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Innocan Pharma Provides Annual “State of the Business” Update – GrassNews
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Innocan Pharma Provides Annual “State of the Business” Update

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Herzliya, Israel and Calgary, Alberta–(Newsfile Corp. – February 16, 2023) – Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (the “Company” or “Innocan”) a pharmaceutical technology company focusing on developing innovative drug delivery platform technologies and owner of a proprietary IP portfolio, is pleased to report an annual “State of the Business” update, including with respect to the company’s advancements in Research, Intellectual Property and Commercialization, alongside announcing the closing of a non-brokered private placement offering of 1,982,000 units for gross proceeds of $495,500, and the issuance of 438,740 stock options to certain employees and consultants of the Company.

“Innocan is in the midst of a heavy-lifting effort to deliver in all fronts,” says Innocan CEO Iris Bincovich. “We are now building the business, legal and material infrastructure to support expansion and commercialization of our intellectual property, in the pre-clinical stage.”

The updates are as follows:

Companys Activity Under Research Agreements:

On January 12, 2022, the Company announced a second amendment (the “Second Amendment“) to the research and license agreement with Yissum Research Development Company of the Hebrew University of Jerusalem Ltd. (“Yissum“) in connection with the evaluation of the efficacy of the Company’s CBD-loaded liposome platform technology (“LPT“) in treating dogs. Pursuant to the Second Amendment, Yissum will conduct additional research related to liposomal CBD on dogs (the “Additional Research“) for an additional research fee of $100,000. The Additional Research will be performed by Professor Merav Shamir of the veterinary neurology and neurosurgery department at the Koret School of Veterinary Medicine Hospital, Hebrew University of Jerusalem for a period of six months, in accordance with a new research program and budget which will supplement the previous research program pursuant to the original research and license agreement. The Company expects to initiate licensing discussions regarding the veterinarian application of this form of CBD therapy within the next 12 months, and to proceed to the safety testing stages throughout 2023, subject to the terms of the license agreement. The Company estimates the costs of the current stage for the next 12 months to be approximately $1,200,000. Any approvals will be determined based on the future business arrangements regarding licensing.

On January 17, 2022, the Company announced that it inaugurated its first drug research and development lab at Biohouse Labs at Hadassah Medical Center in Jerusalem to accelerate the Company’s LPT development. The Company’s development program is focused on improving and optimizing LPT characterization methods and upscaling capabilities. A staff of six individuals (scientists and scientific assistants) are working on the accelerated development of the LPT technology.

On March 8, 2022, the Company reported a positive result from the use of its CBD LPT on a dog suffering from osteoarthritis of the hip and elbow joint (causing inability of the dog to walk and stand up, as well as intense pain and a low activity rate). CBD LPT injection was provided as a treatment and led to a decrease in pain and improved activity and vitality, as reported by the dog’s owner. The CBD was administered to the dog and the Company’s LPT remained in the dog’s plasma for 28 days.

On March 28, 2022, the Company reported the successful completion of its CBD liposome physico-chemical characterization.

On April 29, 2022, the Company announced the publication of a case report in Frontiers in Veterinary Science regarding its compassionate care liposomal-CBD formulation (Innocan’s LPT platform). The formulation was administered to a 14-year-old dog suffering from severe cervical pain, hip and elbow osteoarthritis and testicular neoplasia. It was reported that the administration resulted in decreased pain and improved mobility.

On June 10, 2022, the Company announced successful preliminary results of a small-scale efficacy trial in dogs with refractory (drug-resistant) epilepsy. In this initial phase, the dogs were treated with Innocan’s LPT injection, and results demonstrated that the dogs experienced a decreased frequency of epileptic seizures.

On June 24, 2022, the Company announced successful preclinical trials in dogs with osteoarthritis. The trials reported decreased pain in dogs suffering from severe osteoarthritis in most joints, and severe muscle atrophy surrounding the pelvic limbs. Innocan’s liposomal CBD was administered in addition to joint supplements, non-steroidal anti-inflammatory drugs, and hydrotherapy.

On July 6, 2022, the Company announced positive results in a preclinical trial involving a dog with refractory (drug-resistant) epilepsy. Paco, a 47 kg male cane corso suffering from refractory idiopathic (drug-resistant) epilepsy was treated with Innocan Pharma’s LPT injections. The results demonstrated that the frequency and the intensity of the dog’s epileptic seizures decreased significantly.

On July 12, 2022, the Company announced that it had appointed Nissim Vasilevski to the role of Analytical Chemist. In this role, Mr. Vasilevski joined the team developing analytical methods to accelerate the Company’s LPT product line, with a view to reaching human clinical trials and eventually, a U.S. Food and Drug Administration submission.

On August 11, 2022, the Company announced results that approached 100% bioavailability following subcutaneous injection of its CBD via LPT delivery system in a clinical study conducted on dogs suffering from pain (compared to data following intravenous administration). Typically, oral administration of CBD by humans’ results in bioavailability levels of between 6.5-20% of administered dosage.

On August 17, 2022, the Company announced positive partial results in a pilot pain study in dogs using the LPT CBD Liposomal Delivery Platform. Six dogs suffering from osteoarthritis and lameness that were treated with oral analgesics but were still experiencing pain were administered a single subcutaneous injection of liposomal CBD in addition to their routine analgesics. CBD concentrations were observed for six weeks following the CBD injection in the dogs’ plasma. Owners reported that the dogs’ pain and well-being scores were improved for several weeks after the injection. The results show that the LPT technology has the potential to provide additional analgesia in dogs suffering from pain.

On September 9, 2022, the Company announced positive results in a new preclinical trial involving a dog with refractory (drug resistant) epilepsy. The 22 kg male border collie being was treated with three anti-epileptic drugs but was still suffering from seizures several times a month and was hospitalized approximately once a month. The dog was treated with several injections of Innocan Pharma’s LPT within 4-week intervals. During the several months of the trial, the dog did not require hospitalization, nor experience a single seizure for nine-and-one-half weeks.

