Cannabis
HEXO Corp reports financial results for the first quarter fiscal 2020
Key highlights of First Quarter of 2020 fiscal year
Subsequent to quarter end:
OTTAWA, Dec. 16, 2019 (GLOBE NEWSWIRE) — HEXO Corp. (TSX:HEXO; NYSE:HEXO) (“HEXO” or the “Company”) today reported its financial results for the first quarter fiscal 2020 ended October 31, 2019. All amounts are expressed in Canadian dollars.
“We have done some pretty heavy lifting on our operations, as we work towards profitability in 2020. The choices that we have made and implemented have already led to a 25% reduction in our operating expenses,” said Sebastien St-Louis, CEO and co-founder of HEXO Corp. “Cost control combined with our multi-brand approach, an updated strain mix, as well as the introduction of new products, will help us increase our market share and total revenue, leading us towards great results in 2020. I am more confident than ever in our ability to continue down this path and to pivot with more speed and assertiveness should market conditions evolve again.”
Operational and Financial Highlights
First Quarter 2020 Highlights
Shipped revenue in Q1’20 decreased slightly to $20.2M, compared with $22.8M in Q4’19. Shipped revenue was reduced by price concessions of $1.2M in Q1’20, compared with $2.8M in Q4’19 and return provisions of $0.7M in Q1’20 compared with $1.0M in Q4’19, which yielded gross adult-use sales of $18.3M in Q1’20 and $19.0M in Q4’19. Additionally, the company realized sales returns of $0.6M in Q1’20 and $Nil in Q4’19 was reversed from the provision for returns made during the previous quarter. Overall during the period gross adult use sales decreased moderately by 4%. The provisions are reflective of a general best estimate provision for returns and price adjustments based on the Company’s assessment of sell-through and slow-moving inventory. Net revenue in Q1’20 decreased slightly to $14.5M, compared to $15.4M, in Q4’19, and increased from $5.7M in Q1’19.
Adult use sales volume in Q1’20 increased 5% to 4,196 kg from 4,009 kg equivalents sold in the prior quarter. The SQDC contributed 3,080 kg, ALGC contributed 474 kg, OCS contributed 518 kg, other provinces and private retailers contributed 124 kg.
Gross adult-use revenue per gram equivalent decreased to $4.35 in Q1’20 from $4.74 in Q4’19, reflective of the provision for sales returns and price adjustments recorded in the quarter. The provision is reflective of a general best estimate provision for returns and price adjustments based on the Company’s assessment of sell-through and slow-moving inventory. This was partially countered by the addition of the premium brand Up cannabis, which commands revenue of $7.03 per gram on dried flower during the quarter. The adult-use net revenue per gram equivalent decreased to $3.24 in Q1’20 from $3.51 in Q4’19, reflecting the impact of the provision above.
Gross margin before fair value adjustments for Q1’20 was $4.6M or 31% of net revenue from sale of goods, compared to $5.1M and 33% in the prior quarter.
The Company incurred an impairment loss on inventory of $25.5M during Q1’20 compared with $16.9M in Q4’19. The impairment loss was realized on the Company’s inventory in comprised of the following; Operating expenses decreased 25% quarter over quarter to $35.1M in Q1’20, compared with $46.9M in Q4’19 as a result of a decrease in G&A expenses of 30%, marketing expenses of 35% and stock-based compensation expense of 20%, as the Company continues to reduce previous spending levels to refocus operations on becoming adjusted EBITDA positive.
Operating expenses increased from $22.0M in Q1’19, reflecting the significant increase to the scale of our operations over the last year.
Loss from operations for the quarter was ($58.5M), compared with ($60.7M) in the prior period and ($14.7M) for the comparable quarter year over year. Excluding non-cash impairment charges in Q1’20, adjusted net loss was ($33.0M) compared with ($43.7M) in Q4’19. The increase in loss year over year is attributable to the larger magnitude of the Company’s operations, the expanding scale production and sales in the period, and an impairment loss.
Adjusted EBITDA (in millions)
During Q1’20, the Company’s calculated adjusted EBITDA results were ($24.6) or 39% of the net loss in the period. This represents a 43% decrease as compared to the same period in fiscal 2019, most influenced by the increased share-based compensation and fair value adjustments on inventory sold and biological assets. Adjusted EBITDA decreased by 14% from Q4’19.
