Cannabis
Red Light Holland Reports Third Quarter 2023 Financial Results
- Cash balance of $19.7 million as at December 31, 2022
- Revenue of $1.2 million (vs Q3 2022: $622 thousand, an increase of 88.9%)
- Gross Profit of $587 thousand (vs Q3 2022: $233 thousand, an increase of 152.2%)
- Property and equipment value of $4.8 million
- Total assets of $30.5 million
- Acquisition of MiniChamp B.V., a home grow mushroom kit producer offering a wide variety of quality and exotic mushrooms servicing customers across 20+ European countries www.MiniChamp.nl
Toronto, Ontario–(Newsfile Corp. – February 27, 2023) – Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) (“Red Light Holland” or the “Company“), an Ontario-based corporation engaged in the production, growth, and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws, is pleased to announce that it has filed its financial results for the third fiscal quarter of 2023 ended December 31, 2022, the highlights of which are included in this news release. The condensed interim consolidated financial statements for the three and nine months ended December 31, 2022 and the accompanying management’s discussion and analysis (“MD&A“) can be accessed by visiting the Company’s website at www.RedLight.co, and its profile page on SEDAR at www.sedar.com.
“I am pleased to announce that for our third quarter of fiscal 2023 revenue increased 88.9% to $1.2 million and gross profit increased 152.2% to $587 thousand compared to $622 thousand and $233 thousand, respectively, from the same period last year. Our revenue growth represents both the consolidation of recent acquisitions and increased activity levels, specifically the increased production levels at Acadian Exotic Mushrooms Ltd. (“AEM“) and our increased sales and brand growth of Happy Caps (“Happy Caps”) mushroom home grow kits. Our gross profit, which represents 50.0% of sales, has generated strong results through improvements to production efficiencies and prudent spending. As we move forward, we will continue to focus on top line revenue growth and its conversion to the bottom line.”
“We are also exploring some near term potential M&A opportunities, including having a signed non-binding letter of intent with a company in the Consumer Packaged Goods mushroom category, who we are in current due diligence with. We are excited to put our strong cash position to work for us with expansion and future revenue growth in mind. Red Light Holland, its Board of Directors and Management are always focused on growing our overall mushroom business, as we zone in on increasing near term revenues while waiting for hopeful catalysts in the potential legal psychedelic market. However, until then, we plan on making a variety of different mushrooms sexy – with the ultimate goal of increasing shareholder value,” said Todd Shapiro, Chief Executive Officer and Director of Red Light Holland.
With regards to the strength of the current financial position, David Ascott, Chief Financial Officer of Red Light Holland, added: “Our financial position and liquidity remains strong, and the Company currently has sufficient capital to fund its ongoing business development and future growth and expansion plans for the foreseeable future. The Company’s working capital as at December 31, 2022 was $19.2 million which included $19.7 million of cash and cash equivalents. Analyzing our results from Q2 2023 to Q3 2023, revenues increased from $736 thousand to $1.2 million (an increase of 59.6%) and gross profit increased from $288 thousand to $587 thousand (an increase of 104.1%). The net loss for the three months ended December 31, 2022 was $1.3 million, which has increased slightly over the prior year results of $1.2 million. For the nine months ended December 31, 2022, the Company generated revenues of $2.7 million and gross profit of 1.2 million.”
RED LIGHT HOLLAND FARM DIVISION AND HOME GROW KITS UPDATE:
“Operational excellence, customer satisfaction and brand awareness continue to be the pillars of our foundation and drivers of our future growth. The integration of MiniChamp B.V. operations in the Netherlands is now complete and we look forward to opportunities in the mushroom home grow kit market and extensive distribution channels throughout Europe which the Company hopes they can utilize. AEM, now operating at approximately 80-90% capacity, continues to increase deliveries of gourmet shiitake mushrooms from our production facility in New Brunswick. We have focused on sales and brand growth with Happy Caps lion’s mane, oyster and shiitake Home Grow Kits and we continue to have great success with these products as they’ve now been accepted into 22 Canadian Tire locations and 13 Loblaws Super Stores exceeding over 90 retail locations across Canada. And we expect that number to grow in the near future,” said Mr. Shapiro.