Company IP

On May 11, 2022, the Company announced that an international patent application (“PCT”) titled “Protein-bound Cannabinoid Formulations and Uses Thereof” had recently been published and received the publication number WO 2022/070191, claiming priority from a US provisional application filed in October 2020.

On June 17, 2022, the Company announced that it had filed a new PCT entitled “Compositions for Treatment of Vaginal Atrophy”, claiming priority from a US provisional patent. Vaginal atrophy is a condition associated with loss of moisture, thinning, and inflammation of the vaginal walls, which can be associated with decrease in estrogen levels in women, often associated with menopause. The PCT application disclosed compositions which can be used to alleviate vaginal dryness and vaginal atrophy.

July 29, 2022, the Company announced that it had filed a new PCT entitled “Compositions for treatment of diabetic symptoms”, claiming priority from an earlier US provisional patent. The company PCT involves a cannabinoid-based composition which can be used to improve circulation and thereby treat ailments associated with diabetes.

On August 5, 2022 the Company announced that it had filed a new PCT entitled “Compositions for treatment of hair loss”, claiming priority from an earlier US provisional patent. The composition developed by the company research and development and disclosed in the current PCT can be used to treat and prevent hair loss and is applied topically to the skin or scalp.

On September 21, 2022, the Company announced that its PCT title “CANNABIDIOL-CONTAINING COMPOSITIONS AND USES THEREOF” entered the national phase in both the US and EU. This PCT scope involves extracellular vesicals, such as Exosomes, as a cell delivery platform of cannabinoids for diverse neurological and inflammatory disease.

On October 6, 2022, the Company announced that its PCT titled “Cannabinoids Based Topical Compositions for Treatment of Psoriasis of the Scalp”, reached the national phase. Innocan’s composition presents the potential for effective treatment of psoriasis of the scalp without causing irritation.

Other Businesses and Operations

On February 7, 2022, the Company announced the addition of Dr. Kenji Kitatani, former executive officer of Sony Corporation, to the Company’s advisory committee, as an advisor to the Asian markets.

On March 4, 2022, the Company announced the appointment of Dr. Eyal Kalo as research and development project manager. In this new role Dr. Eyal Kalo will coordinate internal and external research and development projects, assist in the development progress and manage the cross functional aspects of Innocan’s pharma projects.

Unit Offering

The company is is pleased to announce that it has today closed a non-brokered private placement offering of 1,982,000 units of Innocan (the “Units“) at a price of C$0.25 per Unit for aggregate gross proceeds of C$495,500 (the “Offering“).

Each Unit consists of: (i) one (1) common share in the capital of the Company (each a “Common Share“); (ii) one-half of one (1) Class A common share purchase warrant (each whole Class A common share purchase warrant, a “Class A Warrant“); and (iii) one-half of one (1) Class B common share purchase warrant (each whole Class B common share purchase warrant, a “Class B Warrant“) (collectively each whole Class A Warrant and each whole Class B Warrant, a “Warrant“).

Each Class A Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.31 for a period of two (2) years from the date of issuance. Each Class B Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.44 for a period of three (3) years from the date of issuance. Following the date of issuance of the Warrants, if the daily volume weighted average trading price of the Common Shares on the Canadian Securities Exchange for any period of 20 consecutive trading days equals or exceeds C$0.62 in the case of a Class A Warrant or C$1.32 in the case of a Class B Warrant, the Company may, upon providing written notice to the holders of the Warrants (the “Acceleration Notice“), accelerate the expiry date of the Warrants to the date that is 30 days following the date of the Acceleration Notice.

All Common Shares and Warrants issued pursuant to the Offering will be subject to a four-month statutory hold period commencing from the closing date under applicable securities laws.

Innocan intends to use the proceeds of the Offering for working capital and general corporate purposes.

The securities issued in connection with the Offering will be subject to a four-month hold period, in accordance with applicable Canadian securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

Stock Options

On February 14, 2023, the Company also approved the issuance of an aggregate of 438,740 options to purchase common shares in the capital of the Company (the “Options“) to certain employees and consultants, under the Company’s stock option plan. The Options are exercisable for a price of $0.28 per common share for a period of between two and four years, depending on the optionee. The Options expire after between three and five years from the date of issuance.

About Innocan

Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD- loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. (ii) CLX CBD-loaded exosomes platform that may hold the potential to provide a highly synergistic effect of regenerating and anti- inflammatory properties targeting the Central Nervous System (CNS). In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/

For further information, please contact:

For Innocan Pharma Corporation:
Iris Bincovich, CEO

15162104025+

+972-54-3012842

+442037699377
info@innocanpharma.com

Dr. Eva Reuter

Investment Relations – Germany

+46-69-1532-5857

e.reuter@dr-reuter.eu

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Caution regarding forward-looking information

Certain information set forth in this news release, including, without limitation, information regarding research and development, collaborations, the filing of potential applications with the FDA and other regulatory authorities, the potential achievement of future regulatory milestones, the potential for treatment of conditions and other therapeutic effects resulting from research activities and/or the Company’s products, requisite regulatory approvals and the timing for market entry, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements.

Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import / export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact Innocan can also be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedar.com.

Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155098

Cannabis

Tilray Brands Reports Q1 2024 Financial Results

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Record Q1 Net Revenue of $177 Million, Representing 15% Growth Year over Year

Increased #1 Cannabis Market Share Position in Canada to 13.4%

Grew Canadian Cannabis Revenue by 16.5% and International Cannabis Revenue by 37%

With Closing of Acquisition of Eight Craft Beer and Beverage Brands, Creating 5th Largest U.S. Craft Beer Brewer with 5% Market Share in Growing Craft Market

Conference Call to be Held at 8:30 a.m. ET Today

NEW YORK and LEAMINGTON, Ontario, Oct. 04, 2023 (GLOBE NEWSWIRE) — Tilray Brands, Inc. (“Tilray”, “our”, “we” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company, today reported financial results for its first quarter fiscal year 2024 ended August 31, 2023. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

Irwin D. Simon, Tilray Brands’ Chairman and Chief Executive Officer, stated, “Today, Tilray Brands is the most diversified global cannabis-lifestyle and CPG company in the world with four distinct and complementary business segments – medical and adult-use cannabis, beverages including, craft beer, spirits, ready to drink mixed cocktails in a can, non-alcoholic drinks, THC and CBD beverages, wellness products, and medical distribution. The balance we have brought to our diversified business model has positioned Tilray Brands as the #1 Canadian cannabis LP, the market leader in medical cannabis across Europe, a leader in the hemp foods industry, and a formidable player in the fast-growing craft beverage-alcohol industry with a growing leadership position. We have strategically diversified our company globally over the past several years and, as a result, Tilray is now ideally positioned to capture a wide range of opportunities across multiple industries driving value through organic and acquisitive revenue growth, operating efficiencies, and improved margins and profitability. We will continue to invest in our future and accelerate our vision of becoming a multi-billion-dollar company with a portfolio of best-in-class brands.”

