Cannabis
Blueberries Medical Announces Closing of US$1.1 Million Non-Brokered Private Placement, reports 2022 Q3 Financial Results and provides Corporate and Operations Update
TORONTO, Nov. 28, 2022 (GLOBE NEWSWIRE) — Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA) (the “Company” or “Blueberries”), a Latin American licensed producer of medicinal cannabis and cannabis-derived products, announces the completion of a non-brokered private placement consisting of the sale of 54,498,889 common shares (“Common Shares”) at a price of CAD$0.027 per Common Share for aggregate gross proceeds of CAD$1,471,470 (or US$1,100,000) (the “Offering”). The net proceeds from the sale of the Common Shares will be used to: (i) add manufacturing capacities to extend the production of new cannabinoids isolates and high concentrated THC distillates; (ii) upgrade of the physical infrastructure of the extraction laboratory to comply with Q7A Good Manufacturing Practice guidelines for Active Pharmaceutical ingredients; (iii) extend the business development and commercial network to cover Europe, USA and Australia; and (iv) other general corporate and working capital purposes.
The Offering was led by Terraflos Inc. (“Terraflos”), a cannabis & natural products producer company with operations throughout Latin America that was founded, and is controlled, by Facundo Garreton, the Chairman, interim-CEO and a director of Blueberries. Terraflos one year ago announced the closing of its US$8 million seed round funding to continue developing and expanding its businesses in Latin America; in Uruguay through YVY Life Sciences, a company controlled by Terraflos, and in Colombia, through Blueberries Medical Corp. Terraflos is currently considering various opportunities in Argentina, Mexico and Brazil, and aims to expand its operations into those markets in the short term. In addition, Terraflos has also launch DrGea.com, a platform dedicated to the sale of cannabis and natural products and the training of doctors specialized in the use of medicinal cannabis, dissemination and education of cannabis and its ecosystem in Colombia and expected to be scaled up throughout Latin America in 2022 and beyond. Terraflos also acquired a property in Garzón, Uruguay, where it expects to develop the first cannabis hub in the region focused on research and development as well as the promotion of the industry, tourism and training.
Facundo Garreton commented, “We are a company that integrates the productive value chain of plants, we go from seeds to people, linking regenerative agriculture, organic extraction, manufacturing, sale and distribution of natural products, generating social impact and impacting health and the welfare of the human being.”
Early Warning Disclosure
Immediately prior to the Offering Mr. Garreton, directly and through Terraflos, owned 33,249,687 Common Shares, options exercisable into 2,750,000 Common Shares (the “Options”), and a convertible debenture of the Issuer convertible at a price of $0.065 per share (the “Debenture”). In connection with extending the maturity date of the Debenture, Mr. Garreton was paid a fee of $133,439 payable in Common Shares at an exercise price of $0.05 per share (the “Amending Fee”). If the Options were exercised in full and if the Debenture and the Amending Fee were converted in full, it would result in the issuance of 22,839,696 Common Shares to Mr. Garreton for an aggregate holdings on an as converted basis of 56,089,383 Common Shares, representing, on a partially diluted basis, approximately 29.07% of the outstanding Common Shares prior to the Offering. Immediately following the Offering, Mr. Garreton owned on an as converted basis (assuming the exercise the Options in full and conversion of the Debenture and the Amending Fee in full), directly and through Terraflos: 110,588,272 Common Shares representing, on a partially diluted basis, approximately 44.69% of the outstanding Common Shares.
Mr. Garreton, through Terraflos, acquired the Common Shares for investment purposes, and he may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over additional securities of the securities or otherwise. Other than as noted above and a right to a board seat for so long as Mr. Garreton holds at least 8% of the outstanding Common Shares on an as converted basis, Mr. Garreton does not have any plans related to any of the matters in the enumerated list in Item 5.1 of Form 62-103F1.
Mr. Garreton will prepare and file a report containing the information required by Form 62-103F1 – Required Disclosure under the Early Warning Requirements in connection with the matters referred to in this press release. Once filed, a copy of the early warning report will be available under the Company’s issuer profile on SEDAR at www.sedar.com.
Participation by Terraflos in the Offering was considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with Terraflos’ participation in the Offering in reliance of sections 5.5(b) and 5.7(1)(b) of MI 61-101. A material change report will be filed in connection with the participation of Terraflos in the Offering less than 21 days in advance of the closing of the Offering, which the Company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner.
Business and Operations Update
Over the past 18 months, Blueberries has positioned itself as one of the most efficient but also most active cannabis operators in the region, operating with efficiency and reducing infrastructure and G&A expenses at optimal levels of operation, and satisfactorily developing and introducing new products and services in several markets in South America. The company management team kept strong focus on reducing cash expenses and fixed costs, optimizing working capital expenditures, and increasing the Company’s revenue generating capabilities and alternatives.
