Cannabis
IM Cannabis Reports Second Quarter 2023 Financial Results
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IMC remains singularly focused on accelerating the path to profitability through active cost management and margin improvement while maintaining sales.
TORONTO and GLIL YAM, Israel, Aug. 14, 2023 /PRNewswire/ — IM Cannabis Corp. (the “Company” or “IMC“) (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, announced its financial results today for the second quarter ended June 30, 2023. All amounts are reported in Canadian dollars and compared to Q2 2022 unless otherwise stated.
The full set of consolidated financial statements for the three and six months ended June 30, 2023 (the “Q2 FS“), and the accompanying management’s discussion and analysis (the “Q2 MD&A“), can be accessed by visiting the Company’s website at https://investors.imcannabis.com/, its profile pages on SEDAR+ at www.sedarplus.ca, and EDGAR at www.sec.gov.
Q2 2023 Financial Highlights
- Revenues stayed stable with a 4% year-over-year increase to $13.2 million
- 40% increase in Gross Margin
- 83% decrease in Non-IFRS Adjusted EBITDA Loss
- 33% decrease in operating expenses, a 20% decrease compared to Q1, 2023
Management Commentary
“In Q2 2023, we continued towards our goal of sustainable profitability,” said Oren Shuster, Chief Executive Officer of IMC. “The rightsizing and refocusing we have been working though since Q4 of last year, was led by the strategic decision to exit the recreational Canadian market, allowing us to fully lean into our heritage as one of the pioneers in the Israeli medical cannabis market. Our extensive expertise within our highly regulated local market, gave us a clear advantage when expanding into Germany, another highly regulated medical market. The strategic pivot to focus on the two largest national medical markets is clearly reflected within our organization post restructure. I believe this is the cornerstone for our success and stability within these two similar markets.”
“Active cost and margin management was a key focus of Q2, accelerating our to move towards sustainable profitability, while maintaining sales,” said Itay Vago, Chief Financial Officer of IMC. “The actions we took since exiting the Canadian market last year and the associated restructure, have significantly improved our gross margin and reduced our total operating expenses, leading to a substantial decrease in our non-IFRS Adjusted EBITDA Loss.”
Operational Highlights
IMC Israel:
- Our position as #1 in the premium market was furthered through the launch of LOT 420 with two new high THC strains.
- We moved into the midrange market in Israel with the launch of PICOS, small, super premium flowers. The launch portfolio is comprised of four high THC flowers.
IMC Germany:
- We have started to take advantage of our fully licensed EU-GMP packing facility and our GDP logistics center to drive an additional revenue stream, offering cannabis services to the other players within the German cannabis market. We onboarded four new customers within the first two quarters of 2023.
Q2 2023 Financial Results
- Revenues for the second quarter of 2023 were $13.2 million compared to $12.7 million in the second quarter of 2022, an increase of 4%.
- Gross Margin, before fair value adjustments, in the second quarter of 2023 was 28%, compared to 20% in the second quarter of 2022, an increase of 40%.
- Non-IFRS Adjusted EBITDA Loss in the second quarter of 2023 was $0.499 million, compared to an Adjusted EBITDA Loss of $3 million in the second quarter of 2022, a decrease of 83%. The decrease is mainly attributable to improved performance of the Company’s gross margin and a reduction in general and administrative expenses, such as cost reduction, cost efficiencies and other corporate expense reductions.
- Total Operating Expenses in the second quarter of 2023 were $5.2 million, compared to $7.8 million in the second quarter of 2022, a decrease of 33%. Most of the decline can be attributed to restructuring that took place in 2022.
- Total Dried Flower sold in the second quarter of 2023 was approximately 2,128kg with an average selling price of $5.04 per gram compared to approximately 1,592kg in the second quarter of 2022 with an average selling price of $7.27 per gram. The decrease in average selling price was caused by increased competition within the retail segment.
- Gross Profit for the second quarter of 2023 was $3.5 million, compared to $2.2 million in the second quarter of 2022, an increase of 57%. The increase is mainly attributable to increased high margin sales of imported premium cannabis products, and reduction of costs of sales.
