Cannabis
cbdMD Stabilizes Revenue and Significantly Improves Operating Results
Company reduces annualized SG and A expenses $24 million year over year
Charlotte, North Carolina–(Newsfile Corp. – May 15, 2023) – cbdMD, Inc. (NYSE American: YCBD) (NYSE American: YCBDpA), one of the nation’s leading and most highly trusted and recognized CBD companies, and operator the leading CBD brands – including its flagship brand cbdMD, and its animal health brand Paw CBD, today announced our second quarter of fiscal 2023 results.
For the second quarter of fiscal 2023 GAAP Net Loss improved to $1.4 million on sales of $6.2 million as compared to a $5.0 million Net Loss on sales of $9.6 million in the prior year comparative quarter. Year over year saw significant improvements in SG&A costs.
“While we still have more work left to do, we are excited about the progress we made during the second fiscal quarter. This is one of the best operating results we have had since the Company acquired the cbdMD brand. We are incredibly proud of our team’s efforts during the quarter to stabilize our revenue sequentially, while we reduced SG&A expenses by an annualized $24 million year over year. We continue to take steps to improve our business and continue to lay the groundwork during the third quarter that will have an increasing positive impact on the business during the balance of the calendar year,” says Ronan Kennedy, cbdMD’s Interim CEO and CFO.
Financial Highlights from our Second Quarter of Fiscal 2023:
- We reported that our net sales for the March 31, 2023 quarter were $6.2 million versus net sales of $6.1 million quarter ending December 31, 2022, an increase of 2.5%. Our net sales for the quarter ended March 31, 2023 were down 35% compared to the prior year quarter ended March 31, 2022. For the 6 months ending March 31, 2023 we reported net sales of $12.3 million as compared to $18.9 million in the prior year comparative period.
- We reported that our quarter ending March 31, 2023 direct to consumer (DTC) net sales were $4.9 million, versus $6.5 million for our quarter ending March 31, 2022, or a year over year decline of 26%. Our e-commerce net sales were flat sequentially.
- We reported that our quarter ending March 31, 2023, wholesale sales (including brick and mortar retail customers) were $1.35 million, versus $1.2 million for quarter ending December 31, 2022 or sequential increase of 15%. Wholesale net sales were down 56% compared to the prior year quarter ended March 31, 2022.
- For the quarter ending March 31, 2023, the Company continued delivering on cost rationalizations and recorded SG&A Costs of $5.4 million for the quarter as compared to $11.5 million in the prior year period. SG&A has improved $6.0 million compared to the prior year quarter ended March 31, 2022, this represents $24 million in annualized spend reductions.
- We reported GAAP loss from operations of approximately $1.34 million for the quarter ending March 31, 2023 compared to a $5.3 million loss from operations for our quarter ending March 31, 2022, an improvement of approximately $3.6 million or 72% year over year. For the six months ending March 31, 2023, we reported loss from operations of approximately $5.4 million as compared to $30.2 million for the prior year comparative period.
- We reported non-GAAP adjusted operating loss of approximately $0.8 million in our March 31, 2023 quarter, compared to $3.6 million for the March 31, 2022 quarter. Sequentially we improved $1.8 million. This reduction was primarily related to management’s actions taken to right size our cost structure over the last few quarters. For the six months ended March 31, 2023 we reported non-GAAP adjusted operating loss of $3.5 million as compared to $8.8 million in the prior year comparative period.
Highlights for the Second Quarter and Notable Business Updates
- cbdMD Therapeutics completed our pet clinical study and results indicated our proprietary broad spectrum improves mobility and gait in dogs. Additionally, owners reported lower observation of pain and improved quality of life. The data is currently being used to support product development and marketing campaigns. After we publish our findings sometime in fiscal 2023, the data will be used to support the submission of structure function claim notifications to FDA.
- Adara Acquisition Corporation completed its merger with Alliance Entertainment Inc. on February 10th, 2023 and the Company received back its $1 million investment in Adara Sponsor, LLC.
- The Company launched its third NSF for sport product, our 1500mg broad spectrum gummy. Not only was the first to commercialize NSF for Sport CBD Product it is the only certified gummy product on the market and at the highest concentration on the market.
- The Company also launched its first products on Amazon; the UK Amazon launch expands cbdMD’s reach into the UK market.
- On April 24, 2023, the Company completed its one-for-forty five reverse stock split of the Company’s issued and outstanding shares of common stock.
- On May 3, 2023, the Company completed an underwritten public offering of 1,350,000 shares of its common stock at a public offering price of $2.10 per share. Gross proceeds from the offering before deducting underwriting discounts and commissions and offering expenses were approximately $2.8 million. After the public offering the Company has over $4 million in cash.
We will host a conference call at 4:15 p.m., Eastern Time, on Monday, May 15, 2023, to discuss our March 31, 2023, second quarter financial results and business progress.