Mr. Simon continued, “Since the beginning of our FY 2024, we have closed on three transactions: HEXO Corp. in June, Truss Beverage Co. in August, and the acquisition of eight beer and beverage brands from Anheuser-Busch earlier this week. The HEXO and Truss acquisitions have already boosted our competitive cannabis positioning in Canada, the largest, federally legalized cannabis market in the world, by increasing our leading market share, while the beer and beverage brands acquisition has made us the 5th largest craft beer brewer in the U.S., up from the 9th position. We are now working on the seamless integration of these acquisitions into our efficient operating platforms by leveraging our deep CPG expertise and established track record to drive revenue through product innovation and expanded distribution and maximize cost savings through synergy realization.”

Financial Highlights – First Quarter Fiscal Year 2024

  • Net revenue increased 15% to $177 million in the first quarter compared to $153 million in the prior year quarter.
  • Gross profit was $44 million, while adjusted gross profit was $49 million in the quarter. Gross margin was 25%, while adjusted gross margin declined to 28% from 32% in the prior year quarter.
  • Cannabis net revenue increased 20% to $70 million in the first quarter compared to $59 million in the prior year quarter. On a constant currency basis, net cannabis revenue was $71 million in the quarter, up 22% from the prior year quarter.
    • Cannabis gross margin decreased to 28% in the quarter from 51% in the prior year quarter and cannabis adjusted gross margin decreased to 35% in the quarter from 51% in the prior year quarter, reflecting the prior year’s inclusion of the HEXO advisory fee revenue and the completion in our first quarter of a wholesale transaction designed to optimize inventory levels and generate $3.1 million of cash.
  • Beverage alcohol net revenue increased 17% to $24 million in the first quarter from $21 million in the prior year quarter.
    • Beverage alcohol gross margin increased to 53% in the quarter from 47% in the prior year quarter and adjusted gross beverage alcohol margin was 56% in the quarter compared to 53% in the prior quarter, reflecting an increase in beer as a percentage of sales mix along with the positive impact of the Montauk acquisition.
  • Distribution net revenue increased 14% to $69 million in the first quarter compared to $61 million in the prior year quarter. On a constant currency basis, distribution revenue was $67 million in the quarter, up 11% from the prior year quarter.
    • Distribution gross margin increased to 11% in the quarter from 9% in the prior year quarter, reflecting favorable sales mix and lower production costs.
  • Net loss narrowed to $56 million in the first quarter compared to net loss of $66 million in the prior year quarter with a net loss per share of ($0.10) compared to ($0.13).
  • Adjusted EBITDA was $11.4 million in the first quarter compared to $13.5 million in the prior year quarter primarily as a result of the prior year including HEXO advisory fee revenue.
  • Achieved $17.1 million in annualized run-rate savings (and $2.9 million in actual cash cost savings) as part of the $27 million synergy plan related to the HEXO acquisition. We are on target to achieve our integration plan goals and we are confident HEXO will prove to be a successful acquisition.
  • Achieved $6.8 million in annualized run-rate savings in connection with the $8.0 million cost reduction plan in Europe.
  • Strong financial liquidity position of ~$466 million, consisting of $179 million in cash, including restricted cash and $287 million in marketable securities.
  • Operating cash flow of $(16) million in the first quarter compared to $(46) million in the prior year quarter, representing an improvement of $30 million.

Operating Highlights

Leadership in Global Cannabis Operations, Brands, and Market Share, Further Solidified through Recent HEXO and Truss Acquisitions

  • Tilray grew its #1 cannabis market share position to 13.4% in Q1 2024. The Company continues to hold the #1 market position across all major markets and a leading share across most product categories. Tilray is #1 in cannabis Flower, Oils, Concentrates and THC Beverages, and #2 in Pre-Rolls, #4 in Vape, and in the Top 10 in all other categories. The Company closed on the HEXO transaction in June 2023, significantly bolstering its position supported by low-cost operations and complementary distribution across all Canadian geographies.
  • By capitalizing on the Company’s unrivaled cultivation and distribution operations and the leadership team’s depth of commercial and regulatory expertise, Tilray is focused on growing its leading market share in medical cannabis in the countries in which it distributes today and achieving early-mover advantage in new countries as cannabis legalization proliferates across Europe and other international markets. During Q1, the increase in international cannabis revenue was largely driven by expansion into emerging international medical markets.

Maximizing the Growth Potential of U.S. CPG and Craft-Beverage Lifestyle Brand Portfolio

  • During Q1, Tilray made substantial strides in performance across its five craft-beverage brands including SweetWater Brewing Company, Breckenridge Distillery, and Montauk Brewing Company, growing revenue in its beverage alcohol segment by 17% and adjusted gross profit by 24%. Tilray’s wellness brand, Manitoba Harvest, maintained its brand leadership position in branded hemp with 52% market share and increased its gross margin to 29% from 26% through price increases.
  • On September 29, 2023, Tilray closed on its acquisition of eight beer and beverage brands from Anheuser-Busch (NYSE: BUD). The acquired brands, consisting of Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy, possess strong consumer loyalty and further diversify Tilray’s growing U.S. beverage alcohol segment. Their expected sales volume elevate Tilray Brands to the 5th largest position in the high-growth U.S. craft beer market, up from the 9th position.
  • Upon federal cannabis legalization in the U.S., Tilray is well-positioned to immediately leverage its strong U.S. leadership position and strategic strengths across distribution and brands to include THC-infused products to maximize all commercial opportunities and drive significant additional revenue in adult-use cannabis through expanded recognition and distribution.