- General and Administrative Expenses in the second quarter of 2023 were $2.4 million, compared to $3.3 million in the second quarter of 2022, a decrease of 28%. The decrease in the general and administrative expense is mainly attributable to reduced employee salaries derived from the restructuring plan in Israel announced in the first quarter of 2023 and presented separately in the interim financial statement for the period.
- Selling and Marketing Expenses in the second quarter of 2023 were $2.6 million, compared to $3.1 million in the second quarter of 2022, a decrease of 16%.
- Operating Loss in the second quarter of 2023 was $1.8 million, compared to $5.6 million in the second quarter of 2022, a decrease of 69%.
- Net Loss from Continuing Operations in the second quarter of 2023 was $3.7 million, remains with no change to a loss of $3.7 million in the second quarter of 2022, driven mostly by higher gross margin and reduction in operating expenses and offset by finance income in the second quarter of 2022.
- Basic Loss per Share from Continuing Operations in the second quarter of 2023 was $(0.26), compared to a loss of $(0.49) per share in the second quarter of 2022.
- Diluted Loss per Share from Continuing Operations in the second quarter of 2023 was $(0.26), compared to a loss of $(0.89) per share in the second quarter of 2022.
- Cash and Cash Equivalents as of June 30, 2023 were $1.3 million, compared to $2.4 million in December 31, 2022.
- Total Assets as of June 30, 2023 were $55.8 million, compared to $60.7 million in December 31, 2022, a decrease of 8%. The decrease is mainly attributed to reduced cash and cash equivalents and to inventory.
- Total Liabilities as of June 30, 2023 were $34.2 million, compared to $36.9 in December 31, 2022, a decrease of approximately 7%. The decrease was mainly due to the reduction in trade payables.
The complete non- audited interim condensed consolidated financial statements of the Company and related management’s discussion and analysis for the three months ended June 30, 2023, will be available under the Company’s SEDAR+ profile at www.sedarplus.ca and will be available on EDGAR at www.sec.gov/edgar.
The quarterly figures provided in the Q2 FS and the accompanying Q2 MD&A, include some immaterial updates and adjustments to the Company’s previously filed unaudited interim financial statements for the first quarter of the year ended December 31, 2023 (“Q1 2023“), see note 1 under the heading Summary of Quarterly Results in the Q2 MD&A. The updated figures provided in the Q2 FS and Q2 MD&A that cover the Q1 2023 period supersede and replace the financial information for Q1 2023 filed on May 15, 2023.
Q2 2023 Conference Call
The Company will host a zoom web conference call today at 9:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. Investors are invited to register by clicking here. All relevant information will be sent upon registration.
If you are unable to join us live, a recording of the call will be available on our website at https://investors.imcannabis.com/ within 24 hours after the call.
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has recently exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients. Until recently, the Company also actively operated in Canada through Trichome Financial Corp and its wholly owned subsidiaries, where it cultivated, processed, packaged, and sold premium and ultra-premium cannabis at its own facilities under the WAGNERS and Highland Grow brands for the adult-use market in Canada. The Company has exiting operations in Canada and considers these operations discontinued.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements“). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to the Company leaving the Canadian cannabis market to focus on Israel and Germany; achieving profitability and shareholder value; statements regarding the Company’s ongoing restructuring of its operations, including the reduction in its Israeli workforce, the strategic plans of the Company, estimated cost reductions and maintaining revenues.
Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: the development and introduction of new products; continuing demand for medical and adult-use recreational cannabis in the markets in which the Company operates; the Company’s ability to reach patients through both e-commerce and brick and mortar retail operations; the Company’s ability to maintain and renew or obtain required licenses; the effectiveness of its products for medical cannabis patients and recreational consumers; and the Company’s ability to market its brands and services successfully to its anticipated customers and medical cannabis patients.
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: any failure of the Company to maintain “de facto” control over Focus Medical in accordance with IFRS 10; the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical (collectively, the “Group“) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East.
Please see the other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual information form dated March 29, 2023, which is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Non-IFRS Measures
This press release makes reference to “Gross Margin” and “Adjusted EBITDA”, which are financial measures that are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as complementary information to the Company’s IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should neither be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.
For an explanation of how management defines Gross Margin and Adjusted EBITDA, see the Company’s management’s discussion and analysis for the period ended December 31, 2022, available under the Company’s SEDAR+ profile at www.sedarplus.ca on EDGAR at www.sec.gov/edgar.
