”). The complaint focuses on the
Company’s efforts to subvert the rights of shareholders in relation to
Legion Partners Holdings’ nomination of a full slate of highly-qualified
director candidates for election to the Board of Directors (the “Board”)
at the 2019 Annual Meeting of Shareholders (the “2019 Annual Meeting”) –
specifically, the Company’s refusal to take steps to ensure that the
election of our director nominees will not trigger certain change in
control provisions.
The Investor Group issued the following statement in connection with the
filing of the complaint:
“In order to avoid triggering potential adverse financial consequences
under Bed Bath’s $1.5 billion notes if a majority of our nominees were
to be elected at the 2019 Annual Meeting, the Board can take the simple
step of approving our nominees. Rather than doing this in a timely
fashion – in order to ensure a free and fair election without the threat
of such potential consequences – the Board has instead sought to put up
unnecessary obstacles, leaving us no choice but to file a legal
complaint against the Company.
We believe the Board is trying to disenfranchise shareholders to gain an
unfair advantage at the 2019 Annual Meeting, and we are highly
disappointed that Bed Bath has resorted to these maneuvers. All
shareholders should recognize these tactics for what they are: further
evidence that the current Board and leadership of Bed Bath are unable or
unwilling to act in the best interests of shareholders and that more
meaningful change is needed now.
To be clear, under the Company’s indenture governing approximately $1.5
billion of senior unsecured notes, a change of control can occur upon a
change of a majority of the Board followed by a rating downgrade. If
such a downgrade occurred after the election of Legion’s slate, the
Company would need to make a change of control offer at 101% of the
principal amount of debt under the notes plus accrued interest.
The Board has the discretionary authority to approve of a dissident’s
nominees as “continuing directors” for the sole purpose of preventing
any negative effects from shareholders exercising their right to effect
meaningful change at the Board level. Such approval is not an
endorsement or recommendation and the Company may otherwise oppose the
nominees in a proxy fight. Approving the nominees as continuing
directors allows shareholders to elect the most qualified directors on
the merits without being influenced by the significant payments that the
Company may be obligated to make if the change of control provisions
were triggered.
Importantly, courts have held that the failure to
provide such an approval may constitute a breach of the Board’s duty of
loyalty and care. Despite repeated requests to have the Board
approve of our nominees, the Board has refused, arguing it may not be
able to “approve” of the nominees without endorsing the nominees or
interviewing them, notwithstanding Legion Partners Holdings submitting
almost 1,500 pages of information required under the Company’s onerous
requirements and subsequent requests for additional information, which
clearly has provided the Board sufficient information to assess the
qualification of the nominees.
If shareholders conclude that the Investor Group’s nominees should be
elected to the Board, that determination alone should suffice. The
Board’s suggestion that it can override shareholder wishes and risk a
default under its material agreements is improper and unlawful.
The Company’s tactics, in our view, represent further examples of its
seeming focus on resisting the will of shareholders at all costs.
Sweeping change is urgently needed – which is why Legion Partners
Holdings has nominated a slate of highly-qualified, independent
candidates to the Board at the 2019 Annual Meeting of Shareholders.
Given the Company’s recently-announced reduction in the size of the
Board to 10, we have updated our slate to 10 nominees. We are committed
to continuing to take on the hard work necessary to make improvements at
Bed Bath for the benefit of all stakeholders.”
For more information visit https://restorebedbath.com/.
About Legion Partners
Legion Partners is a long-term-oriented activist fund focused on
producing superior risk-adjusted returns for clients. Legion Partners’
investment strategy is concentrated on North American small cap
equities, utilizing deep fundamental research and long-term shareholder
engagement to drive superior performance over time.
About Macellum
Macellum has substantial experience investing in consumer and retail
companies and assisting such companies in improving their long-term
financial and stock price performance. Macellum’s historical investments
include: Collective Brands, GIII Apparel Group, Hot Topic, Charming
Shoppes and Warnaco, among other companies. Macellum prefers to
constructively engage with management to improve its governance and
performance for the benefit of all stockholders, as it did with Perry
Ellis. However, when management is entrenched, Macellum has run
successful proxy contests to effectuate meaningful change, including at
The Children’s Place, Christopher & Banks and most recently at Citi
Trends.
About Ancora Advisors
Ancora Holdings, Inc. is an employee owned, Cleveland, Ohio based
holding company which wholly owns three separate and distinct SEC
Registered Investment Advisers, Ancora Advisors, Inc., Ancora Family
Wealth Advisors, LLC and Ancora Retirement Plan Advisors, Inc. and
Inverness Securities LLC, a broker dealer. Ancora Advisors, LLC
specializes in customized portfolio management for individual investors,
high net worth investors, investment companies (mutual funds), pooled
investments (hedge funds/investment limited partnerships), and
institutions such as pension/profit sharing plans, corporations,
charitable & “Not-for Profit” organizations, and unions. Ancora Family
Wealth Advisors, LLC is a leading, regional investment and wealth
advisor managing assets on behalf families and high net-worth
individuals. Ancora Retirement Plan Advisors, Inc. specializes in
providing non-discretionary investment guidance for small and midsize
employer sponsored retirement plans.