CONFERENCE CALL DETAILS
| Monday May 15, 4:15 p.m. Eastern Time | ||
| USA/Canada: | 800-319-4610 | |
| International: | 604-638-5340 | |
| Teleconference Replay dial in: | ||
| USA/Canada: | 855-669-9658 | |
| International: | 412-317-0088 | |
| Replay Passcode: | 9893 | |
| Webcast/Webcast Replay link- available through May 15, 2024: https://www.gowebcasting.com/12471 | ||
About cbdMD, Inc.
cbdMD, Inc. is one of the leading and most highly trusted and most recognized cannabidiol (CBD) brands with a comprehensive line of U.S. produced, THC-free1 CBD products as well as our new Full Spectrum products. Our cbdMD brand currently includes high-grade, premium CBD products including CBD tinctures, CBD gummies, CBD topicals, CBD capsules, CBD bath bombs, CBD sleep aids and CBD drink mixes and an array of Farm Act compliant Delta 9 products. Our Paw CBD brand of pet products includes veterinarian-formulated products including tinctures, chews, topicals products in varying strengths, and our CBD Botanicals brand of beauty and skincare products including facial oil and serum, toners, moisturizers, clear skin, facial masks, exfoliants and body care. To learn more about cbdMD and our comprehensive line of U.S. grown, THC-free1 CBD oil and Full Spectrum products, please visit www.cbdmd.com, follow cbdMD on Instagram and Facebook, or visit one of the thousands of retail outlets that carry cbdMD’s products.
Forward-Looking Statements
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified using words such as ”should,” ”may,” ”intends,” ”anticipates,” ”believes,” ”estimates,” ”projects,” ”forecasts,” ”expects,” ”plans,” and ”proposes.” These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict. You are urged to carefully review and consider any cautionary statements, including but not limited to expectations on our ability to continue as a going concern, increasing our revenues, cost reductions, potential need for additional working capital, future profitability, results from clinical studies and other disclosures, including the statements made under the heading “Risk Factors” in cbdMD, Inc.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022 as filed with the Securities and Exchange Commission (the “SEC”) on December 15, 2022 and as amended on December 20, 2022 and May 3, 2023 and our other filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of cbdMD, Inc. and are difficult to predict. cbdMD, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. The information which appears on our websites and our social media platforms, including, but not limited to, Instagram and Facebook, is not part of this press release.
1 THC-free is defined as below the level of detection using validated scientific analytical methods.
Non-GAAP Financial Measures
This press release includes a financial measure that excludes the impact of certain items and therefore has not been calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). cbdMD, Inc. has included adjusted loss from operations because management uses this measure to assess operating performance in order to highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. The adjusted operating loss has not been prepared in accordance with GAAP. This non-GAAP financial measure should not be considered as an alternative to, or more meaningful than, net loss from operations as an indicator of our operating performance. Further, this non-GAAP financial measure, as presented by cbdMD, Inc., may not be comparable to similarly titled measures reported by other companies. cbdMD, Inc. has attached to this press release a reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.
| cbdMD, INC. | ||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||
| MARCH 31, 2023 AND SEPTEMBER 30, 2022 | ||||||||||||||
| (Unaudited) | ||||||||||||||
| March 31, | September 30, | |||||||||||||
| 2023 | 2022 | |||||||||||||
| Assets | ||||||||||||||
| Cash and cash equivalents | $ | 1,718,552 | $ | 6,720,234 | ||||||||||
| Accounts receivable | 1,161,553 | 1,447,831 | ||||||||||||
| Accounts receivable – discontinued operations | – | 1,375 | ||||||||||||
| Marketable securities, at cost | – | – | ||||||||||||
| Investment other securities | – | 1,000,000 | ||||||||||||
| Inventory | 4,531,890 | 4,767,373 | ||||||||||||
| Prepaid sponsorship | 92,755 | 1,372,845 | ||||||||||||
| Prepaid expenses and other current assets | 2,641,452 | 701,945 | ||||||||||||
| Total current assets | 10,146,202 | 16,011,603 | ||||||||||||
| Other assets: | ||||||||||||||
| Property and equipment, net | 798,177 | 823,310 | ||||||||||||
| Operating lease assets | 3,921,195 | 4,477,841 | ||||||||||||
| Deposits for facilities | 138,708 | 244,606 | ||||||||||||