We reconcile these non-IFRS financial measures to the most comparable IFRS measures as set out below.
Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de
Oren Shuster, CEO
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||
Canadian Dollars in thousands |
||||||
June 30, 2023 |
December 31, 2022 |
|||||
Note |
(Unaudited) |
|||||
ASSETS |
||||||
CURRENT ASSETS: |
||||||
Cash and cash equivalents |
$ 1,321 |
$ 2,449 |
||||
Trade receivables |
9,701 |
8,684 |
||||
Advances to suppliers |
1,492 |
1,631 |
||||
Other accounts receivable |
3,400 |
3,323 |
||||
Inventories |
14,484 |
16,585 |
||||
30,398 |
32,672 |
|||||
NON-CURRENT ASSETS: |
||||||
Property, plant and equipment, net |
5,235 |
5,221 |
||||
Investments in affiliates |
2,244 |
2,410 |
||||
Right-of-use assets, net |
1,457 |
1,929 |
||||
Deferred tax assets, net |
749 |
763 |
||||
Intangible assets, net |
6,572 |
7,910 |
||||
Goodwill |
9,095 |
9,771 |
||||
25,352 |
28,004 |
|||||
Total assets |
$ 55,750 |
$ 60,676 |
||||
The accompanying notes are an integral part of the interim condensed consolidated financial statements. |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||
Canadian Dollars in thousands |
||||||
June 30, 2023 |
December 31, 2022 |
|||||
Note |
(Unaudited) |
|||||
LIABILITIES AND EQUITY |
||||||
CURRENT LIABILITIES: |
||||||
Trade payables |
$ 9,381 |
$ 15,312 |
||||
Bank loans and credit facilities |
11,477 |
9,246 |
||||
Other accounts payable and accrued expenses |
4,786 |
6,013 |
||||
Accrued purchase consideration liabilities |
1,865 |
2,434 |
||||
Current maturities of operating lease liabilities |
596 |
814 |
||||
28,105 |
33,819 |
|||||
NON-CURRENT LIABILITIES: |
||||||
Warrants measured at fair value |
3 |
3,689 |
8 |
|||
Operating lease liabilities |
830 |
1,075 |
||||
Long-term loans |
379 |
399 |
||||
Employee benefit liabilities, net |
128 |
246 |
||||
Deferred tax liability, net |
1,081 |
1,332 |
||||
6,107 |
3,060 |
|||||
Total liabilities |
34,212 |
36,879 |
||||
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY: |
4 |
|||||
Share capital and premium |
248,798 |
245,776 |
||||
Translation reserve |
1,097 |
1,283 |
||||
Reserve from share-based payment transactions |
14,617 |
15,167 |
||||
Accumulated deficit |
(243,597) |
(239,574) |
||||
Total equity attributable to equity holders of the Company |
20,915 |
22,652 |
||||
Non-controlling interests |
623 |
1,145 |
||||
Total equity |
21,538 |
23,797 |
||||
Total liabilities and equity |
$ 55,750 |
$ 60,676 |
||||
The accompanying notes are an integral part of the interim condensed consolidated financial statements. |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS |
||||||||
AND OTHER COMPREHENSIVE INCOME (UNAUDITED) |
||||||||
Canadian Dollars in thousands, except per share data |
||||||||
Six months ended June 30, |
Three months ended June 30, |
|||||||
2023 |
2022(*) |
2023 |
2022(*) |
|||||
(Unaudited) |
||||||||
Revenues |
$ 25,736 |
$ 25,704 |
$ 13,207 |
$ 12,703 |
||||
Cost of revenues |
18,759 |
20,023 |
9,473 |
10,108 |
||||
Gross profit before fair value adjustments |
6,977 |
5,681 |
3,734 |
2,595 |
||||
Fair value adjustments: |
||||||||
Unrealized change in fair value of biological assets |
– |
(315) |
– |
– |
||||
Realized fair value adjustments on inventory sold in the period |
(617) |
(760) |
(278) |
(394) |
||||
Total fair value adjustments |
(617) |
(1,075) |
(278) |
(394) |
||||
Gross profit |
6,360 |
4,606 |
3,456 |
2,201 |
||||
General and administrative expenses |
5,563 |
7,284 |
2,389 |
3,337 |
||||
Selling and marketing expenses |
5,427 |
5,581 |
2,622 |
3,120 |
||||
Restructuring expenses |
617 |
4,383 |
334 |
636 |
||||
Share-based compensation |
121 |
1,842 |
(137) |
732 |