CERTAIN INFORMATION CONCERNING PARTICIPANTS
Legion Partners Holdings, LLC, a Delaware limited liability company
(“Legion Partners Holdings”), Macellum Advisors GP, LLC, a Delaware
limited liability company (“Macellum GP”), and Ancora Advisors, LLC, a
Delaware limited liability company (“Ancora Advisors”) together with the
participants named herein, intend to file a preliminary proxy statement
and accompanying WHITE proxy card with the Securities and Exchange
Commission (“SEC”) to be used to solicit votes for the election of their
slate of ten highly qualified director nominees at the 2019 annual
meeting of shareholders of Bed Bath & Beyond Inc., a New York
corporation (the “Company”).
LEGION PARTNERS HOLDINGS, MACELLUM GP, AND ANCORA ADVISORS STRONGLY
ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND
OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO
CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV.
IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE
COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON
REQUEST.
The participants in the proxy solicitation are Legion Partners Holdings,
Legion Partners, L.P. I, a Delaware limited partnership (“Legion
Partners I”), Legion Partners, L.P. II, a Delaware limited partnership
(“Legion Partners II”), Legion Partners Special Opportunities, L.P. XII,
a Delaware limited partnership (“Legion Partners Special XII”), Legion
Partners, LLC, a Delaware limited liability company (“Legion LLC”),
Legion Partners Asset Management, LLC, a Delaware limited liability
company (“Legion Partners Asset Management”), Christopher S. Kiper,
Raymond T. White, Macellum GP, Macellum Home Fund, LP, a Delaware
limited partnership (“Macellum Home”), Macellum Management, LP, a
Delaware limited partnership (“Macellum Management”), Jonathan Duskin,
Ancora Catalyst Institutional, LP, a Delaware limited partnership
(“Ancora Catalyst Institutional”), Ancora Catalyst, LP, a Delaware
limited partnership (“Ancora Catalyst”), Merlin Partners Institutional,
LP, a Delaware limited partnership (“Merlin Institutional”), Ancora
Merlin, LP, a Delaware limited partnership (“Ancora Merlin”), Ancora
Special Opportunity Fund, a series of the Ancora Trust, an Ohio business
trust (“Ancora Special Opportunity”), Ancora/Thelen Small-Mid Cap Fund,
a series of the Ancora Trust, an Ohio business trust (“Ancora/Thelen”),
Ancora Advisors, LLC, a Nevada limited liability company (“Ancora
Advisors”), Frederick DiSanto, Theresa R. Backes, John E. Fleming, Sue
Ellen Gove, Janet E. Grove, Jeffrey A. Kirwan, Jeremy I. Liebowitz,
Cynthia S. Murray, Hugh R. Rovit and Alexander W. Smith.
As of the date of this press release, Legion Partners I directly
beneficially owns 3,452,124 shares of common stock, par value $0.01 per
share (the “Common Stock”) of the Company, including 898,000 shares
underlying long call options, Legion Partners II directly beneficially
owns 199,952 shares of Common Stock, including 52,000 shares underlying
long call options, Legion Partners Special XII directly beneficially
owns 982,000 shares of Common Stock, including 200,000 shares underlying
long call options, and Legion Partners Holdings directly beneficially
owns 200 shares of Common Stock in record name and as the sole member of
Legion Partners Asset Management and sole member of Legion LLC, Legion
Partners Holdings may also be deemed to beneficially own the 3,452,124
shares of Common Stock beneficially owned directly by Legion Partners I,
including 898,000 shares underlying long call options, 199,952 shares of
Common Stock beneficially owned directly by Legion Partners II,
including 52,000 shares underlying long call options, and 982,000 shares
of Common Stock beneficially owned directly by Legion Partners Special
XII, including 200,000 shares underlying long call options. As the
general partner of each of Legion Partners I, Legion Partners II and
Legion Partners Special XII, Legion LLC may be deemed to beneficially
own the 3,452,124 shares of Common Stock beneficially owned directly by
Legion Partners I, including 898,000 shares underlying long call
options, 199,952 shares of Common Stock beneficially owned directly by
Legion Partners II, including 52,000 shares underlying long call
options, and 982,000 shares of Common Stock beneficially owned directly
by Legion Partners Special XII, including 200,000 shares underlying long
call options. As the investment advisor of each of Legion Partners I,
Legion Partners II and Legion Partners Special XII, Legion Partners
Asset Management may be deemed to beneficially own the 3,452,124 shares
of Common Stock beneficially owned directly by Legion Partners I,
including 898,000 shares underlying long call options, 199,952 shares of
Common Stock beneficially owned directly by Legion Partners II,
including 52,000 shares underlying long call options, and 982,000 shares
of Common Stock beneficially owned directly by Legion Partners Special
XII, including 200,000 shares underlying long call options. As a
managing director of Legion Partners Asset Management and managing
member of Legion Partners Holdings, Mr. Kiper may be deemed to
beneficially own the 3,452,124 shares of Common Stock beneficially owned
directly by Legion Partners I, including 898,000 shares underlying long
call options, 199,952 shares of Common Stock beneficially owned directly
by Legion Partners II, including 52,000 shares underlying long call
options, 982,000 shares of Common Stock beneficially owned directly by
Legion Partners Special XII, including 200,000 shares underlying long
call options and 200 shares of Common Stock beneficially owned directly
by Legion Partners Holdings. As a managing director of Legion Partners
Asset Management and managing member of Legion Partners Holdings, Mr.