On the agricultural front, Blueberries continue to develop new alternatives to obtain more efficient biomass and flowers both for CBD and THC, via securing access through partnerships with third-party large-scale cultivators in different regions of Colombia. These agreements are already allowing Blueberries to obtain premium GACP certified biomass and flowers at a fraction of the company historical cost in Guatavita farm and let us prioritize CAPEX allocation and other operational resources in extraction, purification and transformation processes, the updated company core. In the same direction of generating efficiencies and cost savings, the Company satisfactorily completed in October the negotiation of new industrial warehouse located less than 20 km away from the largest international airport in Colombia, and that will generate 80% of savings in the lease in comparison with the average lease expense in 2021-2022. Our strategy with this new location is to build up the company’s new laboratory and extraction GMP pharma facility with an area of more than 4.000 sq ft. This new production facility is currently under final design stage while the civil works will be terminated in April 2023.
With regards to the product portfolio and business development, the company developed a numerous of CBD and THC resins, distillates, and Isolates, as well as functional ingredients; the most relevant a novel CBD water soluble powder that allows translucid effect and reduced off note to water-based products and applications. Final formulations in the form of oral tinctures are also available in multiple combinations of cannabinoids, terpenes, and other natural ingredients. The income generated from the sale of these products have progressed towards the penetration of new countries and markets in Latin-America, and very soon reaching more developed markets like Australia.
“Cannabis industry today is shaped by rapidly changing factors and a longer-term horizon for revenue and profits, so the three fundamentals we traced back in 2021 are still valid. We characterize ourselves in Blueberries with efficiency in everything we do, a naturally driven sales disposition, and a predominant tendency to create different and better solutions and conditions. Having secured the access to premium cannabis GACP certified biomass and flowers and having accomplished a stable revenue position in Latin America, we are now ready to take the company to the next level and extend our internal production capabilities and the go to market strategy into developed markets,” said Jose María Forero, President of the Company.
Financial Highlights
All financial information in this press release is reported in Canadian dollars, unless otherwise indicated. During the first 9 months of 2022, the Company has generated $178,397 of revenue, most of it was related to the extraction services.
The Company has pivoted its core business from cultivation to the extraction services and identified a unique niche in export market of isolated products to the Latin America countries. To date, the Company has been successful in exporting isolated products to Argentina. “Accordingly, in aligning with the Company’s strategy, the Company has begun to expand its commercial revenues, adding more final products and services to others cannabis companies in Colombia and Latin America (Latam),” said Guillermo Rodriguez, Chief Financial Officer of Blueberries Medical Corp.
Third Quarter 2022 Financial Review
The Company’s current strategic focus is centered in the optimization of the cash position, giving special attention to the continued reduction and control of expenses and to the generation of income through multiple commercial avenues and various product lines and B2B services. The management rigorously ensures that all activities are guided under the three fundamentals pillars of Operate with Excellence, Connect with Demand, and Differentiate.
Results for the first three quarters of 2022 fall within the expectation of the management based on the strategic decision taken for the last quarter of 2021.
| SUMMARY BALANCE SHEET | As at September 30, 2022 |
|
As at December 31, 2021 | |||
| Total current assets | $ | 541,473 | $ | 1,563,617 | ||
| Total assets | 2,162,032 | 3,593,880 | ||||
| Total liabilities | 2,133,626 | 2,159,134 | ||||
| Total equity | $ | 28,406 | $ | 1,434,746 | ||
Blueberries’ commercial operations have successfully moved from introductory sales of cuttings of its cultivars to associate growers to effective sales of cannabis derivatives and extracts to customer both in Colombia and Peru. The Company launched a tolling service processing flower and biomass from small and mid-size licensed producers that is also positively impacting revenue results this year.
STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
| Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||
| Revenues | $ | 104,856 | $ | 135,981 | $ | 178,397 | $ | 173,886 | |||||
| Cost of sales – product revenues | – | (56,394 | ) | (757 | ) | (64,760 | ) | ||||||
| Cost of sales – extraction services | (5,967 | ) | – | (60,386 | ) | – | |||||||
| Direct cost of production – cultivation | (10,553 | ) | (61,049 | ) | (51,127 | ) | (157,521 | ) | |||||
| Direct cost of production – extraction services | (102,161 | ) | (56,389 | ) | (159,131 | ) | (130,752 | ) | |||||
|
Gross profit |
$ |
(13,826 |
) |
$ |
(37,851 |
) |
$ |
(93,004 |
) |
$ |
(179,147 |
) |
|
| Expenses | |||||||||||||
| Operating expenses – cultivation | $ | (5,997 | ) | $ | (30,834 | ) | $ | (28,252 | ) | $ | (84,105 | ) | |
| Operating expenses – extraction services | (15,829 | ) | (12,663 | ) | (32,832 | ) | (25,788 | ) | |||||
| General and administrative expenses | (304,319 | ) | (103,678 | ) | (956,489 | ) | (227,939 | ) | |||||
| Depreciation and amortization | (136,927 | ) | (272,943 | ) | (305,484 | ) | (631,160 | ) | |||||
| Finance expense | (87,002 | ) | (67,682 | ) | (239,087 | ) | (195,151 | ) | |||||
| Foreign exchange loss | 429 | (77,427 | ) | (3,589 | ) | (104,489 | ) | ||||||
| Total expenses | (549,645 | ) | (565,227 | ) | (1,565,733 | ) | (1,268,632 | ) | |||||
| Other income (expense) | |||||||||||||
| Gain on amendment of convertible debt | 198,839 | – | 198,839 | – | |||||||||
| Gain on debt settlement | – | 66,596 | – | 66,596 | |||||||||
| Gain on disposal of equipment | – | – | 20,181 | – | |||||||||
| Changes of fair value of derivative liabilities | (67,262 | ) | – | (67,262 | ) | – | |||||||
| Other expense | 6,387 | 107,859 | 32,497 | 93,230 | |||||||||
| Total other expenses | 137,964 | 174,455 | 184,255 | 159,826 | |||||||||
| Net loss | $ | (358,244 | ) | $ | (428,623 | ) | $ | (1,474,482 | ) | $ | (1,287,953 | ) | |
| Other Comprehensive Loss | |||||||||||||
| Foreign currency translation adjustment | (81,858 | ) | (12,501 | ) | (35,033 | ) | (282,224 | ) | |||||
|
Comprehensive loss |
$ |
(440,040 |
) |
$ |
(441,124 |
) |
$ |
(1,509,515 |
) |
$ |
(1,570,177 |
) |
|
| Net loss per share – basic and diluted | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |
| Weighted average number of shares outstanding – basic and diluted | 163,810,263 | 147,747,726 | 163,810,263 | 143,407,759 | |||||||||
Revenue
For the three months ended September 30, 2022, the Company generated a total revenue of $104,856, a decrease of $31,125 (or 23%) from comparative period. The decrease in revenue in this period is solely related to sales generated from product revenues as the Company pivoted its focus to extraction services. In the comparative period, the revenue for the three months ended September 30, 2022, was generated solely from product revenue. For the nine months ended September 30, 2022, the Company generated a total revenue of $178,397, an increase of $4,511 (or 3%) from comparative period.
Cost of Sales
For the three months ended September 30, 2022, the Company incurred $5,967 (2021 – $56,394) in cost of sales, solely related to the cost of sales related to revenue generated from extraction services; while in the comparative period, the cost of sales was solely related to revenue generated from product revenues. For the nine months ended September 30, 2022, the Company incurred $61,143 (2021 – $64,760) in cost of sales, of which primarily consisted of costs associated to revenue generated in extraction services. Costs of sales increased primarily due to the increase in revenue and higher costs directly attributable to the extraction costs compared to product revenues in the comparative period.
| Operating Expenses | Operating expenses | |||||||||||
| Cultivation |
Extraction services |
Cultivation |
Extraction services |
|||||||||
| For the three months ended | September 30, 2022 | September 30, 2022 | ||||||||||
| Salary, wages, and benefits | $ | 2,464 | $ | 4,263 | $ | 15,794 | $ | 8,074 | ||||
| Supplies, spare parts and equipment | 144 | 12,740 | 2,920 | 383 | ||||||||
| License costs | 4 | – | 328 | – | ||||||||
| Facilities | 1,104 | 1,791 | 755 | 1,234 | ||||||||
| Laboratory | 17 | 331 | – | 636 | ||||||||
| Fuel and oil | 13 | 78 | 3,692 | – | ||||||||
| Transportation | 14 | 649 | 262 | 52 | ||||||||
| Utilities | 69 | 410 | 550 | 186 | ||||||||
| Other | 2,167 | 10,572 | 6,533 | 2,098 | ||||||||
| $ | 5,996 | $ | 30,834 | $ | 30,834 | $ | 12,663 | |||||
| Operating Expenses |
Operating expenses |
|||||||||||
| Cultivation | Extraction services |
Cultivation |
Extraction services |
|||||||||
| For the nine months ended | September 30, 2022 | September 30, 2022 | ||||||||||
| Salary, wages, and benefits | $ | 11,610 | $ | 4,539 | $ | 43,079 | $ | 16,442 | ||||
| Supplies, spare parts and equipment | 681 | 13,566 | 7,963 | 780 | ||||||||
| License costs | 20 | – | 894 | – | ||||||||
| Facilities | 5,200 | 1,907 | 2,059 | 2,515 | ||||||||
| Laboratory | 80 | 352 | – | 1,294 | ||||||||
| Fuel and oil | 63 | 82 | 10,072 | – | ||||||||
| Transportation | 64 | 691 | 718 | 106 | ||||||||
| Utilities | 325 | 437 | 1,500 | 379 | ||||||||
| Other | 10,209 | 11,258 | 17,820 | 4,273 | ||||||||
| $ | 28,252 | $ | 32,832 | $ | 84,105 | $ | 25,789 | |||||
Operating Expenses
Operating expenses are non-capital expenditures relating to Blueberries’ cannabis farming and cultivation operations.