The adjusted EBITDA’s gross margin remained decreased to (59%), a decrease of 6% from the same comparative period from fiscal 2019 and 7% with the previous quarter. Restructuring Costs
Unique to the period were restructuring costs incurred. These expenses are the result of the restructuring efforts as discussed in the section – Corporate Restructuring. These costs amounted to $3.7M, primarily comprised of severance and other payroll related termination costs. These expenses are deemed non-operating related as they are not result of the Company normal operating activities and therefore, have not been included in the net operating loss.
Block B
As previously disclosed on November 15, 2019, upon discovery of the licensing issue in Block B of the Company’s Niagara facility, inventory from Block B was quarantined and held back from sales. The inventory was kept on the books and although destruction was a possible outcome, the Company has reassessed any risks related to such inventory and concluded that it is cleared for sale and will not be subject to destruction. Note that Block B is now fully Licensed by Health Canada.
Financial Position As at October 31, 2019, the Company held cash, cash equivalents and short-term investments of $73.5M. The Company has a $65M credit facility with a syndicate of Canadian chartered banks. This consists of $50M term credit and a $15M revolving line of credit which will be used in part to finance the continuing expansion of the Gatineau campus as well as the leasehold improvements at the Belleville facility without diluting the shareholders of HEXO. Subsequent to the end of the quarter, the Company closed a $70M private placement of 8% unsecured convertible debentures, maturing on December 5, 2022.
Operational Update
As previously announced, during the first quarter fiscal 2020, the Company is improving its cost structure and operational efficiencies. HEXO continues to drive improvements in yields and processing facilities. Operations in the suspended areas can be recommenced when required. Current annualized production run rate is approximately 90,000 kgs of dried cannabis equivalents, comprised of approx. 50% dried flower, with the balance comprised of trim, which can be used for a variety of value-added products. The Company continues to ramp up production towards over 100,000 kg per year.
In order to achieve its cost and operational efficiency goals, management is focusing on the following priorities:
Reservation of Opinion
The Company’s auditors have reviewed the condensed interim consolidated financial statements of the Company for the quarter ended October 31, 2019. In such review, they have expressed a reservation of opinion as it relates to an identified error related to the deferred tax liability in the Company’s audited financial statements for the fiscal year ended July 31, 2019. As described in Note 32 of the interim statements, the Company identified an error related to the deferred tax liability as at July 31, 2019 which resulted from the Company not netting a tax loss generated in one subsidiary against a deferred tax liability generated by a different subsidiary. Because these two tax positions existed in two separate entities, the Company’s original position was that they could not be offset or reduce one another. However, the two subsidiaries were amalgamated and consolidated on August 1, 2019, and on that basis the Company should have anticipated the amalgamation would result in the two tax balances reducing themselves and recognized a reduction of the deferred tax by $14.4M, leaving a deferred tax balance at July 31, 2019 of $6.0M. This error remains in the deferred tax liability in both the interim financial statements for the quarter ended October 31, 2019 and the audited financial statements for the fiscal year ended July 31, 2019. The Company will restate and refile both sets of financial statements correcting for this error.
The management’s discussion and analysis for the period and the accompanying financial statements and notes are available under the Company’s profile on SEDAR at www.sedar.com and on its website at www.hexocorp.com.
Conference Call
The Company will hold a conference call, December 16th, 2019 to discuss these results. Sebastien St-Louis, CEO, and Stephen Burwash, CFO, will host the call starting at 8:30 a.m. Eastern time. A question and answer period will follow management’s presentation
Date: December 16, 2019 Replay information:
A replay of the call will be accessible by telephone until 11:59 a.m. EDT on December 23, 2019. About HEXO Corp
HEXO Corp is an award-winning consumer packaged goods cannabis company that creates and distributes innovative products to serve the global cannabis market. Through its hub and spoke business strategy, HEXO Corp is partnering with Fortune 500 companies, bringing its brand value, cannabinoid isolation technology, licenced infrastructure and regulatory expertise to established companies, leveraging their distribution networks and capacity. As one of the largest licenced cannabis companies in Canada, HEXO Corp operates in Ontario and Quebec. The Company is also expanding internationally and has a foothold in Greece to establish a Eurozone processing, production and distribution centre. The Company serves the Canadian adult-use markets under its HEXO Cannabis and Up Cannabis brands, and the medical market under HEXO medical cannabis. For more information please visit hexocorp.com.