“As well, while the launch dates have been pushed back a bit, we are very pleased with the progress of the behind-the-scenes creation of MISTERCAP’s home grow mushroom kits, who will be receiving marketing advisory services from Wiz Khalifa as he plans on leveraging his social media presence to promote these legal mushroom products across Canada, United States, and the European Union. We are already focused on lining up supply and increased production, as we have purchased a state of the art automated machine to handle all future forecasts for Home Grow Kit production of MISTERCAP’s products in anticipation of their launch, expected Summer 2023, plus Happy Caps’ production as well. Our automated machine from Japan, is expected to be set up at our Partners’ farm in Summer of 2023,” added Mr. Shapiro.
The Company continues to work with AEM, an operating gourmet mushroom production with facilities in New Brunswick, which is majority owned by Red Light Holland, and co-owned by the leading Canadian mushroom farming groups and individuals: Holburne Mushroom Farm and Mike and Fernando Medeiros of Carleton Mushroom Farms, to develop two mushroom production facilities with the aggregate footprint of 65,000 sq. ft. (the “Mushroom Facilities“) to be located on the Peterborough Farm. This development will enable the Company to dramatically expand its farm division (“Red Light Farms“), by adding the Peterborough Farm to its existing portfolio of farms: Happy Caps Gourmet Mushroom Farm in Halifax, Nova Scotia, AEM in the Provinces of New Brunswick and Ontario, and MiniChamp B.V., Home Grow Kit Farm and Red Light’s Truffle Farm – both located in Horst, The Netherlands.
The Company also continues to work with an expert mushroom farm design firm in The Netherlands and experienced Canadian engineers to finish the site plans for the Peterborough project. With the design phase nearing completion, the Company intends to submit the finalized engineered stamped plans within the next 4-6 weeks to the Township of Cavan Monaghan (the “Township“) in order to begin the approval process as the Company seeks to obtain permits for the construction of the Mushroom Facilities. Once completed, the Peterborough Farm is expected to immediately generate revenues of approximately $80,000 per week. As it ramps up to its full production capacity, the Company expects a revenue run rate of approximately $16.0 to $17.0 million per annum with strong profit margins and cash flows from operations. The Mushroom Facilities should take approximately 18 months to construct following the submission of the final plans to the Township. The cost to build the Mushroom Facilities is estimated to be around $8.0 million.
SCARLETTE LILLIE SCIENCES AND INNOVATION UPDATE:
Based upon the Company’s evaluation of the future viability of its wholly owned subsidiary, Mera Life Sciences LLC (renamed Scarlette Lillie Sciences and Innovation), to achieve its operational objectives, the Company has commenced an initiative to re-evaluate its business in St. Vincent and the Grenadines and will conclude on a plan with its Board of Directors prior to year-end. As an alternative to operating in St. Vincent and the Grenadines, we are working closely with CCrest Laboratory Inc. (“CCrest“) in Montreal, Quebec to develop a homogenized microdosing capsule. The current research will soon be performed on 3,000 grams of natural psilocybin truffles, grown in the Netherlands at the Company’s facility in Horst, that were approved by Health Canada to import to CCrest. We anticipate our naturally occurring psilocybe truffles to land at CCrest any day now. Furthermore, the Company has engaged Cannabis License Experts Inc. to assist the Company with an application for a Controlled Drugs and Substances Dealer’s Licence with the aim of psilocybin production, research and development at the Company’s mushroom production facility in New Brunswick.
SR WHOLESALE B.V.:
SR Wholesale B.V., the Company’s wholly owned subsidiary (“SR Wholesale“), in The Netherlands continues to run efficiently and currently distributes large volumes of Magic Truffles to the Netherlands market, including the Company’s own brands (i) Maka magic truffles line, including the Hollandia, Makanaut, Muskoka, Mexicana, Atlantis, Double Vision, Old Dutch and Utopia varieties, which are designated as a Responsible Use Psychedelic and (ii) iMicrodose magic truffles, which is also a responsible use psychedelic brand supported by education, information, community events and tele-counseling support. Both the Maka and iMicrodose line of truffles is currently being distributed and sold by a number of SmartShops across the Netherlands.