Fiscal Year 2024 Guidance

For its fiscal year ending May 31, 2024, the Company is reiterating its adjusted EBITDA target of $68 million to $78 million representing growth of 11% to 27% as compared to fiscal year 2023. In addition, the Company expects to generate positive adjusted free cash flow.

Management’s guidance for adjusted EBITDA is provided on a non-GAAP basis and excludes transaction expenses, restructuring charges, litigation costs, facility start-up and closure costs, lease expense, purchase price accounting step-up, changes in fair value of contingent consideration and other items carried at fair value, non-operating income (expenses), interest expense, net, income tax expense and other non-recurring items that may be incurred during the Company’s fiscal year 2024, which the Company will continue to identify as it reports its future financial results. Management’s guidance for adjusted free cash flow is provided on a non-GAAP basis and excludes our growth capex, projected integration costs related to HEXO and the cash income taxes related to Aphria Diamond.

The Company cannot reconcile its expected adjusted EBITDA to net income or adjusted free cash flow to operating cash flow under “Fiscal Year 2024 Guidance” without unreasonable effort because of certain items that impact net income and other reconciling metrics are out of the Company’s control and/or cannot be reasonably predicted at this time.

Tilray Brands Strategic Growth Actions – Fiscal Year 2024 to date

October 2023

  • Tilray Brands Closes Transaction Acquiring Eight Beer & Beverage Brands From Anheuser-Busch; Solidifies Leadership Position in U.S. Craft Beer Market

September 2023

  • Potently Canadian’ Cannabis Brand, CANACA, Launches ‘Let ‘Er Rip’ Campaign
  • Tilray’s Best-Selling Beers Make Landfall at Atlantis, Bahamas
  • Montauk Brewing Expands Distribution Beyond the Northeast
  • Tilray Expands Market Leading Cannabis Portfolio with Launch of New Redecan Products Across Canada

August 2023

  • RIFF Cannabis Launches New Diamond Infused Pre-Rolls and Blunts
  • A New Chilled Ritual is Here: Solei Cannabis Launches Its First Sparkling CBD Beverages
  • Tilray Brands Announces Acquisition of Truss Beverage Co.™
  • Good Supply’s Fan Favourite Cannabis Strains Just Got ‘Juiced’
  • Breckenridge Distillery Announces New and Expanded Partnership with the Denver Broncos
  • Tilray Brands Announces Agreement to Acquire Eight Beer & Beverage Brands From Anheuser-Busch, Fueling Tilray’s Future in the U.S. Craft Beer Industry
  • Montauk Brewing Further Expands Distribution Across Northeast and Launches Market Presence in Pennsylvania

July 2023

  • Tilray Renews Distribution Agreement With Great North Distributors for Cannabis Sales Across Canada With Newly Expanded Brand Portfolio
  • SweetWater Brewing Announces Partnership with ATLive and Mercedes Benz Stadium
  • RIFF Cannabis Brand Launches New THC Beverages for Summer
  • SweetWater Brewing Launches Gummies Beer A New Juicy Revolution

June 2023

  • Tilray Brands Completes Acquisition of HEXO Corp. Leading Next Evolution of Canadian Cannabis
  • Breckenridge Distillery Launches New Limited Release Collectors Art Series
  • Montauk Brewing Company Celebrates 11-Year Anniversary and 2023 Summer Season Lineup
  • Tilray Brands Expands Beer Portfolio and Launches Good Supply Light Beer

Live Conference Call and Audio Webcast
Tilray Brands will host a webcast to discuss these results today at 8:30 a.m. ET. Investors may join the live webcast available on the Investors section of the Company’s website at www.tilray.com. A replay will be available and archived on the Company’s website.

About Tilray Brands 
Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), is a leading global cannabis-lifestyle and consumer packaged goods company with four distinct and complementary business segments including medical and adult-use cannabis, medical distribution, wellness foods, and beverage-alcohol. Tilray Brands is on a mission to change people’s lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life, enhanced by moments of connection and wellbeing. Patients and consumers trust Tilray Brands to be the most responsible, trusted and market leading cannabis and consumer products company in the world with a portfolio of innovative, high-quality, and beloved brands that address the needs of the consumers, customers, and patients we serve. A pioneer in cannabis research, cultivation, and distribution, today Tilray Brands’ unprecedented and diversified production platform supports a portfolio of best-in-class brands in over 20 countries including comprehensive adult-use and medical cannabis offerings, hemp-based foods, and craft beverages across North America, Europe, Australia, and Latin America.

For more information on Tilray Brands, visit www.Tilray.com and follow @Tilray

Cautionary Statement Concerning Forward-Looking Statements 
Certain statements in this press release constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication.

Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the Company’s ability to become the world’s leading cannabis-focused consumer branded company; the Company’s ability to achieve long term profitability; the Company’s ability to achieve operational scale, market share, distribution, profitability and revenue growth in particular business lines and markets; the Company’s ability to successfully achieve revenue growth, production and supply chain efficiencies, synergies and cost savings; the Company’s ability to generate $68-$78 million of Adjusted EBITDA and expectation to be cash-flow positive in its operating business in fiscal year 2024; the Company’s expected revenue growth, sales volume, profitability, synergies and accretion related to any of its acquisitions; expected opportunities upon U.S. federal legalization; the Company’s anticipated investments and acquisitions, including in organic and strategic growth, partnership efforts, product offerings and other initiatives; and the Company’s ability to commercialize new and innovative products.

Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of the Company and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of the Company made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Use of Non-U.S. GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures, including Adjusted gross margin, Adjusted gross profit, Adjusted EBITDA, free cash flow, adjusted free cash flow, constant currency presentations of revenue and cash and marketable securities. Management believes that the non-GAAP financial measures presented provide useful additional information to investors about current trends in the Company’s operations and are useful for period-over-period comparisons of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read only in connection with the Company’s Consolidated Statements of Operations and Cash Flows presented in accordance with GAAP.