| Intangible assets | 17,279,840 | 17,834,549 | ||||||||||||
| Investment in other securities, noncurrent | 1,400,000 | 1,400,000 | ||||||||||||
| Total other assets | 23,537,920 | 24,780,306 | ||||||||||||
| Total assets | $ | 33,684,122 | $ | 40,791,909 | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||
| DECEMBER 31, 2022 AND SEPTEMBER 30, 2022 | ||||||||||||||
| (continued) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| March 31, | September 30, | |||||||||||||
| 2023 | 2022 | |||||||||||||
| Liabilities and shareholders’ equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 1,337,611 | $ | 2,036,558 | ||||||||||
| Deferred revenue | 2,107,179 | 2,060,762 | ||||||||||||
| Accrued expenses | 1,227,249 | 1,178,683 | ||||||||||||
| Note payable | 7,375 | 9,609 | ||||||||||||
| Total current liabilities | 4,679,414 | 5,285,612 | ||||||||||||
| Long term liabilities: | ||||||||||||||
| Long term liabilities | – | 125,491 | ||||||||||||
| Operating leases – long term portion | 3,051,484 | 3,680,375 | ||||||||||||
| Contingent liability | 167,000 | 276,000 | ||||||||||||
| Total long term liabilities | 3,218,484 | 4,081,866 | ||||||||||||
| Total liabilities | 7,897,898 | 9,367,478 | ||||||||||||
| shareholders’ equity: | ||||||||||||||
| Preferred stock, authorized 50,000,000 shares, $0.001 | ||||||||||||||
| par value, 5,000,000 and 500,000 shares issued and outstanding, respectively | 5,000 | 5,000 | ||||||||||||
| Common stock, authorized 150,000,000 shares, $0.001 | ||||||||||||||
| par value, 1,456,693 and 1,348,125 shares issued and outstanding, respectively | 1,457 | 1,348 | ||||||||||||
| Additional paid in capital | 180,497,196 | 178,841,646 | ||||||||||||
| Accumulated deficit | (154,717,429 | ) | (147,423,563 | |||||||||||
| Total shareholders’ equity | 25,786,224 | 31,424,431 | ||||||||||||
| Total liabilities and shareholders’ equity | $ | 33,684,122 | $ | 40,791,909 | ||||||||||
| cbdMD, INC. | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2023 and 2022 | ||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| Three months | Three months | Six Months | Six Months | |||||||||
| Ended | Ended | Ended | Ended | |||||||||
| March 31, | March 31, | March 31, | March 31, | |||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Gross Sales | $ | 6,584,666 | $ | 9,948,858 | $ | 12,825,191 | $ | 19,805,625 | ||||
| Allowances | (344,646 | ) | (319,972 | ) | (499,954 | ) | (854,917 | ) | ||||
| Total Net Sales | 6,240,020 | 9,628,886 | 12,325,237 | 18,950,708 | ||||||||
| Cost of sales | 2,224,512 | 3,186,564 | 4,741,964 | 7,514,874 | ||||||||
| Gross Profit | 4,015,508 | 6,442,322 | 7,583,273 | 11,435,834 | ||||||||
| Operating expenses | 5,416,151 | 11,452,700 | 13,030,097 | 23,407,984 | ||||||||
| Impairment of Goodwill and other intangible assets | – | – | – | 18,183,285 | ||||||||
| Loss from operations | (1,400,643 | ) | (5,010,378 | ) | (5,446,824 | ) | (30,155,435 | ) | ||||
| Realized and Unrealized loss on marketable and other securities | – | – | – | (33,352 | ) | |||||||
| Decrease of contingent liability | 48,000 | 353,000 | 107,000 | 6,303,000 | ||||||||
| Other income | 17,787 | 2,249 | 49,543 | 72,987 | ||||||||
| Interest income (expense) | (1,946 | ) | (2,086 | ) | (4,583 | ) | (5,320 | ) | ||||
| Loss before provision for income taxes | (1,336,802 | ) | (4,657,215 | ) | (5,294,864 | ) | (23,818,120 | ) | ||||
| Benefit for income taxes | – | – | – | – | ||||||||
| Net Loss | (1,336,802 | ) | (4,657,215 | ) | (5,294,864 | ) | (23,818,120 | ) | ||||
| |
||||||||||||
| Preferred dividends | 1,000,500 | 1,000,502 | 2,001,002 | 2,001,002 | ||||||||
| |
||||||||||||
| Net Loss available to cbdMD, Inc. common shareholders | $ | (2,337,302 | ) | $ | (5,657,717 | ) | $ | (7,295,866 | ) | $ | (25,819,122 | ) |
| Net Loss per share: | ||||||||||||
| Basic earnings per share | (1.74 | ) | (4.32 | ) | (5.43 | ) | (19.67 | ) | ||||
| Diluted earnings per share | (1.74 | ) | (4.32 | ) | (5.43 | ) | (19.67 | ) | ||||
| Weighted average number of shares Basic: | 1,345,589 | 1,310,378 | 1,343,394 | 1,312,755 | ||||||||
| Weighted average number of shares Diluted: | 1,345,589 | 1,310,378 | 1,343,394 | 1,312,755 | ||||||||
| cbdMD, INC. | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||
| FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2023 and 2022 | ||||||||||||
| |
||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| Three months | Three months | Six Months | Six Months | |||||||||
| Ended | Ended | Ended | Ended | |||||||||
| March 31, | March 31, | March 31, | March 31, | |||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Net Loss | $ | (1,336,802 | ) | $ | (4,657,215 | ) | $ | (5,294,864 | ) | $ | (23,818,120 | ) |
