Copart Reports Third Quarter Fiscal 2019 Financial Results
DALLAS–(BUSINESS WIRE)–Copart, Inc. (NASDAQ: CPRT) today reported financial results for the
quarter ended April 30, 2019.
For the three months ended April 30, 2019, revenue, gross profit, and
net income were $553.1 million, $251.6 million, and $192.7 million,
respectively. These represent an increase in revenue of $74.9 million,
or 15.7%; an increase in gross profit of $32.5 million, or 14.8%; and an
increase in net income of $65.4 million, or 51.3%, respectively, from
the same period last year. Fully diluted earnings per share for the
three months were $0.81 compared to $0.52 last year, an increase of
55.8%.
For the nine months ended April 30, 2019, revenue, gross profit, and net
income were $1.5 billion, $655.7 million, and $438.2 million,
respectively. These represent an increase in revenue of $142.9 million,
or 10.5%; an increase in gross profit of $81.8 million, or 14.2%; and an
increase in net income of $130.1 million, or 42.2%, respectively, from
the same period last year. Fully diluted earnings per share for the nine
months were $1.82 compared to $1.28 last year, an increase of 42.2%.
The operating results for the three and nine months ended April 30, 2018
were adversely affected by abnormal costs of $7.4 million and $79.7
million, respectively, incurred as a result of Hurricane Harvey. These
costs included temporary storage facilities; abnormally high costs for
subhaulers; increased labor costs due to overtime; travel and lodging
due to the reassignment of employees to the affected region; and
equipment lease expenses to handle the increased volume, as well as cost
of vehicle sales. These costs, net of the associated revenues of $3.5
million and $66.9 million, respectively, generated pre-tax loss for the
three months ended April 30, 2018 of $3.9 million and a pre-tax loss for
the nine months ended April 30, 2018 of $12.8 million.
Excluding the impact of income taxes on the deemed repatriation of
foreign earnings, net of deferred tax changes, discrete income tax
items, disposals of non-operating assets, foreign currency-related gains
and losses, certain income tax benefits and payroll taxes related to
accounting for stock option exercises, and the effect on common
equivalent shares from ASU 2016-09, non-GAAP fully diluted earnings per
share for the three months ended April 30, 2019 and 2018, were $0.66 and
$0.52, respectively. Non-GAAP fully diluted earnings per share for the
nine months ended April 30, 2019 and 2018, were $1.64 and $1.31,
respectively. A reconciliation of non-GAAP financial measures to the
most directly comparable financial measures computed in accordance with
U.S. generally accepted accounting principles (GAAP) can be found in the
tables attached to this press release.
On Thursday, May 23, 2019, at 9 a.m. Eastern time, Copart will conduct a
conference call to discuss the results for the quarter. The call will be
webcast live and can be accessed at http://stream.conferenceamerica.com/copart052319.
A replay of the call will be available through July 22, 2019 by calling (877)
919-4059. Use confirmation code # 77347431.
About Copart
Copart, Inc., founded in 1982, is a global leader in online vehicle
auctions. Copart’s innovative technology and online auction platform
links sellers to more than 750,000 Members in over 170 countries. Copart
offers services to process and sell salvage and clean title vehicles to
dealers, dismantlers, rebuilders, exporters, and in some cases, to end
users. Copart sells vehicles on behalf of insurance companies, banks,
finance companies, charities, fleet operators, dealers and also sells
vehicles sourced from individual owners. With operations at over 200
locations in 11 countries, Copart has more than 125,000 vehicles
available online every day. Copart currently operates in the United
States (Copart.com), Canada (Copart.ca), the United Kingdom
(Copart.co.uk), Brazil (Copart.com.br), the Republic of Ireland
(Copart.ie), Germany (Copart.de), Finland (avk.fi), the United Arab
Emirates, Oman and Bahrain (Copartmea.com), and Spain (Copart.es). For
more information, or to become a Member, visit Copart.com/Register.