Forward-Looking Statements This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from those anticipated in these forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results. A more complete discussion of the risks and uncertainties facing the Company appears in the Company’s Annual Information Form and other continuous disclosure filings, which are available on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements as a result of new information or future events, or for any other reason.
Investor Relations: Media Relations: 
For the three months ended
Income Statement Snapshot (in millions)
October 31, 2019
October 31, 2018
$
$
Gross cannabis revenue
19.3
6.6
Excise taxes
(4.8
)
(1.0
)
Net revenue from sale of goods
14.5
5.7
Ancillary revenue
0.0
0.0
Gross margin before fair value adjustments
4.6
2.8
Gross margin
(23.4
)
7.2
Operating expenses
35.1
22.0
Loss from operations
(58.5
)
(14.8
)
Restructuring costs
(3.8
)
–
Other income/(expenses and losses)
(6.3
)
2.0
Net loss before tax
(68.5
)
(12.8
)
Tax recovery1
6.0
–
Net loss
(62.4
)
(12.8
)
1 The income tax recovery figure represents the correct amount of recovery in the period and will not be subject to change upon the restatement of the July 31, 2019 and October 31, 2019 MDA’s. See Notice to Reader within the interim condensed consolidated financial statements for the three months ended October 31, 2019 dated December 15, 2019.
Q1’20
Q4’ 19
Q1 ’19
Shipped Revenue (in millions)
$
20.2
$
22.8
$
5.2
Total gram and gram equivalents sold
4,196
4,009
952
Shipped revenue per gram and gram equivalent sold
$
4.82
$
5.69
$
5.45
Less: price concessions (1)
(0.30
)
(0.71
)
–
Less: provision for sales returns (1)
(0.17
)
(0.24
)
–
Adult-use gross revenue per gram and gram equivalent sold
$
4.35
$
4.74
$
5.45
(1) Computed as the price concession or provision for returns per gram and gram equivalent sold in the period.
Q1’20
Q4’ 19
Q3 ’19
Q2 ’19
Q1 ’19
$
$
$
$
$
Total net loss
(62.4
)
(56.7
)
(7.8
)
(4.3
)
(12.8
)
Interest income
(0.6
)
(1.6
)
(1.2
)
(1.3
)
(1.1
)
Income tax
(6.0
)
(3.8
)
–
–
–
Depreciation of property, plant and equipment
1.3
0.6
0.1
0.5
0.6
Amortization of intangible assets
1.7
1.4
0.1
0.1
0.2
Standard EBITDA
(66.0
)
(60.1
)
(8.7
)
(5.1
)
(13.1
)
Adjustments:
Share-based compensation
8.2
10.2
8.2
5.0
4.7
Share of losses from joint ventures and associates
1.7
1.3
1.1
0.8
2.3
Restructuring costs
3.7
Realized fair value amounts on inventory sold
6.7
7.3
4.7
3.7
0.7
Unrealized gain on changes in fair value of biological assets
(7.1
)
(5.3
)
(20.1
)
(8.4
)
(5.1
)
Write off of Inventory, biological assets and destruction costs
28.3
16.9
–
–
–
Adjusted EBITDA
(24.6
)
(29.8
)
(14.8
)
(4.0
)
(10.5
)
Adjusted EBITDA as a % of net loss
39
%
53
%
191
%
92
%
82
%
Net revenue from cannabis sales
14.5
15.4
13.0
13.4
5.6
Adjusted EBITDA margin (%)
(59
%)
(52
%)
(87
%)
(335
%)
(53
%)
Time: 8:30 a.m. EDT
Webcast: https://event.on24.com/wcc/r/2145409/A436DA4482DF5575CFB986B3CD309BB2
Toll Free Dial-In Number: 1-888-390-0541.
Replay Password: 157917#
For previous quarterly results and recent press releases, see hexocorp.com.
Jennifer Smith
1-866-438-8429
[email protected]
www.hexocorp.com
(819) 317-0526
[email protected]
Ottawa, Sept. 20, 2024 (GLOBE NEWSWIRE) — The global bioplastic packaging market size was valued at USD 17.99 billion in 2023 and is predicted to increase from USD 21.09 billion in 2024 to USD 87.98 billion by 2033, a study published by Towards Packaging a sister firm of Precedence Statistics.
