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CORRECTING and REPLACING EPR Properties Reports First Quarter 2019 Results

Published

5 years ago

April 29, 2019

Reading Time: 13 minutes

KANSAS CITY, Mo.–(BUSINESS WIRE)–Thirteenth paragraph, second sentence of release should read: The
Company is confirming its guidance for 2019 FFO as adjusted per diluted
share of a range of $5.30 to $5.50 and confirming its 2019 investment
spending guidance of a range of $600.0 million to $800.0 million
(instead of The Company is increasing its guidance for 2019 FFO as
adjusted per diluted share to a range of $5.30 to $5.50 and confirming
its 2019 investment spending guidance of a range of $600.0 million to
$800.0 million).

The corrected release reads:

EPR PROPERTIES REPORTS FIRST QUARTER 2019 RESULTS

EPR Properties (NYSE:EPR) today announced operating results for the
first quarter ended March 31, 2019.

Total revenue was $164.5 million for the first quarter of 2019,
representing a 6% increase from $155.0 million for the same quarter in
2018.
Net income available to common shareholders was $59.3 million, or
$0.79 per diluted common share, for the first quarter of 2019 compared
to $23.5 million, or $0.32 per diluted common share, for the same
quarter in 2018.
Funds From Operations (FFO) (a non-GAAP financial measure) for the
first quarter of 2019 was $93.1 million, or $1.23 per diluted common
share, compared to $61.0 million, or $0.82 per diluted common share,
for the same quarter in 2018.
FFO as adjusted (FFOAA) (a non-GAAP financial measure) for the first
quarter of 2019 was $102.6 million, or $1.36 per diluted common share,
compared to $94.0 million, or $1.26 per diluted common share, for the
same quarter in 2018, representing an 8% increase in per share results.

“We are pleased with the sustained momentum demonstrated by our first
quarter results,“ stated Company President and CEO Greg Silvers. “We
continue to source additional growth opportunities consistent with our
focus on experiential activities which play directly into the Company’s
differentiated and deep expertise. With the expected payoff of the
mortgage associated with the Schlitterbahn water parks, we are
well-positioned with additional capital for reinvestment. As we further
expand, we will adhere to our core underwriting principles as we seek
both accretive initial returns and growth in yield.”

Portfolio Update

The Company’s investment portfolio (excluding property under
development) consisted of the following at March 31, 2019:

The Entertainment segment included investments in 157 megaplex theatre
properties, seven entertainment retail centers (which include seven
additional megaplex theatre properties) and 11 family entertainment
centers. The Company’s portfolio of owned entertainment properties
consisted of 13.7 million square feet and was 99% leased, including
megaplex theatres that were 100% leased.
The Recreation segment included investments in 12 ski areas, 20
attractions, 34 golf entertainment complexes and 13 other recreation
facilities. The Company’s portfolio of owned recreation properties was
100% leased.
The Education segment included investments in 56 public charter
schools, 69 early education centers and 15 private schools. The
Company’s portfolio of owned education properties consisted of 4.6
million square feet and was 98% leased.
The Other segment consisted primarily of the land under ground lease,
property under development and land held for development related to
the Resorts World Catskills project in Sullivan County, New York.

The Company’s combined owned portfolio consisted of 22.4 million square
feet and was 99% leased. As of March 31, 2019, the Company also had a
total of $315.2 million invested in property under development.

Investment Update

The Company’s investment spending for the three months ended March 31,
2019 totaled $174.6 million, and included investments in each of its
operating segments:

Entertainment investment spending during the three months ended
March 31, 2019 totaled $117.9 million, including spending on the
acquisition of five megaplex theatres totaling $93.3 million,
build-to-suit development and redevelopment of megaplex theatres,
entertainment retail centers and family entertainment centers.
Recreation investment spending during the three months ended March 31,
2019 totaled $44.2 million, including spending on build-to-suit
development of golf entertainment complexes and attractions.
Education investment spending during the three months ended March 31,
2019 totaled $12.3 million, including spending on build-to-suit
development and redevelopment of public charter schools, early
education centers and private schools.
Other investment spending during the three months ended March 31, 2019
totaled $0.2 million, and was related to the Resorts World Catskills
project in Sullivan County, New York.