Certain forward-looking non-GAAP financial measures included in this press release are not reconciled to the comparable forward-looking GAAP financial measures. The Company is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Such items may include litigation and related expenses, transaction costs, impairments, foreign exchange movements and other items. The unavailable information could have a significant impact on the Company’s GAAP financial results.

The Company believes presenting net sales at constant currency provides useful information to investors because it provides transparency to underlying performance in the Company’s consolidated net sales by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given the volatility in foreign currency exchange markets. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average monthly exchange rate in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year.

Adjusted EBITDA is calculated as net income (loss) before income tax benefits, net; interest expense, net; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; purchase price accounting step-up; facility start-up and closure costs; lease expense; litigation costs; restructuring costs and transaction (income) costs. A reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Adjusted gross profit, is calculated as gross profit adjusted to exclude the impact of inventory valuation adjustment and purchase price accounting valuation step-up. A reconciliation of Adjusted gross profit, excluding purchase price accounting valuation step-up, to gross profit, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Adjusted gross margin, excluding inventory valuation adjustments and purchase price accounting valuation step-up, is calculated as revenue less cost of sales adjusted to add back inventory valuation adjustments and amortization of inventory step-up, divided by revenue. A reconciliation of Adjusted gross margin, excluding inventory valuation adjustments and purchase price accounting valuation step-up, to gross margin, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net. A reconciliation of net cash flow provided by (used in) operating activities to free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Adjusted free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net, and the exclusion of growth CAPEX from investments in capital and intangible assets, net, which excludes the amount of capital expenditures that are considered to be associated with growth of future operations rather than to maintain the existing operations of the Company, and excludes our projected integration costs related to HEXO and the cash income taxes related to Aphria Diamond to align with management’s prescribed guidance. A reconciliation of net cash flow provided by (used in) operating activities to adjusted free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Constant currency presentations of revenue are used to normalize the effects of foreign currency. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. Dollar are translated into U.S. Dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year rather than at the actual average monthly exchange rate in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. A reconciliation of prior year revenue to constant currency revenue the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Cash and marketable securities are comprised of two GAAP measures, cash and cash equivalents added to marketable securities. The Company’s management believes that this presentation provides useful information to management, analysts and investors regarding certain additional financial and business trends relating to its short-term liquidity position by combing these two GAAP metrics.

For further information:
Media: Berrin Noorata, news@tilray.com
Investors: Raphael Gross, +1-203-682-8253, Raphael.Gross@icrinc.com

 

       
       
Consolidated Statements of Financial Position      
  August 31,   May 31,
(in thousands of US dollars) 2023   2023
Assets      
Current assets      
Cash and cash equivalents $ 177,519     $ 206,632  
Restricted cash   1,613        
Marketable securities   287,333       241,897  
Accounts receivable, net   82,076       86,227  
Inventory   232,075       200,551  
Prepaids and other current assets   44,943       37,722  
Assets held for sale   3,696        
Total current assets   829,255       773,029  
Capital assets   494,619       429,667  
Right-of-use assets   5,605       5,941  
Intangible assets   967,568       973,785  
Goodwill   2,009,673       2,008,843  
Interest in equity investees   4,638       4,576  
Long-term investments   7,564       7,795  
Convertible notes receivable   74,681       103,401  
Other assets   8,647       222  
Total assets $ 4,402,250     $ 4,307,259  
Liabilities      
Current liabilities      
Bank indebtedness $ 14,594     $ 23,381  
Accounts payable and accrued liabilities   238,081       190,682  
Contingent consideration   7,181       16,218  
Warrant liability   10,015       1,817  
Current portion of lease liabilities   2,324       2,423  
Current portion of long-term debt   13,489       24,080  
Current portion of convertible debentures payable   251,590       174,378  
Total current liabilities   537,274       432,979  
Long – term liabilities      
Contingent consideration   13,000       10,889  
Lease liabilities   7,462       7,936  
Long-term debt   152,390       136,889  
Convertible debentures payable   120,861       221,044  
Deferred tax liabilities   169,633       167,364  
Other liabilities   74       215  
Total liabilities   1,000,694       977,316  
Commitments and contingencies (refer to Note 18)      
Stockholders’ equity      
Common stock ($0.0001 par value; 980,000,000 common shares; 723,292,600 and 656,655,455 common shares issued and outstanding, respectively)   72       66  
Preferred shares ($0.0001 par value; 10,000,000 preferred shares authorized; nil and nil preferred shares issued and outstanding, respectively)          
Additional paid-in capital   5,909,895       5,777,743  
Accumulated other comprehensive loss   (43,561 )     (46,610 )
Accumulated Deficit   (2,487,032 )     (2,415,507 )
Total Tilray Brands, Inc. stockholders’ equity   3,379,374       3,315,692  
Non-controlling interests   22,182       14,251  
Total stockholders’ equity   3,401,556       3,329,943  
Total liabilities and stockholders’ equity $ 4,402,250     $ 4,307,259  
     
Condensed Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)    
  For the three months        
  ended August 31,   Change   % Change
(in thousands of U.S. dollars, except for per share data) 2023   2022   2023 vs. 2022
Net revenue $ 176,949     $ 153,211     $ 23,738     15 %
Cost of goods sold   132,753       104,597       28,156     27 %
Gross profit   44,196       48,614       (4,418 )   (9 )%
Operating expenses:              
General and administrative   40,516       40,508       8     0 %
Selling   6,859       9,671       (2,812 )   (29 )%
Amortization   22,225       24,359       (2,134 )   (9 )%
Marketing and promotion   8,535       7,248       1,287     18 %
Research and development   79       166       (87 )   (52 )%
Change in fair value of contingent consideration   (11,107 )     211       (11,318 )   (5,364 )%
Litigation costs   2,034       445       1,589     357 %
Restructuring costs   915             915     0 %
Transaction (income) costs   8,502       (12,816 )     21,318     (166 )%
Total operating expenses   78,558       69,792       8,766     13 %
Operating loss   (34,362 )     (21,178 )     (13,184 )   62 %
Interest expense, net   (9,835 )     (4,413 )     (5,422 )   123 %
Non-operating income (expense), net   (4,402 )     (32,992 )     28,590     (87 )%
Loss before income taxes   (48,599 )     (58,583 )     9,984     (17 )%
Income tax expense   7,264       7,211       53     1 %
Net loss $ (55,863 )   $ (65,794 )   $ 9,931     (15 )%
Net loss per share – basic and diluted $ (0.10 )   $ (0.13 )   $ 0.02     (19 )%
               