Key Takeaways: Leading Factors of the Bioplastic Packaging Market
- Use of renewable resources due to growing sustainable demand is the major factor that drives the market.
- Eco-friendly alternatives perceive growth in North America due to growing environmental concerns.
- Food and beverage industry is the dominating sector in the market due to the increasing consumption of packed food.
- Limited infrastructure for bioplastic processing is an unceasing challenge for the market.
Download Statistical Data: https://www.towardspackaging.com/download-statistics/5215
Bioplastic Packaging Market: At a Glance
The bioplastic packaging market revolves around adoption renewable packaging which can be used multiple times and which is an alternative to the fossil fuel-derived plastics. Along with this, resource depletion, reduction of carbon footprint and material waste are the leading objectives of the market. The demand for sustainable packaging solution and the increasing plastic waste has increased the demand of the market.
The bio-degradable feature attributes to the reusable function of bioplastic packaging. The consumer demand for sustainable packaging has also increased the demand of the bioplastic packaging, given the reason it provides resistance and prevents denting as well. The bioplastic material tends to degrade easily which also reduces landfill waste.
Regional Insights
Europe thrives with its vision of sustainable packaging demand
Europe is the dominating region in bioplastic packaging market. The sustainability focus of Europeans has sustained the environment and the alternative packaging solutions have increased the popularity of eco-friendly packaging. The European vision of preserving sustainability is also about turning packaging materials into recyclable or reusable material by 2030 and this has increased exploration of alternative materials, design strategies and mostly importantly waste management system.
Get the latest insights on packaging industry segmentation with our Annual Membership: https://www.towardspackaging.com/get-an-annual-membership
Europe targets to reduce unnecessary packaging by 10% in 2035 and by 15% in 2040. The demand for bioplastic as an alternative increase as Europe has strict regulations against plastic usage which aims to reduce the utilization of single use-plastic to prevent environmental hazards, especially, in marine environment and human health. In addition, European Union also aims at promoting circular economy and innovative sustainable packaging solutions with specific targets which are 77% separate collection target for plastic bottles by 2025 and will be increased to 90% by 2029. Furthermore, 25% of recycled plastic will be incorporated in PET beverage bottles from 2025 and will be increased by 30% in all plastic beverage bottles from 2030.
- In January 2024, European retailers were relived to watch the inflation slow down as it had decreased the consumer rate by 0.1%. Despite the increasing rates and fleeting number of consumers, shopkeepers were committed to the sustainable drive. The UK consumer survey stated that 62% believed that high prices are pulling them back from being sustainable and 52% said that sustainable alternatives should have affordable prices.
North America is a steady region for the bioplastic packaging market due to its sustainable packaging demand which is also the growing consumer requirement. The impact of conventional plastic adds to the ocean litter hazard and as an alternative to reduce carbon print, sustainable solutions are being adopted. Although the American consumers worry more about convenience, price and quality given the increased purchasing rates and the tax-paying lifestyle, 40% of consumers pay more attention to the provided sustainable packaging.
The use of compostable packaging allows circular economy in the US and the companies are innovating new alternatives to support the sustainable drive and to increase their profit margin. According to U.S Environmental Protection Agency, reuse of plastic materials circulates the economy and reduces environmental impact if the material is in constant use instead of manufacturing new one. According to PEW’s research, reuse of plastics can accomplish 30% of reduction, substitution efforts by 17%, improved innovations in recycling by 20% and proper management at end-of-life can achieve a 23% reduction of plastic pollution in the environment.
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- In November 2023, Knox County, a startup had announced the of AgroRenew LLC and had also planned to build $83 million processing facility which was designed to convert food waste into eco-friendly bioplastics. The company had expected to establish itself in early 2024 and had aimed to produce 150,000 tons of bioplastic annually.
Asia-Pacific is the fastest growing region in bioplastic packaging market with its large population as a contributor and its rapidly increasing industrial sector. The packed food consumption and the boom of e-commerce also gave preference to sustainable packaging due to strict regulations and subsidies provided to promote the compostable packaging. According to Department of Biotechnology, Ministry of Science & Technology, Government of India, the usage of single-use plastic (SUPs) was intended to stop by December 2022. The policy of Government of India (GOI) was changed to promote the development of biodegradable plastic products instead of single-use plastic.