During the three months ended September 30, 2022, a total of $36,830 of operating expenses were incurred, a decrease of $6,667 (or 15%) from the comparative period. The Company incurred minimal operating expenses related to cultivation as it focused its efforts in expanding its extraction services, with most of the operating costs incurred were to purchase supplies and parts. In the comparative period, the Company’s operating expenses were 71% and 29% related to cultivation and extraction services, respectively. During the three months ended September 30, 2021, the Company has not yet generated any revenue from extraction services.
During the nine months ended September 30, 2022, a total of $61,084 of operating expenses were incurred, a decrease of $48,810 (or 44%) from the comparative period. In the comparative period, the operating expenses in cultivation made up of 77% of the total operating expenses, while in the current period, it only accounted for 46% of the total operating expenses. This is consistent to the Company’s shifting in its efforts to seize the opportunities in the extraction market.
General and Administrative Expenses
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Audit and accounting | $ | 42,402 | $ | (4,403 | ) | $ | 167,970 | $ | 4,280 | |||||||
| Consulting | 31,571 | 25,662 | 94,969 | 48,709 | ||||||||||||
| Director and management fees | 41,495 | 4,738 | 41,495 | 105,438 | ||||||||||||
| Filing and transfer agent fees | 20,888 | 35,229 | 55,817 | 68,071 | ||||||||||||
| General office | (14,376 | ) | 4,955 | 20,068 | 29,934 | |||||||||||
| Insurance | 24,831 | 20,625 | 72,256 | 58,808 | ||||||||||||
| Legal | 3,958 | (1,988 | ) | 12,378 | 2,841 | |||||||||||
| Marketing | 2,650 | – | 2,650 | – | ||||||||||||
| Other | 6,992 | 12,389 | 7,628 | 35,283 | ||||||||||||
| Salary, wages, and benefits | 110,608 | 104,979 | 375,853 | 264,490 | ||||||||||||
| Share based compensation expense (recovery) | 31,514 | (98,527 | ) | 103,174 | (389,952 | ) | ||||||||||
| Travel | 1,786 | 19 | 2,231 | 37 | ||||||||||||
| Total | $ | 304,319 | $ | 103,678 | $ | 956,489 | $ | 227,939 | ||||||||
Audit and accounting fees – Audit and accounting fees include cost of audit, accounting and taxation services provided by the Company’s external auditor and other third parties. The increase of $163,690 and $46,805 in the three months ended and nine months ended September 30, 2022, respectively, was related to increased anticipated audit fees from prior year, the timing of accrual of the audit fees as well as costs related to accounting fess provided by a third party which began in the third quarter of 2021.
Director and management fees – Director and management fees are incurred specifically for certain directors and officers of the Company for services provided to Blueberries either from themselves personally or through a related entity. For the three months ended and nine months ended September 30, 2022, the Company incurred $41,495 (2021 – $4,738) and $41,495 (2021 – $105,438) in director and management fees expenses. The overall decrease for nine months ended September 30, 2022, reflects savings measures implemented, with certain directors and officers leaving the Company in 2021. During the nine months ended September 30, 2022, the total director and management fees consisted of a compensation of an office who resigned in the second quarter of 2021. From the second quarter of 2021 to the second quarter of 2022, the Company did incur any compensation to the director and/or management.
General office – General office expenses include office and equipment rent, utilities, communication, and cleaning services, which are expensed as incurred. For the nine months ended September 30, 2022, the Company incurred $20,068, a decrease of $9,866 (or 33%) in general office expenses, compared to the comparative period; while the general office expenses for the three months ended September 30, 2022 was decreased by $19,331 (or 65%) compared to the comparative period.
Salary, wages, and benefits – Salary, wages, and benefits include payroll, training, benefits, and severance costs of employees in Colombia. For the three months and nine months ended September 30, 2022, the Company incurred an increase of $5,629 and $111,363, respectively, compared to the comparative period. The Company has increased its head count in Colombia as it focuses its efforts in expanding commercial and revenue-generating activities.
Share-based compensation expense (recovery) – For the three months and nine months ended September 30, 2022, total share-based compensation expenses incurred were $31,514 (an increase of $130,041 from comparative period) and $103,174 (an increase of $493,126 from comparative period), respectively, a total of 3,099,998 unvested options forfeited in the first quarter of 2021, which resulted in a reversal of stock-based compensation of $744,590 for the nine months ended September 30, 2021. On July 1, 2022, the Company granted 1,500,000 options to certain director and officers of the Company to purchase Blueberries’ common shares. The options are exercisable at price of $0.05 per option for a 5-year term and vesting one-third each on every one-year anniversary from the grant date. The fair value of each option was $0.0279, estimated using the Black-Scholes option pricing model.
About Blueberries Medical Corp.