Capital Recycling

During the first quarter of 2019, pursuant to tenant purchase options,
the Company completed the sale of two public charter schools located in
Florida and North Carolina for net proceeds totaling $23.3 million. In
connection with these sales, the Company recognized a gain on sale of
$5.4 million.

During the first quarter of 2019, the Company completed the sale of one
recreation property and four education properties for net proceeds
totaling $14.4 million and recognized a net gain on sale of $0.9 million.

Disposition proceeds totaled $37.7 million for the first quarter of
2019. Additionally, the Company expects the payoff of the mortgages
associated with the Schlitterbahn waterparks of approximately $190.0
million during the second quarter.

Balance Sheet Update

Excluding prepayment penalties from earnings, the Company had a net debt
to adjusted EBITDA ratio (a non-GAAP financial measure) of 5.7x at
March 31, 2019. The Company had $11.1 million of unrestricted cash on
hand and $70.0 outstanding balance under its $1.0 billion unsecured
revolving credit facility at March 31, 2019.

During the quarter, the Company issued 1,059,656 common shares under its
Direct Share Purchase Plan (DSPP) for net proceeds of $78.6 million.

Dividend Information

The Company declared regular monthly cash dividends during the first
quarter of 2019 totaling $1.125 per common share. This dividend
represents an annualized dividend of $4.50 per common share, an increase
of 4.2% over the prior year, and is the Company’s ninth consecutive year
with a significant annual dividend increase.

The Company also declared first quarter cash dividends of $0.359375 per
share on its 5.75% Series C cumulative convertible preferred shares,
$0.5625 per share on its 9.00% Series E cumulative convertible preferred
shares and $0.359375 per share on its 5.75% Series G cumulative
redeemable preferred shares.

2019 Guidance

The Company’s updated 2019 guidance for net income per diluted share is
$3.10 to $3.30. The Company is confirming its guidance for 2019 FFO as
adjusted per diluted share of a range of $5.30 to $5.50 and confirming
its 2019 investment spending guidance of a range of $600.0 million to
$800.0 million. The Company is increasing its 2019 expected disposition
proceeds to a range of $300.0 million to $400.0 million from a range of
$100.0 million to $200.0 million.

FFO as adjusted guidance for 2019 is based on FFO per diluted share of
$4.91 to $5.06 adjusted for estimated transaction costs, termination
fees related to public charter schools, deferred income tax expense and
the impact of Series C and Series E dilution. FFO per diluted share is
based on a net income per diluted share range of $3.10 to $3.30 less
estimated gain on sale of real estate of a range of $0.29 to $0.34 and
the impact of Series C and Series E dilution of $0.05, plus estimated
real estate depreciation of $2.11 and allocated share of joint venture
depreciation of $0.04 (in accordance with the NAREIT definition of FFO).

Quarterly Supplemental

The Company’s supplemental information package for the first quarter
ended March 31, 2019 is available on the Company’s website at http://investors.eprkc.com/earnings-supplementals.


EPR Properties
Consolidated Statements of Income
(Unaudited, dollars in thousands except per share data)