Condensed Consolidated Statements of Cash Flows              
  For the three months        
  ended August 31,   Change   % Change
(in thousands of US dollars)  2023     2022    2023 vs. 2022
Cash used in operating activities:              
Net loss $ (55,863 )   $ (65,794 )   $ 9,931     (15)%
Adjustments for:              
Deferred income tax recovery   59       796       (737 )   (93)%
Unrealized foreign exchange (gain) loss   (3,127 )     10,026       (13,153 )   (131)%
Amortization   30,789       34,069       (3,280 )   (10)%
Loss on sale of capital assets   3       77       (74 )   (96)%
Other non-cash items   (816 )     2,080       (2,896 )   (139)%
Stock-based compensation   8,257       9,193       (936 )   (10)%
Loss on long-term investments & equity investments   47       1,193       (1,146 )   (96)%
Loss on derivative instruments   10,345       6,336       4,009     63%
Change in fair value of contingent consideration   (11,107 )     211       (11,318 )   (5,364)%
Change in non-cash working capital:              
Accounts receivable   13,044       (3,068 )     16,112     (525)%
Prepaids and other current assets   (4,654 )     (34,891 )     30,237     (87)%
Inventory   3,650       (232 )     3,882     (1,673)%
Accounts payable and accrued liabilities   (6,469 )     (6,265 )     (204 )   3%
Net cash used in operating activities   (15,842 )     (46,269 )     30,427     (66)%
Cash used in investing activities:              
Investment in capital and intangible assets, net   (4,152 )     (3,000 )     (1,152 )   38%
Proceeds from disposal of capital and intangible assets   342       1,463       (1,121 )   (77)%
Purchase of marketable securities, net   (45,436 )           (45,436 )   0%
Net cash acquired from business acquisitions   22,956             22,956     0%
Net cash used in investing activities   (26,290 )     (1,537 )     (24,753 )   1,610%
Cash provided by (used in) financing activities:              
Share capital issued, net of cash issuance costs         129,593       (129,593 )   (100)%
Shares effectively repurchased for employee withholding tax         (1,189 )     1,189     (100)%
Proceeds from long-term debt and convertible debt   29,174       1,288       27,886     2,165%
Repayment of long-term debt and convertible debt   (6,369 )     (5,196 )     (1,173 )   23%
Repayment of lease liabilities         (1,035 )     1,035     (100)%
Net increase in bank indebtedness   (8,787 )     159       (8,946 )   (5,626)%
Net cash provided by (used in) financing activities   14,018       123,620       (109,602 )   (89)%
Effect of foreign exchange on cash and cash equivalents   614       (1,080 )     1,694     (157)%
Net decrease in cash and cash equivalents   (27,500 )     74,734       (102,234 )   (137)%
Cash and cash equivalents, beginning of period   206,632       415,909       (209,277 )   (50)%
Cash and cash equivalents, end of period $ 179,132     $ 490,643     $ (311,511 )   (63)%
               
Net Revenue by Operating Segment              
  For the three months       For the three months    
(In thousands of U.S. dollars) August 31, 2023   % of Total Revenue    August 31, 2022   % of Total Revenue 
Cannabis business $ 70,333     39%   $ 58,570     38%
Distribution business   69,157     39%     60,585     40%
Beverage alcohol business   24,162     14%     20,654     13%
Wellness business   13,297     8%     13,402     9%
Total net revenue $ 176,949     100%   $ 153,211     100%
               
Net Revenue by Operating Segment in Constant Currency            
               
  For the three months       For the three months    
  August 31, 2023       August 31, 2022    
(In thousands of U.S. dollars) as reported in constant currency   % of Total Revenue   as reported in constant currency   % of Total Revenue
Cannabis business $ 71,389     40%   $ 58,570     38%
Distribution business   66,952     38%     60,585     40%
Beverage alcohol business   24,162     14%     20,654     13%
Wellness business   13,459     8%     13,402     9%
Total net revenue $ 175,962     100%   $ 153,211     100%
               
               
Net Cannabis Revenue by Market Channel              
  For the three months       For the three months    
(In thousands of U.S. dollars) August 31, 2023   % of Total Revenue    August 31, 2022   % of Total Revenue
Revenue from Canadian medical cannabis $ 6,142     9%   $ 6,520     11%
Revenue from Canadian adult-use cannabis   71,195     102%     58,355     100%
Revenue from wholesale cannabis   5,295     7%     392     1%
Revenue from international cannabis   14,252     20%     10,422     18%
Less excise taxes   (26,551 )   -38%     (17,119 )   -30%
Total $ 70,333     100%   $ 58,570     100%
               
               
Net Cannabis Revenue by Market Channel in Constant Currency            
  For the three months       For the three months    
  August 31, 2023       August 31, 2022    
(In thousands of U.S. dollars) as reported in constant currency   % of Total Revenue   as reported in constant currency   % of Total Revenue
Revenue from Canadian medical cannabis $ 6,310     9%   $ 6,520     11%
Revenue from Canadian adult-use cannabis   73,111     102%     58,355     100%
Revenue from wholesale cannabis   5,458     8%     392     1%
Revenue from international cannabis   13,777     19%     10,422     18%
Less excise taxes   (27,267 )   -38%     (17,119 )   -30%
Total $ 71,389     100%   $ 58,570     100%
               