Blueberries is a Latin American licensed producer of naturally grown premium quality cannabis with its primary operations ideally located in the Bogotá Savannah of central Colombia. The Company is led by a specialized team with proprietary expertise in agriculture, genetics, extraction, medicine, pharmacology and marketing, Blueberries is fully licensed for the cultivation, production, domestic distribution, and international export of CBD and THC-based medical cannabis in Colombia.
Blueberries’ combination of leading scientific expertise, agricultural advantages and distribution arrangements has positioned the Company to become a leading international supplier of naturally grown, processed, and standardized medicinal-grade cannabis oil extracts and related products.
Additional information about the Company is available at www.blueberriesmed.com. For more information, please contact:
Jose Forero, President, Latin American Operations
jforero@blueberriesmed.com
Tel: +57 310 345 8808
Guillermo Rodriguez, CFO, Blueberries Medical Corp.
grodriguez@blueberriesmed.com
Tel: +54 911 6015 2227
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the use of proceeds from the Offering, commencement of commercial production of CBD-dominant oils and products, successful implementation of full GMP standards at its extraction facility to allow for additional export potential to international markets, achieving additional milestones is contemplated, or at all, ability to expand distribution networks, ability to expand and upgrade the Company’s cultivation facilities in Colombia, internal expectations, expectations regarding the ability of the Company to access new Latin American and international markets, the ability to attract and retain new customers, and future expansion plans including development of the cultivation, production, industrialization and marketing of cannabis for commercial and scientific purposes.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Colombian and international medical cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in Colombia, Argentina and elsewhere; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Additional information regarding the Company, and other risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s Listing Statement dated January 31, 2019 and such other risk factors included in the management’s discussion and analysis of the Corporation for the year ended December 31, 2020, each filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Cannabis
Verano Announces the Opening of Zen Leaf Fairless Hills, the Company’s Newest Affiliated Dispensary in Pennsylvania, in Prime New Location
- Zen Leaf Fairless Hills, the Company’s newest affiliated dispensary in Pennsylvania, relocated from its former home in Chester to 203 Lincoln Highway, a busy thoroughfare with daily traffic of over 17,000 vehicles per day1
- As the first medical cannabis dispensary in the city, Zen Leaf Fairless Hills will offer an elevated experience for area patients, including increased convenience and accessibility with numerous point-of-sale stations and kiosks for seamless in-store browsing and ordering
- Verano’s active operations span 13 states, comprised of 142 dispensaries and 13 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
CHICAGO, July 26, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the opening of Zen Leaf Fairless Hills in Pennsylvania on Friday, July 26th, following a ceremonial ribbon cutting at 11 a.m. local time. Zen Leaf Fairless Hills is located at 203 Lincoln Highway and will be open Monday through Saturday from 9 a.m. to 8 p.m. and Sunday from 10 a.m. to 6 p.m. local time.
The dispensary is located in Bucks County, the fourth largest county in the Commonwealth with a total population of over 630,0002 residents. To increase accessibility and convenience, Zen Leaf Fairless Hills features large in-store kiosks and numerous point-of-sale stations to enhance the browsing and ordering experience for patients. To celebrate the grand opening of Zen Leaf Fairless Hills and following a ceremonial ribbon cutting, patients will be greeted with complimentary deals and doorbusters on featured branded products.
“We are excited to bring the Zen Leaf experience to local patients in Fairless Hills, where our talented team members will continue to deliver hospitality-driven care and top-quality products for local patients,” said George Archos, Verano Founder and Chief Executive Officer. “As the Pennsylvania medical cannabis patient population continues to grow, we are grateful for the opportunity to deepen our roots in Bucks County at our newest Zen Leaf location in the Commonwealth, and look forward to providing a warm and welcoming environment for current and future patients.”
Zen Leaf Fairless Hills adds another convenient outlet for Philadelphia area patients, and solidifies Verano’s footprint in the state as one of the Company’s 18 affiliated Pennsylvania dispensaries. Verano’s Pennsylvania operations also include a state-of-the-art 62,000 square foot cultivation and processing facility in Chester, where the Company produces its signature Verano Reserve flower and Troches, concentrates and vapes; (the) Essence and Savvy flower and extracts; and Avexia RSO cannabis oil and topicals. For additional convenience and accessibility, patients can choose to order ahead at ZenLeafDispensaries.com for express in-store pickup.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 13 U.S. states, comprised of 13 production facilities with over 1,000,000 square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Media
Verano
Steve Mazeika
VP, Communications
Steve.Mazeika@verano.com
Investors
Verano
Julianna Paterra, CFA
VP, Investor Relations
Julianna.Paterra@verano.com
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023, its quarterly report on Form 10-Q for the quarter ended March 31, 2024 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at www.sec.gov. The Company makes no assurances and cannot predict the outcome of all or any part of the on-going litigation with Goodness Growth referenced in this press release, including whether the Company will prevail on its Notice of Application and its counterclaim, or whether Goodness Growth will prevail on its claim for damages against the Company. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
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1 Pennsylvania Department of Transportation
2 United States Census Bureau
Cannabis
Unlocking New Horizons in Health: TNR, The Niche Research Reveals the Transformative Power of Minor Cannabinoids
Wilmington, Delaware, July 25, 2024 (GLOBE NEWSWIRE) — Minor cannabinoids refer to the lesser-known compounds found in the cannabis plant, distinct from the well-known THC (tetrahydrocannabinol) and CBD (cannabidiol). While THC and CBD dominate the market, minor cannabinoids such as CBG (cannabigerol), CBC (cannabichromene), and CBN (cannabinol) are gaining attention for their potential therapeutic benefits. These compounds are extracted from both marijuana and hemp plants, with varying legal restrictions depending on their THC content. The minor cannabinoids market is poised for significant growth, driven by increasing consumer awareness and demand for alternative health and wellness products. As regulatory environments around cannabis products evolve, companies are exploring the potential of minor cannabinoids in various applications, including pharmaceuticals, nutraceuticals, cosmetics, and food and beverages.