The method used for testing substances should be able to demonstrate biodegradability as per national and international standards and should also be interim approved and receive provisional certification of biodegradability. China having a large industrial production had signed the Paris agreement to reduce carbon footprint and oil dependency as well.
Although the National Development and Reform Commission and Ministry of Ecology and Environment had plans to reduce plastic garbage, the limited infrastructure for recycling and manufacturing biodegradable plastic came as a challenge. The Chinese Government had implemented ban on plastic recycled and prohibition of non-biodegradable single-use plastic.
- In February 2024, Balrampur Chini Mills Limited (BCML), which is a leading integrated sugar mill Kolkata-based company had announced a project with integration of ₹2,000 crore and it was going be the first industrial bioplastic plant in India. The company also stated that it had well-aligned sustainable goals to combat the climate change.
Driver
Government regulations drive the bioplastic packaging market
The major driving factor is the environmental regulations due to increasing plastic waste production which is a problem for the eco-system. The growing concern for climate change, increasing plastic pollution and landfill waste has led to the utilization of bioplastic packaging which is reliable and bio-degradable. The government policies promote the use of biodegradable and bioplastic packaging as it reduces the use of plastic and also its generation.
The government initiatives will increase sales, improve brand perception and also contribute to cost-savings. According to the Consumer Brands Association, FMCG manufacturers have adopted 100% recycled packaging by 2030.
Restraint
Limited infrastructure and higher costs of materials hinder the market growth
The leading challenges which hinder the growth of bioplastic packaging market is high material costs and limited infrastructure. The manufacturing process and raw materials can affect the production of biodegradable packaging. The limited infrastructure also poses as a challenge for the manufacturing and recycling processes.
Opportunity
Integration of Artificial Intelligence
The technological advancement offers new trends which are development of raw materials like algae, mushroom mycelium, and agricultural waste which poses as an emerging alternative. The major factor which technology can contribute is in biodegradability which will enhance the decomposing process of plastic and it also offers upcoming features like the antimicrobial properties which are significant for medical applications, use of UV resistance for outdoor use, and improved barrier properties for food packaging. Collaboration among leading industries can create more innovate and ground-breaking effective solutions for the bioplastic packaging market.
Top Companies Leading the Bioplastic Packaging Market
- Amcor plc
- Novamont S.p.A
- NatureWorks, LLC
- Coveris
- Sealed Air
- Alpha Packaging
- Constantia Flexibles Group GmbH
- Mondi plc
- Truegreen
- Transcontinental Inc.
- ALPLA
- Envigreen
- Nature’s Bio Plastic
- Raepak Ltd.
- Tipa-corp Ltd.
- Treemera GmbH
- Element Packaging Ltd
- Alpagro Packaging
Recent Development
| Company | Balrampur Sugar Mills Firm |
| Headquarters | Uttar Pradesh, India |
| Recent Development | In June 2024, the Uttar Pradesh Government had announced to build a bioplastic park in the Lakhimpur Kheri district which aimed at increasing local economy. The bioplastic park was designed to promotes the usage of bioplastic plastics. |
| Company | Praj Industries |
| Headquarters | Maharashtra |
| Recent Development | In February 2024, Praj Industries had announced that its pilot plant for polylactic acid (PLA) will be completed by April 2024. The company will develop renewable chemicals which is a part of R&D push. The Union Budget had also contemplated a policy for bio-manufacturing and bio foundry. |
Segmental Insights
By Type
The flexible segment is the dominating segment in the bioplastic packaging market. It is dominating due to its properties which are conserving resources and contributing to the sustainability. The flexible segment provides convenience, strong protection and reduces wastage of food and can also resist denting and breakage. Apart from this, it also increases shelf life of the products and the packaging is in demand due to its features like multi-layer construction and eco-friendly packaging solution. Lightness, safety and resistance are the factors which increase the demand of bioplastic packaging.
The rigid segment is the fastest growing segment in the bioplastic packaging market. It will dominate the market due to its properties which are providing protection, resistance and preserving product quality. The rigid segment offers a durable and reliable packaging which makes it preferred among the consumers. Customization and exceptional product protection are the essential features of the rigid segment.