SR Wholesale is also expanding its wellness division to align with Red Light’s strategy for their wholly owned Retails shops. SR Wholesale plans to create a “SR Wellness’ ‘ division, with its own unique website to distribute health and wellness products, like Conor McGregor’s TIDL Sport and legal functional mushroom products with the goal of distributing these products to the Netherlands and the rest of the European Union.
RETAIL SHOPS UPDATE:
The Company’s rebrand of its retail stores in Oss and Utrecht is moving forward as we are currently reviewing new proposed designs from an interior design company and options to renovate the locations, increase the number of products to align the brand to the holistic view of mind and body health while executing on customer experience initiatives. We expect that these updates will be complete by Summer 2023.
WISDOM TRUFFLE UPDATE:
The Company is pleased to announce that Moon, designed by Karim Rashid, after passing all certifications needed, is available for sale in Canada, USA and Europe at www.BringWisdomHome.com with delivery estimated this April. The Star model has also completed its design phase and is awaiting final completion of the testing and certification prior to its initial manufacturing run, which is expected before mid-year. The engineering, design and production of the SuperNova model has been deferred for 12 to 18 months to focus sales and marketing efforts on the other two models.
MISSION AND ADVOCACY:
“We clearly have a lot going on at Red Light Holland. We have evolved into an everything mushroom company and it’s nice to see progress as our core mission remains: to provide legal affordable and equitable adult access to naturally occurring psilocybin via technology, education, information and responsible use. We are proud of our advocacy support in Washington State, Colorado, Oregon and Canada. In Oregon, we are pleased about the current regulations which show favorable suggestions on microdosing, following our in-house experts’ recommendations. In Washington State we continue to work with a new approach lobby group and Red Light Holland experts have testified in front of the Senate hearing. In Canada, we are proud of being a major partner to help provide financial support with TheraPsil in trying to change the laws to provide all Canadian adults who need it with legal access to psilocybin. We are grateful to be working with such a beautiful organization, who have led the way in Canada to achieve exemptions and special access to magic mushrooms for their patients, helping many in need. And as always, I am grateful for our shareholders’ continued support and our team’s hard work. We continue to be the People’s Company who are clearly aligned with our shareholder’s vision as we want to #FreeTheMagic in hopes of a better future with positive change. I personally look forward to meeting shareholders either in person or online on March 23rd at our previously announced AGSM. For further information, we highly encourage all shareholders or potential investors to carefully read through our MD&A now filed on www.Sedar.com,” concluded Mr. Shapiro.
Red Light Holland and the MISTERCAP brand are committed to creating educational and responsible use messaging in relation to the use of any products made available by the brand. Red Light Holland and MISTERCAP products will be intended to help promote a healthy lifestyle. No MISTERCAP and/or Red Light Holland products are intended to treat or cure any medical conditions and are in no event a substitute for professional medical care. No statements made by Red Light Holland, Mistercap LLC or Wiz Khalifa have been evaluated by the United States Food and Drug Administration or any other similar body of another jurisdiction, and are in no event a substitute for professional medical care. Red Light Holland, Mistercap LLC and Wiz Khalifa encourage all consumers to speak with their doctors and professional medical advisors for any solutions that may be appropriate for each person individually.
CORRECTIVE DISCLOSURE:
In the Company’s press release dated October 5, 2023, it was stated that the 981,466 common shares in the capital of the Company (the “Common Shares“) were issued as consideration for the acquisition of MiniChamp B.V. The Company had only actually only issued 864,542 Common Shares at the time and issued the remaining and outstanding balance on February 17, 2023.
ABOUT RED LIGHT HOLLAND
The Company is an Ontario-based corporation engaged in the production, growth and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Todd Shapiro
Chief Executive Officer and Director
Tel: 647-643-TRIP (8747)
Email: todd@redlight.co
Website: www.RedLight.co
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events.