Minor cannabinoids are being researched for their potential therapeutic effects, including anti-inflammatory, analgesic, and neuroprotective properties. This versatility facilitates product diversification in various industries. Companies are investing in research and development to create novel formulations and delivery methods for minor cannabinoids. This includes nano-emulsions, encapsulation technologies, and controlled-release systems to enhance bioavailability and efficacy. For example, in January 2022, CBDA + CBGA Tincture a new product was launched by Hometown Hero CBD. This 30ml tincture contains 600mg each of CBGA, CBDA, CBG, and CBD. Derived from hemp, the cannabinoids in this tincture comply with legal requirements across all 50 states in the USA. There is an increasing consumer preference for natural as well as plant-based remedies, which in turn is driving the demand for cannabinoid-infused products. This trend is particularly strong among younger demographics seeking alternatives to traditional pharmaceuticals. Evolving regulatory frameworks, particularly in regions like North America and Europe, are creating opportunities for legal market expansion. Regulatory clarity is crucial for market participants to navigate compliance and market entry.
Global Minor Cannabinoids Market: Key Datapoints
|
Market Value in 2023 |
US$ 17.8 Bn |
|
Market Value Forecast by 2034 |
US$ 42.3 Bn |
|
Growth Rate
|
8.2% |
|
Historical Data
|
2016 – 2022 |
|
Base Year
|
2023 |
|
Forecast Data
|
2024 – 2034 |
Increasing consumer interest in health and wellness products, coupled with the perceived therapeutic benefits of cannabinoids, is a major driver of market growth. Progressive cannabis legalization in various parts of the world, including the United States and parts of Europe, is expanding the addressable market for minor cannabinoids. Significant investments in research and development by pharmaceutical and biotechnology companies are accelerating product innovation and clinical trials. The market remains fragmented with opportunities for new entrants and niche players to introduce specialized products catering to specific consumer needs.
The COVID-19 pandemic initially disrupted supply chains and retail channels for minor cannabinoids products. However, the crisis also underscored the importance of health and wellness, leading to increased interest in natural remedies, including cannabinoids. As economies recover, the market is expected to rebound stronger.
The geopolitical tensions, such as the Russia-Ukraine conflict, have also affected global markets, including the minor cannabinoids sector. Fluctuating currency values, supply chain disruptions, and geopolitical uncertainty have impacted production and distribution channels. However, the long-term impact will depend on geopolitical developments and their influence on global trade and regulatory environments.
The minor cannabinoids market presents significant opportunities for growth and innovation, driven by evolving consumer preferences, regulatory advancements, and expanding research initiatives. Companies that can navigate regulatory complexities, invest in research and development, and respond to shifting consumer trends are well-positioned to capitalize on this emerging market. As the market matures, collaboration across sectors and regions will be crucial in unlocking the full potential of minor cannabinoids in various industries worldwide.
Global Minor Cannabinoids Market: Key Takeaways of the Report
- Cannabigerol (CBG) segment by product type is expected to grow at a CAGR of 6.7% in the minor cannabinoids market due to increasing research highlighting its potential therapeutic benefits, including anti-inflammatory, antimicrobial, and neuroprotective properties. As consumer awareness grows and regulatory environments become more favorable, there is heightened interest in CBG-based products for their diverse health applications, ranging from skincare to pharmaceutical formulations, driving sustained market demand and expansion.
- Pharmaceutical segment by application, leads the minor cannabinoids market with a significant revenue share of 35.8% owing to growing recognition of cannabinoids’ potential in therapeutic applications. Cannabinoids like CBD, CBG, and others show promise in treating conditions such as epilepsy, chronic pain, and anxiety disorders, backed by increasing clinical research and favorable regulatory developments. Pharmaceutical companies are investing heavily in cannabinoid-based drug development, driving market growth as they seek to capitalize on these compounds’ efficacy and market potential in addressing unmet medical needs.