By Application Type
The food and beverage segment are the dominating segment in the bioplastic packaging market. The segment dominates due extended shelf life provided to the food products and long-lasting convenience and visibility. The bioplastic packaging depends upon the type of packaging it provides which provides string barrier against external elements like oxygen, moisture and prevents food spoilage as well. Th global consumption of containers like boxes, bags, jars and pouches has increased the bioplastic packaging demand in food sector.
The consumer and goods segment are the fastest growing segment in the bioplastic films packaging market. The segment dominates due to sealed packaging and robust protection by bioplastic packaging.
More Insights of Towards Packaging
- The global end-of-line packaging market size is estimated to reach USD 9.50 billion by 2033, up from USD 6.14 billion in 2023, at a compound annual growth rate (CAGR) of 4.60% from 2024 to 2033.
- The global surgical instruments packaging market size reached US$ 24.8 billion in 2023 and is projected to hit around US$ 49.1 billion by 2034, expanding at a CAGR of 6.55% during the forecast period from 2024 to 2033.
- The global cannabis packaging market size reached USD 2.32 billion in 2023 and is projected to hit around USD 22.10 billion by 2034, expanding at a CAGR of 22.74% during the forecast period from 2024 to 2034.
- The global clinical trial packaging market size reached USD 2.95 billion in 2023 and is projected to hit around USD 9.12 billion by 2034, expanding at a CAGR of 10.80% during the forecast period from 2024 to 2033.
- The global panel level packaging market size is estimated to reach USD 11.13 billion by 2033, up from USD 0.43 billion in 2023, at a compound annual growth rate (CAGR) of 38.60% from 2024 to 2033.
- The global hazardous goods packaging market size reached US$ 11.50 billion in 2023 and is projected to hit around US$ 21.38 billion by 2034, expanding at a CAGR of 5.80% during the forecast period from 2024 to 2033.
- The global rigid tray market size reached US$ 11.65 billion in 2024 and is projected to hit around US$ 14.72 billion by 2034, expanding at a CAGR of 2.37% during the forecast period from 2024 to 2034.
- The global cider packaging market size is estimated to reach USD 7.05 billion by 2033, up from USD 4.08 billion in 2023, at a compound annual growth rate (CAGR) of 5.77% from 2024 to 2033.
- The global boxboard packaging market size is estimated to reach USD 117.61 billion by 2033, up from USD 65.73 billion in 2023, at a compound annual growth rate (CAGR) of 6.12% from 2024 to 2033.
- The global corrugated plastic tray market size reached US$ 665.47 million in 2023 and is projected to hit around US$ 1190.73 million by 2034, expanding at a CAGR of 5.14% during the forecast period from 2024 to 2034.
Bioplastic Packaging Market Segment
By Material
- Biodegradable
- Polylactic Acid
- Starch Blends
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Others
- Non-biodegradable
- Bio Polyethylene
- Bio Polyethylene Terephthalate
- Bio Polyamide
- Others
By Type
- Flexible
- Rigid
By Application
- Food & Beverages
- Consumer Goods
- Cosmetic & Personal Care
- Pharmaceuticals
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait
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Towards Packaging is a leading global consulting firm specializing in providing comprehensive and strategic research solutions. With a highly skilled and experienced consultant team, we offer a wide range of services designed to empower businesses with valuable insights and actionable recommendations. We stay abreast of the latest industry trends and emerging markets to provide our clients with an unrivalled understanding of their respective sectors. We adhere to rigorous research methodologies, combining primary and secondary research to ensure accuracy and reliability. Our data-driven approach and advanced analytics enable us to unearth actionable insights and make informed recommendations. We are committed to delivering excellence in all our endeavours. Our dedication to quality and continuous improvement has earned us the trust and loyalty of clients worldwide.
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Cannabis
New York Legal Cannabis Market Trends Analysis Report 2024-2030: Approval of the U.S. Farm Bill Expected to Boost Growth
Dublin, Sept. 20, 2024 (GLOBE NEWSWIRE) — The “New York Legal Cannabis Market Size, Share & Trends Analysis Report By Source (Hemp, Marijuana), By Derivatives (CBD, THC, Others), By Cultivation (Indoor Cultivation, Greenhouse Cultivation), By End-use, And Segment Forecasts, 2024 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The New York legal cannabis market size is expected to reach USD 3.22 billion by 2030, registering a CAGR of 15.3% from 2024 to 2030
Factors such as the legalization of medicinal cannabis, rising consumer disposable income, increasing consumer awareness of the health benefits of cannabis, growing demand for cannabis from the pharmaceutical industry, and the approval of the U.S. Farm Bill are expected to boost market growth.