Use of Non-GAAP Financial Measures
Included in this release are certain non-GAAP financial measures,
including non-GAAP net income per diluted share, which exclude the
impact of income taxes on the deemed repatriation of foreign earnings,
net of deferred tax changes, discrete income tax items, disposals of
non-operating assets, foreign currency-related gains and losses, certain
income tax benefits and payroll taxes related to accounting for stock
option exercises, and the effect on common equivalent shares from ASU
2016-09. These non-GAAP financial measures do not represent alternative
financial measures under GAAP. In addition, these non-GAAP financial
measures may be different from non-GAAP financial measures used by other
companies. Furthermore, these non-GAAP financial measures do not reflect
a comprehensive view of Copart’s operations in accordance with GAAP and
should only be read in conjunction with the corresponding GAAP financial
measures. This information constitutes non-GAAP financial measures
within the meaning of Regulation G adopted by the U.S. Securities and
Exchange Commission. Accordingly, Copart has presented herein, and will
present in other information it publishes that contains these non-GAAP
financial measures, a reconciliation of these non-GAAP financial
measures to the most directly comparable GAAP financial measures.
Copart believes the presentation of non-GAAP net income per diluted
share included in this release in conjunction with the corresponding
GAAP financial measures provides meaningful information for investors,
analysts and management in assessing Copart’s business trends and
financial performance. From a financial planning and analysis
perspective, Copart management analyzes its operating results with and
without the impact of income taxes on the deemed repatriation of foreign
earnings, net of deferred tax changes, discrete income tax items,
disposals of non-operating assets, foreign currency-related gains and
losses, certain income tax benefits and payroll taxes related to
accounting for stock option exercises, and the effect on common
equivalent shares from ASU 2016-09.
Cautionary Note About Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of federal securities laws, and these forward-looking statements
are subject to substantial risks and uncertainties. These
forward-looking statements are subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from
those projected or implied by our statements and comments. For a more
complete discussion of the risks that could affect our business, please
review the “Management’s Discussion and Analysis” and the other risks
identified in Copart’s latest Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the
Securities and Exchange Commission. We encourage investors to review
these disclosures carefully. We do not undertake to update any
forward-looking statement that may be made from time to time on our
behalf.
|
Copart, Inc. Consolidated Statements of Income (In thousands, except per share amounts) (Unaudited) |
||||||||||||||||
|
Three Months Ended April 30, |
Nine Months Ended April 30, |
|||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Service revenues and vehicle sales: | ||||||||||||||||
| Service revenues | $ | 473,682 | $ | 410,762 | $ | 1,285,295 | $ | 1,186,841 | ||||||||
| Vehicle sales | 79,434 | 67,436 | 214,087 | 169,631 | ||||||||||||
| Total service revenues and vehicle sales | 553,116 | 478,198 | 1,499,382 | 1,356,472 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Yard operations | 213,804 | 189,346 | 602,664 | 599,854 | ||||||||||||
| Cost of vehicle sales | 70,984 | 57,538 | 189,952 | 146,148 | ||||||||||||
| Yard depreciation and amortization | 15,398 | 11,188 | 47,422 | 33,617 | ||||||||||||
| Yard stock-based compensation | 1,351 | 1,058 | 3,621 | 2,912 | ||||||||||||
| Gross profit | 251,579 | 219,068 | 655,723 | 573,941 | ||||||||||||