- In 2023, Latin America is anticipated as fastest growing region in the global minor cannabinoids market due to evolving regulatory landscapes favoring cannabis legalization and cultivation. This shift is fostering a burgeoning industry infrastructure for cannabis extraction and product development. Additionally, increasing consumer acceptance of cannabinoid-based products for medicinal and wellness purposes is driving market expansion. With a vast potential consumer base and supportive regulatory frameworks, Latin America presents significant growth opportunities for companies seeking to enter or expand within the minor cannabinoids market.
Key Development:
- In December 2023, Rare Cannabinoid Company introduced Uplift Gummies infused with THC and THCV. These gummies combine the relaxing properties of Delta-9-THC with the energizing and appetite-controlling effects of CBD and THCV.
- In October 2022, High Tide Inc., a cannabis retailer, announced that its Colorado-based subsidiary, NuLeaf Naturals, had launched plant-based softgels and full-spectrum multicannabinoid oil in Manitoba. The products feature CBC, CBD, CBG, Delta-9 tetrahydrocannabinol (Delta 9), and CBN.
Browse Related Category Reports
Global Minor Cannabinoids Market:
- Aurora Europe GmbH
- BulKanna
- CBD. INC.
- Fresh Bros Hemp Company
- GCM Holdings, LLC (Global Cannabinoids)
- GenCanna.
- High Purity Natural Products.
- Laurelcrest
- Mile High Labs
- PBG Global
- Rhizo Sciences
- ZERO POINT EXTRACTION, LLC
- Other Industry Participants
Global Minor Cannabinoids Market
By Product Type
- Cannabigerol (CBG)
- Cannabichromene (CBC)
- Cannabinol (CBN)
- Cannabidivarin (CBDV)
- Tetrahydrocannabutol (THCB)
- Tetrahydrocannabivarin (THCV)
- Tetrahydrocannabiphorol (THCP)
- Others
By Application
- Pharmaceutical
- Pain Management
- Mental Health
- Sleep Disorders
- Anti-inflammatory
- Others
- Nutraceuticals
- Cosmetics and Personal Care
- Food and Beverages
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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Cannabis
Global Agricultural Textiles Market Size To Worth USD 25.02 Billion By 2033 | CAGR of 4.70%
New York, United States , July 23, 2024 (GLOBE NEWSWIRE) — The Global Agricultural Textiles Market Size is to Grow from USD 15.8 Billion in 2023 to USD 25.02 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.70% during the projected period.
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Products made of agricultural textiles, or agro textiles, increase productivity, shield farmers from harmful chemicals and pesticides, and keep soil from drying out. The word “agro-textile” has been used recently to refer to materials used in horticulture and agriculture that are knitted, woven, and non-woven. Reducing the use of hazardous pesticides and herbicides promotes a sustainable farming culture and is also good for the environment. Agricultural textiles have remarkable mechanical potential, environmental resistance, simplicity of processing, and durability features that can enhance the safety, quantity, and quality of agricultural products. Textile textiles have been utilized in agriculture for a very long period. Most textile materials are woven or nonwoven in manufacture and are made of synthetic materials in a variety of decompositions. Furthermore, future expansion in the worldwide agricultural textiles market is anticipated to be driven by the rising demand for agricultural products. Any agricultural commodity or product, whether raw or processed, that is derived from livestock is referred to as an agricultural product. Agricultural textiles are used to protect crops from insects and birds, as well as to provide shade for plants, which increases crop yield. Furthermore, going forward, the market for agricultural textiles is expected to be driven by the rise in sustainable agriculture methods. Sustainable farming operations employ socially and environmentally conscious farming methods to increase crop output over the long term, reducing adverse environmental effects, and fostering equitable working conditions for farmers. However, increased raw material costs substantially impede the expansion of the worldwide agricultural textile industry. The rising cost of raw materials is creating challenges for the sector.
Browse key industry insights spread across 193 pages with 112 Market data tables and figures & charts from the Report on the “Global Agricultural Textiles Market Size, Share, and COVID-19 Impact Analysis, By Product (Woven, Knitted, Non-Woven, and Others), By Material (Nylon, Polyethylene, Polypropylene, Polyesters, and Others), By Application (Agriculture, Horticulture, Forestry, Aquaculture, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The knitted segment is anticipated to hold the greatest share of the global agricultural textiles market during the projected timeframe.
Based on the product, the global agricultural textiles market is divided into woven, knitted, non-woven, and others. Among these, the knitted segment is anticipated to hold the greatest share of the global agricultural textiles market during the projected timeframe. The fabric’s multiple applications such as wind control, hail protection, and bird netting are what provide the majority of its revenue. The variety of textiles produced by knitting techniques and the ease of handling knitted fabric has led to a growth in demand for the product. Non-woven fibers can be produced by a variety of techniques, such as chemical bonding, thermal fusion, and mechanical entanglement. A web is created throughout manufacture, adding first mechanical strength and later other properties according to the fiber’s intended use.