Other Financial Information: Key Operating Metrics      
  For the three months
  ended August 31,
(in thousands of U.S. dollars) 2023   2022
Net cannabis revenue $ 70,333   $ 58,570
Distribution revenue   69,157     60,585
Net beverage alcohol revenue   24,162     20,654
Wellness revenue   13,297     13,402
Cannabis costs   50,517     28,861
Beverage alcohol costs   11,266     10,849
Distribution costs   61,468     54,984
Wellness costs   9,502     9,903
Adjusted gross profit (excluding PPA step-up)(1)   49,302     49,721
Cannabis adjusted gross margin (excluding PPA step-up)(1)   35%     51%
Beverage alcohol adjusted gross margin (excluding PPA step-up)(1)   56%     53%
Distribution gross margin   11%     9%
Wellness gross margin   29%     26%
Adjusted EBITDA(1)   11,434     13,531
Cash and marketable securities(1)as at the period ended:   464,852     490,643
Working capital as at the period ended:   291,981     637,623
             
Other Financial Information: Gross Margin and Adjusted Gross Margin            
  For the three months ended August 31, 2023
(In thousands of U.S. dollars) Cannabis   Beverage   Distribution   Wellness   Total
Net revenue $ 70,333   $ 24,162   $ 69,157   $ 13,297   $ 176,949
Cost of goods sold   50,517     11,266     61,468     9,502     132,753
Gross profit   19,816     12,896     7,689     3,795     44,196
Gross margin   28%     53%     11%     29%     25%
Adjustments:                  
Purchase price accounting step-up   4,516     590             5,106
Adjusted gross profit   24,332     13,486     7,689     3,795     49,302
Adjusted gross margin   35%     56%     11%     29%     28%
                   
  For the three months ended August 31, 2022
(In thousands of U.S. dollars) Cannabis   Beverage   Distribution   Wellness   Total
Net revenue $ 58,570   $ 20,654   $ 60,585   $ 13,402   $ 153,211
Cost of goods sold   28,861     10,849     54,984     9,903     104,597
Gross profit   29,709     9,805     5,601     3,499     48,614
Gross margin   51%     47%     9%     26%     32%
Adjustments:                  
Purchase price accounting step-up       1,107             1,107
Adjusted gross profit   29,709     10,912     5,601     3,499     49,721
Adjusted gross margin   51%     53%     9%     26%     32%
Other Financial Information: Adjusted Earnings Before Interest, Taxes and Amortization    
  For the three months        
  ended August 31,   Change   % Change
(In thousands of U.S. dollars)  2023     2022    2023 vs. 2022
Net loss $ (55,863 )   $ (65,794 )   $ 9,931     (15)%
Income tax expense   7,264       7,211       53     1%
Interest expense, net   9,835       4,413       5,422     123%
Non-operating income (expense), net   4,402       32,992       (28,590 )   (87)%
Amortization   30,789       34,069       (3,280 )   (10)%
Stock-based compensation   8,257       9,193       (936 )   (10)%
Change in fair value of contingent consideration   (11,107 )     211       (11,318 )   (5,364)%
Purchase price accounting step-up   5,106       1,107       3,999     361%
Facility start-up and closure costs   600       1,800       (1,200 )   (67)%
Lease expense   700       700           0%
Litigation costs   2,034       445       1,589     357%
Restructuring costs   915             915     NM
Transaction (income) costs   8,502       (12,816 )     21,318     (166)%
Adjusted EBITDA $ 11,434     $ 13,531     $ (2,097 )   (15)%
               
Other Financial Information: Free Cash Flow and Adjusted Free Cash Flow              
  For the three months        
  ended August 31,   Change   % Change
(In thousands of U.S. dollars)  2023     2022    2023 vs. 2022
Net cash used in operating activities $ (15,842 )   $ (46,269 )   $ 30,427     (66)%
Less: investments in capital and intangible assets, net   (3,810 )     (1,537 )     (2,273 )   148%
Free cash flow $ (19,652 )   $ (47,806 )   $ 28,154     (59)%
Add: growth CAPEX   1,687             1,687     NM
Add: cash income taxes related to Aphria Diamond   5,714       5,487       227     4%
Add: integration costs related to HEXO   5,915             5,915     NM
Adjusted free cash flow $ (6,336 )   $ (42,319 )   $ 35,983     (85)%
               

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Cannabis

SciSparc Granted European Patent for its Core Technology

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The receipt of the patent confirms the innovation and uniqueness of the Company’s technologies and strengthens its position as a leader in the cannabis space

TEL AVIV, Israel, Oct. 03, 2023 (GLOBE NEWSWIRE) —  SciSparc Ltd. (Nasdaq: SPRC) (“Company” or “SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced today that The European Patent Office has granted it a new patent – European Application No. 16786064.2, title: Combinations of Cannabinoids and N-Acylethanolamines (the “Patent”). This Patent aligns with the Company’s objective to increase the safety of cannabinoids treatments while maintaining their therapeutic effects.

With this grant, the Company has been granted this patent in the United States, Japan and Australia, supporting the innovation of SciSparc in its technologies.

The Patent relates to compositions and methods for potentiating therapeutic effects and/or reducing side-effects of selected cannabinoids of the cannabis plant. The Patent provides pharmaceutical compositions comprising cannabinoids and N-acylethanolamines and methods for their use in a variety of indications amenable to treatment with cannabinoids.

“SciSparc’s assets continue to expand, both intellectual property alongside revenue generating assets,” said SciSparc’s Chief Executive Officer, Oz Adler. “The Company continues to be a leader in this space with a robust IP portfolio worldwide. We continue to believe that cannabinoid-based medicines have enormous therapeutic potential and therefore we continue to strengthen the patent protection around the technologies we develop”.