Cannabis is utilized for managing a range of ailments, including mental health issues, cancer, nausea, and pain, and for adult use purposes. The increasing prevalence of cancer is expected to significantly contribute to the increasing acceptance of medical marijuana over the forecast period. For instance, according to data published by the Government of New York, annually 116,000 New Yorkers are diagnosed with cancer.
The growing awareness among people regarding the therapeutic benefits of cannabis and the rise in cannabis certification educational and training programs fuel market growth. For instance, the travelling training program is a part of the New York State Cannabis Workforce Initiative. It’s a collaboration between Cornell University’s School of Industrial & Labor Relations and the non-profit Workforce Development Institute, which is partly funded by the state. This program has successfully educated hundreds of individuals in the fundamental aspects of the cannabis industry.
Moreover, the increase in research activities related to cannabis is driving the market growth. In August 2023, regulations for Cannabis Research Licenses were implemented. These regulations allow licensed researchers to cultivate, process, purchase, and possess cannabis for the purpose of testing its composition levels and chemical potency, studying the safety and effectiveness of cannabis as a medical treatment, conducting agricultural or genomic research, as well as carrying out clinical studies of cannabis-derived drug products.
New York Legal Cannabis Market Report Highlights
- Based on source, the marijuana segment accounted for the largest revenue share in 2023, owing to the growing research studies on cannabis for its medical use
- Based on derivatives, the CBD segment dominated the market with the largest revenue share in 2023, owing to the growing adoption of CBD-infused medication, food, and cosmetics
- Based on cultivation, the indoor cultivation segment accounted for the largest revenue share in 2023, owing to favorable government regulations and a rise in the number of cannabis cultivators
- Based on end-use, the recreational use segment held the largest market share in 2023 due to the rise in the number of consumers adopting cannabis consumption in the form of smoking and vaping
Companies Featured
- Curaleaf Holdings, Inc.
- New York Hemp Oil
- COOKIES CREATIVE PRODUCTIONS & CONSULTING, INC.
- ACREAGE HOLDINGS.
- Cannabist Company Holdings Inc.
- Cresco Labs.
- PharmaCann Inc.
- Vireo Health International, Inc.
- Green Thumb Industries (GTI)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $1.16 Billion |
| Forecasted Market Value (USD) by 2030 | $3.22 Billion |
| Compound Annual Growth Rate | 15.3% |
| Regions Covered | United States |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.2.1. Source outlook
2.2.2. Derivatives outlook
2.2.3. Cultivation outlook
2.2.4. End Use outlook
2.3. Competitive Landscape Snapshot
Chapter 3. New York Legal Cannabis Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.2.3. Case Study Analysis
3.3. Business Environment Analysis
3.3.1. Industry Analysis – Porter’s
3.3.2. PESTLE Analysis
3.4. Regulatory Landscape
Chapter 4. New York Legal Cannabis Market Segment Analysis, By Source, 2018 – 2030 (USD Million)
4.1. Definition and Scope
4.2. Source Segment Dashboard
4.3. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
4.4. Hemp
4.4.1. Market estimates and forecasts, 2018 to 2030 (USD Million)
4.4.2. Hemp Oil
4.4.3. Industrial Hemp
4.5. Marijuana
4.5.2. Flower
4.5.3. Oil and Tinctures
Chapter 5. New York Legal Cannabis Market Segment Analysis, By Derivatives, 2018 – 2030 (USD Million)
5.1. Definition and Scope
5.2. Derivatives Segment Dashboard
5.3. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
5.4. CBD
5.5. THC
5.6. Others
Chapter 6. New York Legal Cannabis Market Segment Analysis, By Cultivation, 2018 – 2030 (USD Million)
6.1. Definition and Scope
6.2. Cultivation Segment Dashboard
6.3. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
6.4. Indoor Cultivation
6.5. Greenhouse Cultivation
6.6. Outdoor Cultivation
Chapter 7. New York Legal Cannabis Market Segment Analysis, By End Use, 2018 – 2030 (USD Million)
7.1. Definition and Scope
7.2. End Use Segment Dashboard
7.3. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
7.4. Industrial Use
7.5. Medical Use
7.5.1. Market estimates and forecasts, 2018 to 2030 (USD Million)
7.5.2. Chronic Pain
7.5.3. Depression and Anxiety
7.5.4. Arthritis
7.5.5. Post Traumatic Stress Disorder (PTSD)
7.5.6. Cancer
7.5.7. Migraines
7.5.8. Epilepsy
7.5.9. Alzheimer’s
7.5.10. Multiple Sclerosis
7.5.11. Amyotrophic Lateral Sclerosis