| Comprehensive Loss | (1,336,802 | ) | (4,657,215 | ) | (5,294,864 | ) | (23,818,120 | ) | ||||
| Preferred dividends | (1,000,500 | ) | (1,000,502 | ) | (2,001,002 | ) | (2,001,002 | ) | ||||
| Comprehensive Loss attributable to cbdMD, inc. common shareholders | $ | (2,337,302 | ) | $ | (5,657,717 | ) | $ | (7,295,866 | ) | $ | (25,819,122 | ) |
| cbdMD, INC. | ||||||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||
| FOR THE SIX MONTHS ENDED MARCH 31, 2023 and 2022 | ||||||
| (Unaudited) | ||||||
| Six Months | Six Months | |||||
| Ended | Ended | |||||
| March 31, | March 31, | |||||
| 2023 | 2022 | |||||
| Cash flows from operating activities: | ||||||
| Net Loss | $ | (5,292,864 | ) | $ | (23,818,120 | ) |
| Adjustments to reconcile net loss to net | ||||||
| cash used by operating activities: | ||||||
| Stock based compensation | 96,216 | 797,096 | ||||
| Restricted stock expense | 100,249 | 837,267 | ||||
| Write off of prepaid assets due to termination of contractual obligation | 884,892 | – | ||||
| Issuance of stock for services | 1,459,193 | – | ||||
| Marketing stock amortization | – | 339,520 | ||||
| Inventory and materials impairment | – | 878,142 | ||||
| Intangibles Amortization | 554,709 | 329,671 | ||||
| Depreciation | 100,112 | 600,750 | ||||
| Impairment of goodwill and other intangible assets | – | 18,183,285 | ||||
| Decrease in contingent liability | (109,000 | ) | (6,303,000 | ) | ||
| Realized and unrealized loss of Marketable and other securities | – | 33,352 | ||||
| Amortization of operating lease asset | 556,646 | 589,291 | ||||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable | 286,278 | (932,230 | ) | |||
| Deposits | 105,898 | 390,875 | ||||
| Inventory | 135,176 | (569,316 | ) | |||
| Prepaid inventory | 100,307 | 32,391 | ||||
| Prepaid expenses and other current assets | (1,544,308 | ) | 354,752 | |||
| Accounts payable and accrued expenses | (855,872 | ) | (1,129,614 | ) | ||
| Operating lease liability | (580,325 | ) | (595,457 | ) | ||
| Deferred revenue / customer deposits | 203,341 | 10,723 | ||||
| Collection on discontinued operations accounts receivable | 1,375 | 9,592 | ||||
| Deferred tax liability | – | – | ||||
| Cash used by operating activities | (3,797,977 | ) | (10,670,537 | ) | ||
| Cash flows from investing activities: | ||||||
| Other securities | 1,000,000 | (373,795 | ) | |||
| Purchase of property and equipment | (74,980 | ) | – | |||
| Cash flows from investing activities | 925,020 | (373,795 | ) | |||
| Cash flows from financing activities: | ||||||
| Proceeds from issuance of preferred stock | – | – | ||||
| Note payable | (127,725 | ) | (29,240 | ) | ||
| Preferred dividend distribution | (2,001,000 | ) | (2,001,002 | ) | ||
| Cash flows from financing activities | (2,128,725 | ) | (2,030,242 | ) | ||
| Net increase (decrease) in cash | (5,001,682 | ) | (13,074,574 | ) | ||
| Cash and cash equivalents, beginning of period | 6,720,234 | 26,411,424 | ||||
| Cash and cash equivalents, end of period | $ | 1,718,552 | $ | 13,336,850 | ||
| Supplemental Disclosures of Cash Flow Information: | ||||||
| 2022 | 2021 | |||||
| Cash Payments for: | ||||||
| Interest expense | $ | 2,638 | $ | 4,173 | ||
| Non-cash financial activities: | ||||||
| Issuance of Contingent earnout shares: | $ | – | $ | 730,000 | ||
| cbdMD, Inc. | ||||||||||||
| SUPPLEMENTAL FINANCIAL INFORMATION | ||||||||||||
| RECONCILIATION OF NON-GAAP ADJUSTED LOSS FROM OPERATIONS | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months | Three Months | Six Months | Six Months | |||||||||
| Ended | Ended | Ended | Ended | |||||||||
| March 31, | March 31, | March 31, | March 31, | |||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||
| GAAP (loss) from operations | $ | (1,400,643 | ) | $ | (5,010,378 | ) | $ | (5,446,824 | ) | $ | (30,155,435 | ) |
| Adjustments: | ||||||||||||
| Depreciation & Amortization | 379,744 | 600,750 | 757,210 | 600,750 | ||||||||
| Employee and director stock compensation (1) | 117,821 | 754,207 | 254,965 | 1,634,363 | ||||||||
| Other non-cash stock compensation for services (2) | – | – | 884,892 | – | ||||||||
| Inventory adjustment (3) | – | – | – | 878,142 | ||||||||
| Impairment of goodwill and other intangible assets (4) | – | – | – | 18,029,000 | ||||||||
| Accrual for severance | – | 22,500 | 129,761 | 22,500 | ||||||||
| a360 trade credit | 107,608 | – | 107,608 | – | ||||||||
| Accrual / expenses for discretionary bonus | – | – | – | 150,000 | ||||||||
| Non-GAAP adjusted (loss) from operations | $ | (795,470 | ) | $ | (3,632,921 | ) | $ | (3,312,387 | ) | $ | (8,840,680 | ) |
(1) Represents non-cash expense related to options, warrants, restricted stock expenses that have been amortized during the period.