| General and administrative | 34,072 | 34,181 | 102,113 | 93,377 | ||||||||||||
| General and administrative depreciation and amortization | 5,714 | 5,385 | 15,958 | 16,729 | ||||||||||||
| General and administrative stock-based compensation | 4,299 | 4,883 | 13,979 | 14,327 | ||||||||||||
| Total operating expenses | 345,622 | 303,579 | 975,709 | 906,964 | ||||||||||||
| Operating income | 207,494 | 174,619 | 523,673 | 449,508 | ||||||||||||
| Other (expense) income: | ||||||||||||||||
| Interest expense, net | (5,084 | ) | (4,134 | ) | (13,330 | ) | (15,093 | ) | ||||||||
| Other income (expense), net | 1,719 | 731 | 7,538 | (4,633 | ) | |||||||||||
| Total other expense | (3,365 | ) | (3,403 | ) | (5,792 | ) | (19,726 | ) | ||||||||
| Income before income taxes | 204,129 | 171,216 | 517,881 | 429,782 | ||||||||||||
| Income tax expense | 11,388 | 43,811 | 79,684 | 121,516 | ||||||||||||
| Net income | 192,741 | 127,405 | 438,197 | 308,266 | ||||||||||||
| Net income attributable to noncontrolling interest | — | 57 | — | 147 | ||||||||||||
| Net income attributable to Copart, Inc. | $ | 192,741 | $ | 127,348 | $ | 438,197 | $ | 308,119 | ||||||||
| Basic net income per common share | $ | 0.85 | $ | 0.55 | $ | 1.90 | $ | 1.33 | ||||||||
| Weighted average common shares outstanding | 227,984 | 232,010 | 230,922 | 231,387 | ||||||||||||
| Diluted net income per common share | $ | 0.81 | $ | 0.52 | $ | 1.82 | $ | 1.28 | ||||||||
| Diluted weighted average common shares outstanding | 237,892 | 242,960 | 241,158 | 241,030 | ||||||||||||
|
Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) |
||||||||
| April 30, 2019 | July 31, 2018 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 102,826 | $ | 274,520 | ||||
| Accounts receivable, net | 376,564 | 351,601 | ||||||
| Vehicle pooling costs | 75,289 | 34,284 | ||||||
| Inventories | 22,309 | 16,734 | ||||||
| Income taxes receivable | 18,902 | 15,312 | ||||||
| Prepaid expenses and other assets | 17,695 | 16,665 | ||||||
| Total current assets | 613,585 | 709,116 | ||||||
| Property and equipment, net | 1,340,692 | 1,163,425 | ||||||
| Intangibles, net | 57,627 | 64,892 | ||||||
| Goodwill | 337,725 | 337,235 | ||||||
| Deferred income taxes | 333 | 470 | ||||||
| Other assets | 41,801 | 32,560 | ||||||
| Total assets | $ | 2,391,763 | $ | 2,307,698 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 279,779 | $ | 270,944 | ||||
| Deferred revenue | 7,988 | 4,488 | ||||||
| Income taxes payable | 1,583 | 673 | ||||||
|
Current portion of revolving loan facility and capital lease obligations |
7,556 | 1,151 | ||||||
| Total current liabilities | 296,906 | 277,256 | ||||||
| Deferred income taxes | 40,165 | 19,733 | ||||||
| Income taxes payable | 33,634 | 27,277 | ||||||
|
Long-term debt, revolving loan facility and capital lease obligations, net of discount |
398,835 | 398,747 | ||||||
| Other liabilities | 3,371 | 3,586 | ||||||
| Total liabilities | 772,911 | 726,599 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 23 | 23 | ||||||
| Additional paid-in capital | 545,895 | 526,858 | ||||||
| Accumulated other comprehensive loss | (113,191 | ) | (107,928 | ) | ||||
| Retained earnings | 1,186,125 | 1,162,146 | ||||||
| Total stockholders’ equity | 1,618,852 | 1,581,099 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,391,763 | $ | 2,307,698 | ||||
|
Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
||||||||
| Nine Months Ended April 30, | ||||||||
| 2019 | 2018 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 438,197 | $ | 308,266 | ||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization, including debt cost | 63,709 | 50,678 | ||||||
| Allowance for doubtful accounts | 341 | 1,096 | ||||||
| Equity in (earnings) losses of unconsolidated affiliates | (1,852 | ) | 679 | |||||
| Stock-based compensation | 17,600 | 17,239 | ||||||
| (Gain) loss on sale of property and equipment | (3,753 | ) | 4,044 | |||||