||||
Total operating expenses |
11,728 |
19,090 |
5,208 |
7,825 |
||||
Operating loss |
5,368 |
14,484 |
1,752 |
5,624 |
||||
Finance income |
3,474 |
6,113 |
– |
3,227 |
||||
Finance expense |
(2,853) |
(3,530) |
(2,114) |
(2,197) |
||||
Finance income (expenses), net |
621 |
2,583 |
(2,114) |
1,030 |
||||
Loss from disposal of investment |
– |
114 |
– |
114 |
||||
Loss before income taxes |
(4,747) |
(12,015) |
(3,866) |
(4,708) |
||||
Income tax benefit |
(175) |
(1,232) |
(160) |
(1,007) |
||||
Net loss from continuing operations |
(4,572) |
(10,783) |
(3,706) |
(3,701) |
||||
Net loss from discontinued operations |
– |
(18,936) |
– |
(15,277) |
||||
Net loss |
(4,572) |
(29,719) |
(3,706) |
(18,978) |
||||
Other comprehensive income (loss) that will not be reclassified |
||||||||
Remeasurement gain on defined benefit plan |
36 |
– |
– |
– |
||||
Exchange differences on translation to presentation currency |
(661) |
(2,942) |
(99) |
(1,150) |
||||
Total other comprehensive income that will not be reclassified to |
(625) |
(2,942) |
(99) |
(1,150) |
||||
Other comprehensive income that will be reclassified to profit or |
||||||||
Adjustments arising from translating financial statements of |
466 |
1,203 |
311 |
345 |
||||
Total other comprehensive income that will be reclassified to |
466 |
1,203 |
311 |
345 |
||||
Total other comprehensive income (loss) |
(159) |
(1,739) |
212 |
(805) |
||||
Total comprehensive loss |
$ (4,731) |
$ (31,458) |
$ (3,494) |
$ (19,783) |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS |
|||||||||||
AND OTHER COMPREHENSIVE INCOME (UNAUDITED) |
|||||||||||
Canadian Dollars in thousands, except per share data |
|||||||||||
Six months ended June 30, |
Three months ended June 30, |
||||||||||
2023 |
2022(*) |
2023 |
2022(*) |
||||||||
Note |
Unaudited |
||||||||||
Net loss attributable to: |
|||||||||||
Equity holders of the Company |
$ (4,059) |
$ (28,117) |
$ (3,459) |
$ (18,665) |
|||||||
Non-controlling interests |
(513) |
(1,602) |
(247) |
(313) |
|||||||
$ (4,572) |
$ (29,719) |
$ (3,706) |
$ (18,978) |
||||||||
Total comprehensive loss attributable to: |
|||||||||||
Equity holders of the Company |
$ (4,209) |
$ (29,727) |
$ (3,250) |
$ (19,437) |
|||||||
Non-controlling interests |
(522) |
(1,731) |
(244) |
(346) |
|||||||
$ (4,731) |
$ (31,458) |
$ (3,494) |
$ (19,783) |
||||||||
Net income (loss) per share attributable to equity |
6 |
||||||||||
Basic loss per share (in CAD) |
$ (0.33) |
$ (4.05) |
$ (0.26) |
$ (2.72) |
|||||||
Diluted loss per share (in CAD) |
$ (0.33) |
$ (4.82) |
$ (0.26) |
$ (3.12) |
|||||||
Earnings (loss) per share attributable to equity holders |
|||||||||||
Basic loss per share (in CAD) |
$ (0.33) |
$ (1.32) |
$ (0.26) |
$ (0.49) |
|||||||
Diluted loss per share (in CAD) |
$ (0.33) |
$ (2.09) |
$ (0.26) |
$ (0.89) |
|||||||
Loss per share attributable to equity holders of the |
|||||||||||
Basic and diluted loss per share (in CAD) |
– |
$ (2.73) |
– |
$ (2.23) |
|||||||
(*) Reclassified in respect of discontinued operations – see Note 8. |
|||||||||||
The accompanying notes are an integral part of the interim condensed consolidated financial statements. |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||
Canadian Dollars in thousands |
||||
Six months ended June 30, |
||||
2023 |
2022 |
|||
Cash flows from operating activities: |
||||
Net loss for the period |
$ (4,572) |
$ (29,719) |
||
Adjustments for non-cash items: |
||||
Unrealized gain on changes in fair value of biological assets |
– |
(1,135) |
||
Fair value adjustment on sale of inventory |
617 |
2,517 |
||
Fair value adjustment of warrants measured at fair value and derivative assets |
(3,304) |
(5,697) |
||