The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company’s performance, business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones (including, without limitation, the launch, team, vision, supply, production and promotion of MISTERCAP and its products, the launch and production of Wisdom Truffle and Moon units, and the design, production, and manufacturing of the SuperNova model, the development and roll out of the Wellness World brand and the Company’s focus on top line revenue growth and its conversion to the bottom line); the Company’s plans to hold their AGSM as announced for the stated purposes; the Company’s future growth prospects and intentions to pursue one or more viable business opportunities (including the entering of non-binding letter of intent with a company in the Consumer Packaged Goods mushroom category); the development of the Company’s business, brands and future activities following the date hereof; the Company’s expectations involving its partnership with CCrest (including, without limitation, product testing, product development, studies of psilocybin and import licenses); the Company’s ability to grow its online retail portfolio and brick-and-mortar store locations and make proposed announcements thereof under the timelines stated; the Company’s SR Wholesale subsidiary’s plans for expanding its wellness division to align with the Company’s strategy for their wholly owned retails shops and plans to create a “SR Wellness’ division; the Company’s plan to re-evaluate its business in St. Vincent and the Grenadines and will conclude on a plan with its Board of Directors prior to year-end; expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations (including its MiniChamp B.V. operations in the Netherlands and the Happy Caps Home Grow Kits domestically in Canada); expectations with respect to economic, business, regulatory and/or competitive factors related to the Company or the mushroom and psychedelics industries generally; the market for the Company’s current and proposed product offerings and such offerings providing the stated benefits, as well as the Company’s ability to capture market share; the Company’s strategic investments and capital expenditures, and related benefits; the distribution methods expected to be used by the Company to deliver its product offerings; the Company continuing to increase its revenue through its current fiscal year and beyond; the Company’s ability to generate cash flow from operations and from financing activities; the Company’s ability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof; the realization of cost savings, synergies or benefits from the Company’s recent and proposed acquisitions, and the Company’s ability to successfully integrate the operations of any business acquired within the Company’s business; the anticipated sales from continuing operations for the financial year of the Company; the Company hitting its forecasted revenue and sales projections; and the Company’s plans to develop the Mushroom Facilities on its Peterborough Farm under the anticipated timelines and budgets and the anticipated benefits to the Company, its partners, and clients; and the anticipated benefits and terms of the Company’s partnerships with Mistercap, LLC, CCrest, and AEM, and the timelines thereto, including the Company’s proposed marketing advisory services from Wiz Khalifa and the continued licensing agreement with Mistercap, LLC.
Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company’s ability to meet or surpass performance and business objectives and milestones under the anticipated timing of, and forecasted costs in connection with, the execution or achievement of such objectives and milestones; the Company’s ability to hold its AGSM as announced for the stated purposes; the Company’s ability to capitalize on future growth prospects and intentions to pursue one or more viable business opportunities (including the entering of non-binding letter of intent with a company in the Consumer Packaged Goods mushroom category); the Company’s ability to develop the Company’s business, brands and future activities following the date hereof; the Company’s ability to meet expectations involving its partnership with CCrest; the Company’s ability to grow its online retail portfolio and brick-and-mortar store locations and make proposed announcements thereof under the timelines stated; the Company’s SR Wholesale subsidiary’s ability to achieve its plans in expanding its wellness division to align with the Company’s strategy for their wholly owned retails shops and plans to create a “SR Wellness’ division; the Company’s ability to carry out its plan to re-evaluate its business in St. Vincent and the Grenadines and will conclude on a plan with its Board of Directors prior to year-end; the Company’s ability to accurate forecast and meet expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations; the Company’s ability to accurate forecast and meet expectations with respect to economic, business, regulatory and/or competitive factors related to the Company or the mushroom and psychedelics industries generally; the ability of the Company to achieve continued growth in the market for the Company’s current and proposed product offerings, as well as the Company’s ability to capture market share; the ability of the Company to capitalize on strategic investments and capital expenditures, and related benefits; the Company’s ability to access existing and other distribution methods expected to be used by the Company to deliver its product offerings; the Company’s ability in continuing to increase its revenue through its current fiscal year and beyond; the Company’s ability to generate cash flow from operations and from financing activities; the Company’s ability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof; the Company’s ability to realize cost savings, synergies or benefits from the Company’s recent and proposed acquisitions, and the Company’s ability to successfully integrate the operations of any business acquired within the Company’s business; the Company ability to accurately forecast and meet anticipated sales from continuing operations for the financial year of the Company; the Company’s ability to hit its forecasted revenue and sales projections; the Company’s ability to carry to its plans to develop the Mushroom Facilities on its Peterborough Farm under the anticipated timelines and budgets and realize the anticipated benefits to the Company, its partners, and clients; and the Company’s ability to capitalize on the anticipated benefits under terms of the Company’s partnerships with Mistercap, LLC, CCrest, and AEM, and the timelines thereto, including the Company’s proposed marketing advisory services from Wiz Khalifa and the continued licensing agreement with Mistercap, LLC.