7.5.12. Tourette’s
7.5.13. Diabetes
7.5.14. Parkinson’s
7.5.15. Glaucoma
7.5.16. Others
7.6. Recreational Use
Chapter 8. Competitive Landscape
8.1. Recent Developments & Impact Analysis, by Key Market Participants
8.2. Company Categorization
8.3. Company Market Position Analysis
8.4. Company Profiles
8.4.1. Overview
8.4.2. Financial Performance
8.4.3. Service Benchmarking
8.4.4. Strategic Initiatives
For more information about this report visit https://www.researchandmarkets.com/r/o3rwnm
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Attachment
TORONTO and GLIL YAM, Israel, Sept. 11, 2024 /PRNewswire/ — IM Cannabis Corp. (“IMC” or the “Company“) (NASDAQ: IMCC) (CSE: IMCC), a leading medical cannabis company with operations in Israel and Germany, is pleased to announce that Mr. Shmulik Arbel has been appointed to the Company’s board of directors (the “Board“) effective September 9, 2024. Mr. Arbel brings a wealth of experience in strategic plans that drive profitability, as well as, finance and corporate governance, further strengthening the company’s commitment to driving growth while focusing on sustainable profitability.
“We are thrilled to welcome Shmulik to our Board of Directors,” said Oren Shuster, Chief Executive Officer of IM Cannabis. “Shmulik’s extensive international experience at Leumi, coupled with his proven track record in banking and finance will be invaluable as we continue to deliver on our strategic initiatives.”
Mr. Arbel retired as Deputy CEO from Leumi, Israel’s largest banking group, in April 2023, where he was instrumental in business growth and leading the service revolution. With over 25 years of experience at Leumi, Arbel has held senior roles throughout the organization, such as head of retail banking, head of the corporate division, and as chairman of Leumi UK. With key roles in Israel, New York and London, Mr. Arbel has a wide view on international business.
“I am honored to join the Board of Directors at IMCC,” said Mr. Arbel. “I look forward to leveraging my experience in banking and finance, providing guidance as IMCC continues to establish itself as the go-to brand in the cannabis world. I look forward to contributing to the company’s growth.”
Arbel holds a BA and MBA from Tel Aviv University.
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has focused its resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements under applicable Canadian and United States securities laws (collectively, “forward-looking statements“). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to: the stated benefits Mr. Arbel’s appointment, including the further strengthening the Company’s commitment to driving growth in the German market while focusing on sustainable profitability; and Mr. Arbel’s international experience and track record in banking and finance will be invaluable to the Company.
Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to realize upon the stated benefits Mr. Arbel’s appointment; and Mr. Arbel’s international experience and track record in banking and finance becoming invaluable to the Company.
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and its subsidiaries (collectively, the “Group“) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt; risks surrounding war, conflict and civil unrest in Eastern Europe and the Middle East, including the impact of the Israel-Hamas war on the Company, its operations and the medical cannabis industry in Israel; risks associated with the Company focusing on the Israel and Germany markets; the inability of the Company to achieve sustainable profitability and/or increase shareholder value; the inability of the Company to actively manage costs and/or improve margins; the inability of the company to grow and/or maintain sales; the inability of the Company to meet its goals and/or strategic plans; the inability of the Company to reduce costs and/or maintain revenues; the Company’s inability to take advantage of the legalization of medicinal cannabis in Germany; and the Company’s inability to realize upon the stated benefits Mr. Arbel’s appointment; and Mr. Arbel’s international experience and track record in banking and finance not becoming valuable to the Company.
Please see the other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual report dated March 28, 2024, which is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]
Oren Shuster, CEO
IM Cannabis Corp.
[email protected]
Logo: https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/im-cannabis-announces-appointment-of-shmulik-arbel-to-board-of-directors-302244961.html
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