(2) Represents non-cash expense related to options, warrants, restricted stock expenses that have been amortized during the period.
(3) Represents an operating expense related to inventory loss related to regulatory changes impacting labels and packaging and obsolete/expired inventory.
(4) Represents non-cash impairment of the cbdMD trademark of $4,285,000 and $13,898,285 of goodwill impairment during the first fiscal quarter of 2022.
Contacts:
Investors:
cbdMD, Inc.
Ronan Kennedy
Interim Chief Executive Officer and Chief Financial Officer
IR@cbdmd.com
(704) 445-3064
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166172
Cannabis
Verano Announces the Opening of Zen Leaf Fairless Hills, the Company’s Newest Affiliated Dispensary in Pennsylvania, in Prime New Location
- Zen Leaf Fairless Hills, the Company’s newest affiliated dispensary in Pennsylvania, relocated from its former home in Chester to 203 Lincoln Highway, a busy thoroughfare with daily traffic of over 17,000 vehicles per day1
- As the first medical cannabis dispensary in the city, Zen Leaf Fairless Hills will offer an elevated experience for area patients, including increased convenience and accessibility with numerous point-of-sale stations and kiosks for seamless in-store browsing and ordering
- Verano’s active operations span 13 states, comprised of 142 dispensaries and 13 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
CHICAGO, July 26, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the opening of Zen Leaf Fairless Hills in Pennsylvania on Friday, July 26th, following a ceremonial ribbon cutting at 11 a.m. local time. Zen Leaf Fairless Hills is located at 203 Lincoln Highway and will be open Monday through Saturday from 9 a.m. to 8 p.m. and Sunday from 10 a.m. to 6 p.m. local time.
The dispensary is located in Bucks County, the fourth largest county in the Commonwealth with a total population of over 630,0002 residents. To increase accessibility and convenience, Zen Leaf Fairless Hills features large in-store kiosks and numerous point-of-sale stations to enhance the browsing and ordering experience for patients. To celebrate the grand opening of Zen Leaf Fairless Hills and following a ceremonial ribbon cutting, patients will be greeted with complimentary deals and doorbusters on featured branded products.
“We are excited to bring the Zen Leaf experience to local patients in Fairless Hills, where our talented team members will continue to deliver hospitality-driven care and top-quality products for local patients,” said George Archos, Verano Founder and Chief Executive Officer. “As the Pennsylvania medical cannabis patient population continues to grow, we are grateful for the opportunity to deepen our roots in Bucks County at our newest Zen Leaf location in the Commonwealth, and look forward to providing a warm and welcoming environment for current and future patients.”
Zen Leaf Fairless Hills adds another convenient outlet for Philadelphia area patients, and solidifies Verano’s footprint in the state as one of the Company’s 18 affiliated Pennsylvania dispensaries. Verano’s Pennsylvania operations also include a state-of-the-art 62,000 square foot cultivation and processing facility in Chester, where the Company produces its signature Verano Reserve flower and Troches, concentrates and vapes; (the) Essence and Savvy flower and extracts; and Avexia RSO cannabis oil and topicals. For additional convenience and accessibility, patients can choose to order ahead at ZenLeafDispensaries.com for express in-store pickup.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 13 U.S. states, comprised of 13 production facilities with over 1,000,000 square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Media
Verano
Steve Mazeika
VP, Communications
Steve.Mazeika@verano.com
Investors
Verano
Julianna Paterra, CFA
VP, Investor Relations
Julianna.Paterra@verano.com
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023, its quarterly report on Form 10-Q for the quarter ended March 31, 2024 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at www.sec.gov. The Company makes no assurances and cannot predict the outcome of all or any part of the on-going litigation with Goodness Growth referenced in this press release, including whether the Company will prevail on its Notice of Application and its counterclaim, or whether Goodness Growth will prevail on its claim for damages against the Company. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
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1 Pennsylvania Department of Transportation
2 United States Census Bureau
Cannabis
Unlocking New Horizons in Health: TNR, The Niche Research Reveals the Transformative Power of Minor Cannabinoids
Wilmington, Delaware, July 25, 2024 (GLOBE NEWSWIRE) — Minor cannabinoids refer to the lesser-known compounds found in the cannabis plant, distinct from the well-known THC (tetrahydrocannabinol) and CBD (cannabidiol). While THC and CBD dominate the market, minor cannabinoids such as CBG (cannabigerol), CBC (cannabichromene), and CBN (cannabinol) are gaining attention for their potential therapeutic benefits. These compounds are extracted from both marijuana and hemp plants, with varying legal restrictions depending on their THC content. The minor cannabinoids market is poised for significant growth, driven by increasing consumer awareness and demand for alternative health and wellness products. As regulatory environments around cannabis products evolve, companies are exploring the potential of minor cannabinoids in various applications, including pharmaceuticals, nutraceuticals, cosmetics, and food and beverages.