Depreciation of property, plant and equipment |
337 |
1,762 |
||
Amortization of intangible assets |
898 |
1,284 |
||
Depreciation of right-of-use assets |
352 |
1,014 |
||
Finance expenses, net |
2,683 |
6,527 |
||
Deferred tax benefit, net |
(220) |
(1,836) |
||
Share-based payment |
121 |
2,658 |
||
Revaluation of other receivable |
– |
3,818 |
||
Loss from disposal of investments |
– |
114 |
||
Restructuring expenses |
– |
8,791 |
||
1,484 |
19,817 |
|||
Changes in working capital: |
||||
Increase in trade receivables, net |
(2,428) |
(4,518) |
||
Decrease (increase) in other accounts receivable |
(2,572) |
556 |
||
Decrease in biological assets, net of fair value adjustments |
– |
569 |
||
Decrease (increase) in inventories, net of fair value adjustments |
1,484 |
(570) |
||
Increase (decrease) in trade payables |
(5,078) |
3,916 |
||
Decrease in employee benefit liabilities, net |
(106) |
(182) |
||
Increase (decrease) in other accounts payable and accrued expenses |
(992) |
(337) |
||
(9,692) |
(566) |
|||
Taxes paid |
(432) |
(462) |
||
Net cash used in operating activities |
(13,212) |
(10,930) |
||
The accompanying notes are an integral part of the interim condensed consolidated financial statements. |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||
Canadian Dollars in thousands |
||||
Six months ended June 30, |
||||
2023 |
2022 |
|||
Unaudited |
||||
Cash flows from investing activities: |
||||
Purchase of property, plant and equipment |
(553) |
(1,076) |
||
Proceeds from sales of property, plant and equipment |
– |
201 |
||
Proceeds from loans receivable |
– |
350 |
||
Investments in associate |
– |
(114) |
||
Net cash used in investing activities |
$ (553) |
$ (639) |
||
Cash flow from financing activities: |
||||
Proceeds from issuance of share capital, net of issuance costs |
$ 1,688 |
$ – |
||
Proceeds from exercise of options |
– |
335 |
||
Proceeds from issuance of Warrants |
6,585 |
– |
||
Repayment of lease liability |
(345) |
(722) |
||
Payment of lease liability interest |
(34) |
(859) |
||
(Repayment) proceeds from bank loan and credit facilities, net |
(1,060) |
8,871 |
||
Interest paid |
(124) |
(504) |
||
Proceeds from factoring of checks receivables |
3,967 |
– |
||
Net cash provided by financing activities |
10,677 |
7,121 |
||
Effect of foreign exchange on cash and cash equivalents |
1,960 |
(3,594) |
||
Increase (decrease) in cash and cash equivalents |
(1,128) |
(8,042) |
||
Cash and cash equivalents at beginning of the period |
2,449 |
13,903 |
||
Cash and cash equivalents at end of the period |
$ 1,321 |
$ 5,861 |
||
Supplemental disclosure of non-cash activities: |
||||
Right-of-use asset recognized with corresponding lease liability |
$ 49 |
$ 269 |
||
Issuance of shares in payment of purchase consideration liability |
$ – |
$ 3,147 |
||
Issuance of shares and warrants in payment of debt settlement to a non- |
$ 1,061 |
$ – |
||
The accompanying notes are an integral part of the interim condensed consolidated financial statements. |
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Cannabis
Verano Announces the Opening of Zen Leaf Fairless Hills, the Company’s Newest Affiliated Dispensary in Pennsylvania, in Prime New Location
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- 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.
###
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
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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%
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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
Browse Related Reports
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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