The polyethylene segment is expected to grow at the fastest pace in the global agricultural textiles market during the projected timeframe.
Based on the material, the global agricultural textiles market is divided into nylon, polyethylene, polypropylene, polyesters, and others. Among these, the polyethylene segment is expected to grow at the fastest pace in the global agricultural textiles market during the projected timeframe. Thermoplastic polymer polyethylene has a volatile crystalline structure and a wide range of uses, depending on the kind. One of the most widely used materials for agricultural textiles is polyethylene, which is somewhat more expensive than polypropylene. Farm products are covered in HDPE fabrics, which shield them from UV radiation and inclement weather. HDPE Yarns are a useful foundation material for applications including braiding, twisting, and weaving. Technically, they are resistant to both alkalis and acids.
The aquaculture segment is predicted for the highest revenue share in the global agricultural textiles market during the estimated period.
Based on the application, the global agricultural textiles market is divided into agriculture, horticulture, forestry, aquaculture, and others. Among these, the aquaculture segment is predicted for the highest revenue share in the global agricultural textiles market during the estimated period. The demand for seafood is rising, and this has led to an increase in aquaculture and the growth of the fishing net industry. Other industries that have benefited from this growth include nutraceuticals, pharmaceuticals, and cosmetics. The crops that grow under shade nets are chosen depending on how well they tolerate light. They also help to reduce damage from excessive heat and increase agricultural yield in the summer. They are used in a variety of procedures, such as floriculture, nursery operations, and vermicomposting.
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Asia Pacific is expected to hold the largest share of the global agricultural textiles market over the forecast period.
Asia Pacific is expected to hold the largest share of the global agricultural textiles market over the forecast period. The region’s noteworthy share can be attributed to the rising demand for agricultural products resulting from changing consumer preferences and population expansion. Due to the significant demand generated by the developing economies of China and India. In addition, China is the biggest consumer since it uses a lot of these textiles for its agricultural and aquaculture sectors. These uses include using nets, mulches, and storage bags to save aquatic life and crops.
North America is predicted to grow at the fastest pace in the global agricultural textiles market during the projected timeframe. Research into more sustainable agriculture practices and consumer interest in organic products will both rise. China is the top region in terms of the agricultural textile market. The region’s expanding aquaculture sector, which generates fish oils, shell meats, and other products, as well as increased domestic consumption, accounts for this development. Policies that support aquaculture at the federal level will drive up demand for these textiles.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agricultural Textiles Market include Beaulieu Technical Textiles, Belton Industries, Meyabond, Capatex, Neo Corp International, Garware Technical Fibres, HUESKER Synthetic, Maccaferri, Koninklijke Ten Cate, DuPont de Nemours Inc., Leggett & Platt, SRAM & MRAM Group, Bonar Technical Fabrics, Visaka Industries Limited, and Others.
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Recent Developments
- In June 2024, Beaulieu Technical Textiles highlighted performance and sustainability when introducing their Recover and Recover Pro ground covers at GreenTech Amsterdam 2024. Recover uses recycled materials to reduce CO2 emissions and increase durability, while Recover Pro uses volcanic lava rock to improve plant health and water management. The line provides longevity, cannabis, and UV protection.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agricultural Textiles Market based on the below-mentioned segments:
Global Agricultural Textiles Market, By Product
- Woven
- Knitted
- Non-Woven
- Others
Global Agricultural Textiles Market, By Material
- Nylon
- Polyethylene
- Polypropylene
- Polyesters
- Others
Global Agricultural Textiles Market, By Application
- Agriculture
- Horticulture
- Forestry
- Aquaculture
- Others
Global Agricultural Textiles Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Global Agriculture Supply Chain Management Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Solutions, and Services), By Solution (Manufacturing Execution System, Procurement & Sourcing, Transportation Management System, Supply Chain Planning, and Warehouse Management System), By Deployment (On-Demand & Cloud-Based, and On-Premise), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033Global Agriculture Supply Chain Management Market Insights Forecasts to 2033
Global Agricultural Haying and Forage Machinery Market Size, Share, and COVID-19 Impact Analysis, By Type (Forage Harvesters, Conditioners, Balers, Mowers, and Others), By Application (Small Farms, Medium Farms, and Large Farms), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
Global Agricultural Enzymes Market Size, Share, and COVID-19 Impact Analysis, By Product (Phosphatases, Sulfatases, and Dehydrogenases), By Crop Type (Cereals & Grains, Fruits & Vegetables, Turf & Ornamentals, Oilseeds & Pulses, and Others), By Functionality (Plant Growth Regulation, Crop Protection, and Fertility products), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
Global Agricultural Disinfectants Market Size, Share, and COVID-19 Impact Analysis, By Type (Chemical Disinfectants, Physical Disinfectants, Biological Disinfectants, and Others), By Form (Liquid, Powder, and Others), By Application (Surface, Aerial, Water Sanitizing, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
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