Minor cannabinoids are being researched for their potential therapeutic effects, including anti-inflammatory, analgesic, and neuroprotective properties. This versatility facilitates product diversification in various industries. Companies are investing in research and development to create novel formulations and delivery methods for minor cannabinoids. This includes nano-emulsions, encapsulation technologies, and controlled-release systems to enhance bioavailability and efficacy. For example, in January 2022, CBDA + CBGA Tincture a new product was launched by Hometown Hero CBD. This 30ml tincture contains 600mg each of CBGA, CBDA, CBG, and CBD. Derived from hemp, the cannabinoids in this tincture comply with legal requirements across all 50 states in the USA. There is an increasing consumer preference for natural as well as plant-based remedies, which in turn is driving the demand for cannabinoid-infused products. This trend is particularly strong among younger demographics seeking alternatives to traditional pharmaceuticals. Evolving regulatory frameworks, particularly in regions like North America and Europe, are creating opportunities for legal market expansion. Regulatory clarity is crucial for market participants to navigate compliance and market entry.
Global Minor Cannabinoids Market: Key Datapoints
|
Market Value in 2023 |
US$ 17.8 Bn |
|
Market Value Forecast by 2034 |
US$ 42.3 Bn |
|
Growth Rate
|
8.2% |
|
Historical Data
|
2016 – 2022 |
|
Base Year
|
2023 |
|
Forecast Data
|
2024 – 2034 |
Increasing consumer interest in health and wellness products, coupled with the perceived therapeutic benefits of cannabinoids, is a major driver of market growth. Progressive cannabis legalization in various parts of the world, including the United States and parts of Europe, is expanding the addressable market for minor cannabinoids. Significant investments in research and development by pharmaceutical and biotechnology companies are accelerating product innovation and clinical trials. The market remains fragmented with opportunities for new entrants and niche players to introduce specialized products catering to specific consumer needs.
The COVID-19 pandemic initially disrupted supply chains and retail channels for minor cannabinoids products. However, the crisis also underscored the importance of health and wellness, leading to increased interest in natural remedies, including cannabinoids. As economies recover, the market is expected to rebound stronger.
The geopolitical tensions, such as the Russia-Ukraine conflict, have also affected global markets, including the minor cannabinoids sector. Fluctuating currency values, supply chain disruptions, and geopolitical uncertainty have impacted production and distribution channels. However, the long-term impact will depend on geopolitical developments and their influence on global trade and regulatory environments.
The minor cannabinoids market presents significant opportunities for growth and innovation, driven by evolving consumer preferences, regulatory advancements, and expanding research initiatives. Companies that can navigate regulatory complexities, invest in research and development, and respond to shifting consumer trends are well-positioned to capitalize on this emerging market. As the market matures, collaboration across sectors and regions will be crucial in unlocking the full potential of minor cannabinoids in various industries worldwide.
Global Minor Cannabinoids Market: Key Takeaways of the Report
- Cannabigerol (CBG) segment by product type is expected to grow at a CAGR of 6.7% in the minor cannabinoids market due to increasing research highlighting its potential therapeutic benefits, including anti-inflammatory, antimicrobial, and neuroprotective properties. As consumer awareness grows and regulatory environments become more favorable, there is heightened interest in CBG-based products for their diverse health applications, ranging from skincare to pharmaceutical formulations, driving sustained market demand and expansion.
- Pharmaceutical segment by application, leads the minor cannabinoids market with a significant revenue share of 35.8% owing to growing recognition of cannabinoids’ potential in therapeutic applications. Cannabinoids like CBD, CBG, and others show promise in treating conditions such as epilepsy, chronic pain, and anxiety disorders, backed by increasing clinical research and favorable regulatory developments. Pharmaceutical companies are investing heavily in cannabinoid-based drug development, driving market growth as they seek to capitalize on these compounds’ efficacy and market potential in addressing unmet medical needs.