| Deferred income taxes | 14,583 | (17 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (69,920 | ) | (43,361 | ) | ||||
| Vehicle pooling costs | (15,026 | ) | (1,590 | ) | ||||
| Inventories | (5,721 | ) | (6,700 | ) | ||||
| Prepaid expenses and other current assets | (1,436 | ) | (371 | ) | ||||
| Other assets | (7,169 | ) | (413 | ) | ||||
| Accounts payable and accrued liabilities | 17,747 | 27,981 | ||||||
| Deferred revenue | 3,512 | 849 | ||||||
| Income taxes receivable | (3,578 | ) | 5,043 | |||||
| Income taxes payable | 7,304 | 14,025 | ||||||
| Other liabilities | (1,042 | ) | (251 | ) | ||||
| Net cash provided by operating activities | 453,496 | 377,197 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment, including acquisitions | (260,081 | ) | (188,482 | ) | ||||
| Proceeds from sale of property and equipment | 17,928 | 3,368 | ||||||
| Net cash used in investing activities | (242,153 | ) | (185,114 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from the exercise of stock options | 17,261 | 23,816 | ||||||
| Proceeds from the issuance of Employee Stock Purchase Plan shares | 3,501 | 2,723 | ||||||
| Repurchases of common stock | (364,997 | ) | — | |||||
| Payments for employee stock-based tax withholdings | (45,594 | ) | (3 | ) | ||||
| Net proceeds (repayments) on revolving loan facility | 7,000 | (231,000 | ) | |||||
| Distributions to noncontrolling interest | — | (55 | ) | |||||
| Net cash used in financing activities | (382,829 | ) | (204,519 | ) | ||||
| Effect of foreign currency translation | (208 | ) | 6,611 | |||||
| Net decrease in cash and cash equivalents | (171,694 | ) | (5,825 | ) | ||||
| Cash and cash equivalents at beginning of period | 274,520 | 210,100 | ||||||
| Cash and cash equivalents at end of period | $ | 102,826 | $ | 204,275 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Interest paid | $ | 14,700 | $ | 15,406 | ||||
| Income taxes paid, net of refunds | $ | 60,926 | $ | 102,762 | ||||
|
Copart, Inc. Additional Financial Information Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share amounts) (Unaudited) |
||||||||||||||||
|
Three Months Ended April 30, |
Nine Months Ended April 30, |
|||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| GAAP net income attributable to Copart, Inc. | $ | 192,741 | $ | 127,348 | $ | 438,197 | $ | 308,119 | ||||||||
|
Effect of deemed repatriation of foreign earnings, net of deferred tax changes |
— | 1,000 | — | 11,000 | ||||||||||||
| Effect of discrete income tax items | (10,170 | ) | — | (10,170 | ) | — | ||||||||||
| Effect of disposal of non-operating assets, net of tax | — | — | (1,598 | ) | 2,994 | |||||||||||
| Effect of foreign currency-related losses (gains), net of tax | 94 | (261 | ) | (304 | ) | 777 | ||||||||||
|
Effect of recognizing tax benefit on exercise of employee stock options |
(29,074 | ) | (3,085 | ) | (34,096 | ) | (9,448 | ) | ||||||||
|
Effect of payroll taxes on certain executive stock compensation, net of tax |
1,295 | — | 1,295 | — | ||||||||||||
| Non-GAAP net income attributable to Copart, Inc. | $ | 154,886 | $ | 125,002 | $ | 393,324 | $ | 313,442 | ||||||||
| GAAP net income per diluted common share | $ | 0.81 | $ | 0.52 | $ | 1.82 | $ | 1.28 | ||||||||
| Non-GAAP net income per diluted common share | $ | 0.66 | $ | 0.52 | $ | 1.64 | $ | 1.31 | ||||||||
| GAAP diluted weighted average common shares outstanding | 237,892 | 242,960 | 241,158 | 241,030 | ||||||||||||
| Effect on common equivalent shares from ASU 2016-09 | (1,731 | ) | (3,090 | ) | (1,949 | ) | (1,030 | ) | ||||||||
| Non-GAAP diluted weighted average common shares outstanding | 236,161 | 239,870 | 239,209 | 240,000 | ||||||||||||
Contacts
Melissa Hunter, Executive Support Manager, Office of the Chief Financial
Officer
972-391-5090 or [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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