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to meet or surpass performance and business objectives and milestones under the anticipated timing of, and forecasted costs in connection with, the execution or achievement of such objectives and milestones; the Company’s inability to hold its AGSM as announced for the stated purposes; the Company’s inability to capitalize on future growth prospects and intentions to pursue one or more viable business opportunities (including the entering of non-binding letter of intent with a company in the Consumer Packaged Goods mushroom category); the Company’s inability to develop the Company’s business, brands and future activities following the date hereof; the Company’s inability to meet expectations involving its partnership with CCrest; the Company’s inability to grow its online retail portfolio and brick-and-mortar store locations and make proposed announcements thereof under the timelines stated; the Company’s SR Wholesale subsidiary’s inability to achieve its plans in expanding its wellness division to align with the Company’s strategy for their wholly owned retails shops and plans to create a “SR Wellness’ division; the Company’s inability to carry out its plan to re-evaluate its business in St. Vincent and the Grenadines and will not conclude on a plan with its Board of Directors prior to year-end; the Company’s inability to accurate forecast and meet expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations; the Company’s inability to accurate forecast and meet expectations with respect to economic, business, regulatory and/or competitive factors related to the Company or the mushroom and psychedelics industries generally; the inability of the Company to achieve continued growth in the market for the Company’s current and proposed product offerings, as well as the Company’s inability to capture market share; the inability of the Company to capitalize on strategic investments and capital expenditures, and related benefits; the Company’s inability to access existing and other distribution methods expected to be used by the Company to deliver its product offerings; the Company’s inability in continuing to increase its revenue through its current fiscal year and beyond; the Company’s inability to generate cash flow from operations and from financing activities; the Company’s inability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof; the Company’s inability to realize cost savings, synergies or benefits from the Company’s recent and proposed acquisitions, and the Company’s inability to successfully integrate the operations of any business acquired within the Company’s business; the Company inability to accurately forecast and meet anticipated sales from continuing operations for the financial year of the Company; the Company’s inability to hit its forecasted revenue and sales projections; the Company’s inability to carry to its plans to develop the Mushroom Facilities on its Peterborough Farm under the anticipated timelines and budgets and realize the anticipated benefits to the Company, its partners, and clients; and the Company’s inability to capitalize on the anticipated benefits under terms of the Company’s partnerships with Mistercap, LLC, CCrest, and AEM, and the timelines thereto, including the Company’s proposed marketing advisory services from Wiz Khalifa and the continued licensing agreement with Mistercap, LLC. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION
This press release may contain future oriented financial information (“FOFI“) within the meaning of Canadian securities legislation, about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the heading above entitled “Caution Regarding Forward Looking Information And Cautionary Statements” and assumptions with respect to the costs and expenditures to be incurred by the Company, capital expenditures and operating costs, taxation rates for the Company and general and administrative expenses. Management does not have, or may not have had at the relevant date, firm commitments for all of the costs, expenditures, prices or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this press release and the documents incorporated by reference herein, are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing for the Company’s products, (ii) the future market demand and trends within the jurisdictions in which the Company may from time to time conduct the Company’s business, (iii) the Peterborough Farm’s expected revenues of approximately $80,000 per week upon being operational, (iv) the estimated revenue run rate of $16.0 to $17.0 million per annum when the Peterborough Farm becomes operational and the resulting strong profit margins and cash flow from operations; and (v) the estimated cost of building the Mushroom Facilities at $8.0 million.
The FOFI or financial outlook contained in this in this press release do not purport to present the Company’s financial condition in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Cautionary Note Regarding Forward-Looking Statements”, FOFI or financial outlook within this in this press release should not be relied on as necessarily indicative of future results.
Readers are cautioned not to place undue reliance on the FOFI, or financial outlook contained in this in this press release. Except as required by Canadian securities laws, the Company does not intend, and does not assume any obligation, to update such FOFI.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156232
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.
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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 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
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