- In 2023, Latin America is anticipated as fastest growing region in the global minor cannabinoids market due to evolving regulatory landscapes favoring cannabis legalization and cultivation. This shift is fostering a burgeoning industry infrastructure for cannabis extraction and product development. Additionally, increasing consumer acceptance of cannabinoid-based products for medicinal and wellness purposes is driving market expansion. With a vast potential consumer base and supportive regulatory frameworks, Latin America presents significant growth opportunities for companies seeking to enter or expand within the minor cannabinoids market.
Key Development:
- In December 2023, Rare Cannabinoid Company introduced Uplift Gummies infused with THC and THCV. These gummies combine the relaxing properties of Delta-9-THC with the energizing and appetite-controlling effects of CBD and THCV.
- In October 2022, High Tide Inc., a cannabis retailer, announced that its Colorado-based subsidiary, NuLeaf Naturals, had launched plant-based softgels and full-spectrum multicannabinoid oil in Manitoba. The products feature CBC, CBD, CBG, Delta-9 tetrahydrocannabinol (Delta 9), and CBN.
Browse Related Category Reports
Global Minor Cannabinoids Market:
- Aurora Europe GmbH
- BulKanna
- CBD. INC.
- Fresh Bros Hemp Company
- GCM Holdings, LLC (Global Cannabinoids)
- GenCanna.
- High Purity Natural Products.
- Laurelcrest
- Mile High Labs
- PBG Global
- Rhizo Sciences
- ZERO POINT EXTRACTION, LLC
- Other Industry Participants
Global Minor Cannabinoids Market
By Product Type
- Cannabigerol (CBG)
- Cannabichromene (CBC)
- Cannabinol (CBN)
- Cannabidivarin (CBDV)
- Tetrahydrocannabutol (THCB)
- Tetrahydrocannabivarin (THCV)
- Tetrahydrocannabiphorol (THCP)
- Others
By Application
- Pharmaceutical
- Pain Management
- Mental Health
- Sleep Disorders
- Anti-inflammatory
- Others
- Nutraceuticals
- Cosmetics and Personal Care
- Food and Beverages
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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Cannabis
Global Agricultural Textiles Market Size To Worth USD 25.02 Billion By 2033 | CAGR of 4.70%
New York, United States , July 23, 2024 (GLOBE NEWSWIRE) — The Global Agricultural Textiles Market Size is to Grow from USD 15.8 Billion in 2023 to USD 25.02 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.70% during the projected period.
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Products made of agricultural textiles, or agro textiles, increase productivity, shield farmers from harmful chemicals and pesticides, and keep soil from drying out. The word “agro-textile” has been used recently to refer to materials used in horticulture and agriculture that are knitted, woven, and non-woven. Reducing the use of hazardous pesticides and herbicides promotes a sustainable farming culture and is also good for the environment. Agricultural textiles have remarkable mechanical potential, environmental resistance, simplicity of processing, and durability features that can enhance the safety, quantity, and quality of agricultural products. Textile textiles have been utilized in agriculture for a very long period. Most textile materials are woven or nonwoven in manufacture and are made of synthetic materials in a variety of decompositions. Furthermore, future expansion in the worldwide agricultural textiles market is anticipated to be driven by the rising demand for agricultural products. Any agricultural commodity or product, whether raw or processed, that is derived from livestock is referred to as an agricultural product. Agricultural textiles are used to protect crops from insects and birds, as well as to provide shade for plants, which increases crop yield. Furthermore, going forward, the market for agricultural textiles is expected to be driven by the rise in sustainable agriculture methods. Sustainable farming operations employ socially and environmentally conscious farming methods to increase crop output over the long term, reducing adverse environmental effects, and fostering equitable working conditions for farmers. However, increased raw material costs substantially impede the expansion of the worldwide agricultural textile industry. The rising cost of raw materials is creating challenges for the sector.
Browse key industry insights spread across 193 pages with 112 Market data tables and figures & charts from the Report on the “Global Agricultural Textiles Market Size, Share, and COVID-19 Impact Analysis, By Product (Woven, Knitted, Non-Woven, and Others), By Material (Nylon, Polyethylene, Polypropylene, Polyesters, and Others), By Application (Agriculture, Horticulture, Forestry, Aquaculture, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The knitted segment is anticipated to hold the greatest share of the global agricultural textiles market during the projected timeframe.
Based on the product, the global agricultural textiles market is divided into woven, knitted, non-woven, and others. Among these, the knitted segment is anticipated to hold the greatest share of the global agricultural textiles market during the projected timeframe. The fabric’s multiple applications such as wind control, hail protection, and bird netting are what provide the majority of its revenue. The variety of textiles produced by knitting techniques and the ease of handling knitted fabric has led to a growth in demand for the product. Non-woven fibers can be produced by a variety of techniques, such as chemical bonding, thermal fusion, and mechanical entanglement. A web is created throughout manufacture, adding first mechanical strength and later other properties according to the fiber’s intended use.