White may be deemed to beneficially own the 3,452,124 shares of Common
Stock beneficially owned directly by Legion Partners I, including
898,000 shares underlying long call options, 199,952 shares of Common
Stock beneficially owned directly by Legion Partners II, including
52,000 shares underlying long call options, 982,000 shares of Common
Stock beneficially owned directly by Legion Partners Special XII,
including 200,000 shares underlying long call options and 200 shares of
Common Stock beneficially owned directly by Legion Partners Holdings.
Macellum Home directly beneficially owns 446,415 shares of Common Stock,
including 89,500 shares underlying long call options. As the investment
manager of Macellum Home, Macellum Management may be deemed to
beneficially own the 446,415 shares of Common Stock beneficially owned
directly by Macellum Home, including 89,500 shares underlying long call
options. As the general partner of Macellum Home, Macellum GP may be
deemed to beneficially own the 446,415 shares of Common Stock
beneficially owned directly by Macellum Home, including 89,500 shares
underlying long call options. As the sole member of Macellum GP, Mr.
Duskin may be deemed to beneficially own the 446,415 shares of Common
Stock beneficially owned directly by Macellum Home, including 89,500
shares underlying long call options. Ancora Catalyst Institutional
directly beneficially owns 244,195 shares of Common Stock, including
83,700 shares underlying long call options, Ancora Catalyst directly
beneficially owns 18,380 shares of Common Stock, including 6,300 shares
underlying long call options, Merlin Institutional directly beneficially
owns 235,455 shares of Common Stock, including 81,000 shares underlying
long call options, Ancora Merlin directly beneficially owns 27,121
shares of Common Stock, including 9,000 shares underlying long call
options, Ancora Special Opportunity directly beneficially owns 20,000
shares of Common Stock and Ancora/Thelen directly beneficially owns
96,780 shares of Common Stock. As the investment advisor to each of
Ancora Catalyst Institutional, Ancora Catalyst, Merlin Institutional,
Ancora Merlin, Ancora Special Opportunity, Ancora/Thelen and certain
separately managed accounts, including accounts held by owners and
employees of Ancora Advisors of which Ancora Advisors has sole voting
and dispositive power over (collectively, the “SMAs”), Ancora Advisors
may be deemed to beneficially own the 244,195 shares of Common Stock
beneficially owned directly by Ancora Catalyst Institutional, including
83,700 shares underlying long call options, 18,380 shares of Common
Stock beneficially owned directly by Ancora Catalyst, including 6,300
shares underlying long call options, 235,455 shares of Common Stock
beneficially owned directly by Merlin Institutional, including 81,000
shares underlying long call options, 27,121 shares of Common Stock
beneficially owned directly by Ancora Merlin, including 9,000 shares
underlying long call options, 20,000 shares of Common Stock beneficially
owned directly by Ancora Special Opportunity, 96,780 shares of Common
Stock beneficially owned directly by Ancora/Thelen and 1,187,317 shares
of Common Stock held in the SMAs. As the Chairman and Chief Executive
Officer of Ancora Advisors, Mr. DiSanto may be deemed to beneficially
own the 244,195 shares of Common Stock beneficially owned directly by
Ancora Catalyst Institutional, including 83,700 shares underlying long
call options, 18,380 shares of Common Stock beneficially owned directly
by Ancora Catalyst, including 6,300 shares underlying long call options,
235,455 shares of Common Stock beneficially owned directly by Merlin
Institutional, including 81,000 shares underlying long call options,
27,121 shares of Common Stock beneficially owned directly by Ancora
Merlin, including 9,000 shares underlying long call options, 20,000
shares of Common Stock beneficially owned directly by Ancora Special
Opportunity, 96,780 shares of Common Stock beneficially owned directly
by Ancora/Thelen and 1,187,317 shares of Common Stock held in the SMAs.
As of the date hereof, John E. Fleming directly beneficially owns 5,000
shares of Common Stock. As of the date hereof, none of Theresa R.
Backes, Sue Ellen Gove, Janet E. Grove, Jeffrey A. Kirwan, Jeremy I.
Liebowitz, Cynthia S. Murray, Hugh R. Rovit or Alexander W. Smith own
beneficially or of record any securities of the Company.
Contacts
Media:
Sloane & Company
Dan Zacchei / Joe Germani
212.486.9500
[email protected]
/ [email protected]
Investors:
John Ferguson / Joe Mills
Saratoga Proxy
Consulting LLC
(212) 257-1311
[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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