About SciSparc Ltd. (Nasdaq: SPRC):

SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc’s focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following drug development programs based on THC and/or non-psychoactive CBD: SCI-110 for the treatment of Tourette Syndrome, for the treatment of Alzheimer’s disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of ASD and status epilepticus. The Company also owns a controlling interest in a subsidiary whose business focuses on the sale of hemp seeds oil-based products on the Amazon.com Marketplace.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, SciSparc is using forward-looking statements when it discusses that the therapeutic potential of cannabinoid-based medicines. Historical results of scientific research and clinical and preclinical trials do not guarantee that the conclusions of future research or trials will suggest identical or even similar conclusions. Because such statements deal with future events and are based on SciSparc’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of SciSparc could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in SciSparc’s Annual Report on Form 20-F filed with the SEC on May 1, 2023, and in subsequent filings with the U.S. Securities and Exchange Commission. Except as otherwise required by law, SciSparc disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.

Investor Contact:
IR@scisparc.com
Tel: +972-3-6167055

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Cannabis

Global Cannabidiol (CBD) Market Report 2023-2027 & 2032 Featuring Major Players – ENDOCA, Cannoid, Medical Marijuana, Inc, Folium Biosciences, & Elixinol

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Dublin, Oct. 03, 2023 (GLOBE NEWSWIRE) — The “Cannabidiol Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.

The global cannabidiol market grew from $6.82 billion in 2022 to $9.4 billion in 2023 at a compound annual growth rate (CAGR) of 37.8%. The cannabidiol market is expected to grow to $31.85 billion in 2027 at a CAGR of 35.7%.

The cannabidiol (CBD) market encompasses a range of CBD products, including full-spectrum CBD, broad-spectrum CBD, and CBD isolate, with values reflecting the factory gate values or the prices at which manufacturers and creators sell their goods. These goods are distributed to downstream manufacturers, wholesalers, distributors, retailers, and end customers, and the market’s value includes related services offered by the creators of these CBD products.

CBD, derived from cannabis plants, serves various purposes, from treating epilepsy, anxiety, and pain to addressing conditions like dystonia, Parkinson’s disease, and Crohn’s disease. It also finds applications in coffee and skincare products and pet treats.

In 2022, North America emerged as the largest region in the cannabidiol market, while the Asia-Pacific region is projected to witness the fastest growth in the forecast period. The market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Cannabidiol products come in various forms, including oils, tinctures, suppositories, transdermal patches, vape oils, isolates, creams, roll-ons, capsules, tablets, and more. CBD oil, for instance, is extracted from cannabis plants and diluted with carrier oils like coconut or hemp seed oil. These products have diverse applications, from medical and personal use to pharmaceuticals and wellness, and they are distributed through channels such as hospital pharmacies, retail pharmacies, online stores, and others.

One driving force behind the cannabidiol market’s growth is the increasing acceptance and use of CBD products, thanks to government approvals. Recognizing the potential medical benefits of cannabidiol, governments worldwide are taking steps to improve regulatory pathways for lawful CBD product marketing, ensuring public health while promoting market growth. For instance, in January 2022, Australia’s Therapeutic Goods Administration approved a substantial number of SAS Category B applications for unapproved medicinal cannabis products.

Product innovation is a noteworthy trend in the cannabidiol market, allowing companies to stand out in a competitive landscape and attract more customers. For example, Cibdol, a Netherlands-based CBD and wellness company, launched its exclusive CBD Oil 2.0 range in December 2021, featuring higher levels of essential compounds like CBC, CBG, CBN, and CBDa alongside pure CBD. This innovative CBD oil formula addresses various modern living-related challenges, from appetite and mood to pain and sleep.

Additionally, in August 2021, Canada-based greenhouse produce company Village Farms International Inc. acquired Balanced Health Botanicals for $75 million, strengthening its position in the US retail CBD market. Balanced Health Botanicals is known for producing high-quality health and wellness products in the hemp-derived CBD market, aligning with Village Farms International Inc.’s expansion goals.

These developments underscore the dynamic nature of the cannabidiol market, driven by factors like government approvals and product innovation, promising growth and evolution in the foreseeable future.

Key Attributes:

Report Attribute Details
No. of Pages 200
Forecast Period 2023 – 2027
Estimated Market Value (USD) in 2023 $9.4 billion
Forecasted Market Value (USD) by 2027 $31.85 billion
Compound Annual Growth Rate 35.7%
Regions Covered Global

Major players in the cannabidiol market are

  • ENDOCA
  • Cannoid, LLC
  • Medical Marijuana, Inc.
  • Folium Biosciences
  • Elixinol
  • NuLeaf Naturals, LLC
  • Isodiol International, Inc.
  • Pharmahemp d.o.o.
  • Canopy Growth Corp
  • CV Sciences Inc.
  • Endoca BV
  • Medterra
  • The Cronos Group
  • CBD American Shaman LLC
  • Walgreens Boots Alliance
  • Aphria, Inc.
  • Maricann, Inc.
  • Tilray
  • Organigram Holding, Inc.
  • CannTrust

Key Topics Covered:

1. Executive Summary

2. Cannabidiol Market Characteristics

3. Cannabidiol Market Trends And Strategies

4. Cannabidiol Market – Macro Economic Scenario
4.1 COVID-19 Impact On Cannabidiol Market
4.2 Ukraine-Russia War Impact On Cannabidiol Market
4.3 Impact Of High Inflation On Cannabidiol Market

5. Cannabidiol Market Size And Growth
5.1. Global Cannabidiol Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Cannabidiol Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Cannabidiol Market Segmentation
6.1. Global Cannabidiol Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

  • Oil
  • Tinctures
  • Suppository
  • Transdermal Patches
  • Vape Oil
  • Isolates
  • Creams And Roll-On
  • Capsules
  • Tablet
  • Other Products

6.2. Global Cannabidiol Market, Segmentation By Source, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

  • Marijuana
  • Hemp

6.3. Global Cannabidiol Market, Segmentation By Treatment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

  • CBD Oil
  • Supplements

6.4. Global Cannabidiol Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

  • Medical
  • Personal Use
  • Pharmaceuticals
  • Wellness

6.5. Global Cannabidiol Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Stores
  • Other Distribution Channels

7. Cannabidiol Market Regional And Country Analysis
7.1. Global Cannabidiol Market, Split By Region, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
7.2. Global Cannabidiol Market, Split By Country, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/j8zzen

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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