The polyethylene segment is expected to grow at the fastest pace in the global agricultural textiles market during the projected timeframe.
Based on the material, the global agricultural textiles market is divided into nylon, polyethylene, polypropylene, polyesters, and others. Among these, the polyethylene segment is expected to grow at the fastest pace in the global agricultural textiles market during the projected timeframe. Thermoplastic polymer polyethylene has a volatile crystalline structure and a wide range of uses, depending on the kind. One of the most widely used materials for agricultural textiles is polyethylene, which is somewhat more expensive than polypropylene. Farm products are covered in HDPE fabrics, which shield them from UV radiation and inclement weather. HDPE Yarns are a useful foundation material for applications including braiding, twisting, and weaving. Technically, they are resistant to both alkalis and acids.
The aquaculture segment is predicted for the highest revenue share in the global agricultural textiles market during the estimated period.
Based on the application, the global agricultural textiles market is divided into agriculture, horticulture, forestry, aquaculture, and others. Among these, the aquaculture segment is predicted for the highest revenue share in the global agricultural textiles market during the estimated period. The demand for seafood is rising, and this has led to an increase in aquaculture and the growth of the fishing net industry. Other industries that have benefited from this growth include nutraceuticals, pharmaceuticals, and cosmetics. The crops that grow under shade nets are chosen depending on how well they tolerate light. They also help to reduce damage from excessive heat and increase agricultural yield in the summer. They are used in a variety of procedures, such as floriculture, nursery operations, and vermicomposting.
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Asia Pacific is expected to hold the largest share of the global agricultural textiles market over the forecast period.
Asia Pacific is expected to hold the largest share of the global agricultural textiles market over the forecast period. The region’s noteworthy share can be attributed to the rising demand for agricultural products resulting from changing consumer preferences and population expansion. Due to the significant demand generated by the developing economies of China and India. In addition, China is the biggest consumer since it uses a lot of these textiles for its agricultural and aquaculture sectors. These uses include using nets, mulches, and storage bags to save aquatic life and crops.
North America is predicted to grow at the fastest pace in the global agricultural textiles market during the projected timeframe. Research into more sustainable agriculture practices and consumer interest in organic products will both rise. China is the top region in terms of the agricultural textile market. The region’s expanding aquaculture sector, which generates fish oils, shell meats, and other products, as well as increased domestic consumption, accounts for this development. Policies that support aquaculture at the federal level will drive up demand for these textiles.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agricultural Textiles Market include Beaulieu Technical Textiles, Belton Industries, Meyabond, Capatex, Neo Corp International, Garware Technical Fibres, HUESKER Synthetic, Maccaferri, Koninklijke Ten Cate, DuPont de Nemours Inc., Leggett & Platt, SRAM & MRAM Group, Bonar Technical Fabrics, Visaka Industries Limited, and Others.
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Recent Developments
- In June 2024, Beaulieu Technical Textiles highlighted performance and sustainability when introducing their Recover and Recover Pro ground covers at GreenTech Amsterdam 2024. Recover uses recycled materials to reduce CO2 emissions and increase durability, while Recover Pro uses volcanic lava rock to improve plant health and water management. The line provides longevity, cannabis, and UV protection.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agricultural Textiles Market based on the below-mentioned segments:
Global Agricultural Textiles Market, By Product
- Woven
- Knitted
- Non-Woven
- Others
Global Agricultural Textiles Market, By Material
- Nylon
- Polyethylene
- Polypropylene
- Polyesters
- Others
Global Agricultural Textiles Market, By Application
- Agriculture
- Horticulture
- Forestry
- Aquaculture
- Others
Global Agricultural Textiles Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Global Agriculture Supply Chain Management Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Solutions, and Services), By Solution (Manufacturing Execution System, Procurement & Sourcing, Transportation Management System, Supply Chain Planning, and Warehouse Management System), By Deployment (On-Demand & Cloud-Based, and On-Premise), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033Global Agriculture Supply Chain Management Market Insights Forecasts to 2033
Global Agricultural Haying and Forage Machinery Market Size, Share, and COVID-19 Impact Analysis, By Type (Forage Harvesters, Conditioners, Balers, Mowers, and Others), By Application (Small Farms, Medium Farms, and Large Farms), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
Global Agricultural Enzymes Market Size, Share, and COVID-19 Impact Analysis, By Product (Phosphatases, Sulfatases, and Dehydrogenases), By Crop Type (Cereals & Grains, Fruits & Vegetables, Turf & Ornamentals, Oilseeds & Pulses, and Others), By Functionality (Plant Growth Regulation, Crop Protection, and Fertility products), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
Global Agricultural Disinfectants Market Size, Share, and COVID-19 Impact Analysis, By Type (Chemical Disinfectants, Physical Disinfectants, Biological Disinfectants, and Others), By Form (Liquid, Powder, and Others), By Application (Surface, Aerial, Water Sanitizing, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
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