	Three Months Ended March 31,
	2019			2018
Rental revenue	$	150,723		$	132,924
Other income	344			630
Mortgage and other financing income	13,475			21,414
Total revenue	164,542			154,968
Property operating expense	15,793			7,564
General and administrative expense	12,130			12,324
Costs associated with loan refinancing or payoff	—			31,943
Interest expense, net	33,826			34,337
Transaction costs	5,123			609
Depreciation and amortization	39,743			37,684
Income before equity in income from joint ventures and other items	57,927			30,507
Equity in income from joint ventures	489			51
Gain on sale of real estate	6,328			—
Income before income taxes	64,744			30,558
Income tax benefit (expense)	605			(1,020		)
Net income	65,349			29,538
Preferred dividend requirements	(6,034		)	(6,036		)
Net income available to common shareholders of EPR Properties	$	59,315		$	23,502
Per share data attributable to EPR Properties common shareholders:
Basic earnings per share data:
Net income available to common shareholders	$	0.79		$	0.32
Diluted earnings per share data:
Net income available to common shareholders	$	0.79		$	0.32
Shares used for computation (in thousands):
Basic	74,679			74,146
Diluted	74,725			74,180

EPR Properties
Condensed Consolidated Balance Sheets
(Unaudited, dollars in thousands)

	March 31, 2019		December 31, 2018
Assets
Rental properties, net of accumulated depreciation of $920,409 and $883,174 at March 31, 2019 and December 31, 2018, respectively	$	5,072,298	$	5,024,057
Land held for development	28,080		34,177
Property under development	315,237		287,546
Operating lease right-of-use assets	211,299		—
Mortgage notes and related accrued interest receivable	527,627		517,467
Investment in direct financing leases, net	20,616		20,558
Investment in joint ventures	35,188		34,486
Cash and cash equivalents	11,116		5,872
Restricted cash	11,166		12,635
Accounts receivable	111,146		98,369
Other assets	87,458		96,223
Total assets	$	6,431,231	$	6,131,390
Liabilities and Equity
Accounts payable and accrued liabilities	$	117,746	$	168,463
Operating lease liabilities	235,612		—
Dividends payable	34,340		32,799
Unearned rents and interest	85,012		79,051
Debt	3,045,742		2,986,054
Total liabilities	3,518,452		3,266,367
Total equity	$	2,912,779	$	2,865,023
Total liabilities and equity	$	6,431,231	$	6,131,390

EPR Properties
Reconciliation of Non-GAAP Financial Measures
(Unaudited, dollars in thousands except per share data)

	Three Months Ended March 31,
	2019			2018
FFO: (A)
Net income available to common shareholders of EPR Properties	$	59,315		$	23,502
Gain on sale of real estate	(6,328		)	—
Real estate depreciation and amortization	39,514			37,464
Allocated share of joint venture depreciation	555			58
FFO available to common shareholders of EPR Properties	$	93,056		$	61,024

FFO available to common shareholders of EPR Properties	$	93,056		$	61,024
Add: Preferred dividends for Series C preferred shares	1,939			—
Add: Preferred dividends for Series E preferred shares	1,939			—
Diluted FFO available to common shareholders of EPR Properties	$	96,934		$	61,024

FFOAA: (A)
FFO available to common shareholders of EPR Properties	$	93,056		$	61,024
Costs associated with loan refinancing or payoff	—			31,943
Transaction costs	5,123			609
Termination fee included in gain on sale	5,001			—
Deferred income tax (benefit) expense	(609		)	428
FFOAA available to common shareholders of EPR Properties	$	102,571		$	94,004

FFOAA available to common shareholders of EPR Properties	$	102,571		$	94,004
Add: Preferred dividends for Series C preferred shares	1,939			1,940
Add: Preferred dividends for Series E preferred shares	1,939			1,939
Diluted FFOAA available to common shareholders of EPR Properties	$	106,449		$	97,883

FFO per common share:
Basic	$	1.25		$	0.82
Diluted	1.23			0.82
FFOAA per common share:
Basic	$	1.37		$	1.27
Diluted	1.36			1.26
Shares used for computation (in thousands):
Basic	74,679			74,146
Diluted	74,725			74,180

Weighted average shares outstanding-diluted EPS	74,725			74,180
Effect of dilutive Series C preferred shares	2,145			2,098
Adjusted weighted average shares outstanding-diluted Series C	76,870			76,278
Effect of dilutive Series E preferred shares	1,622			1,598
Adjusted weighted average shares outstanding-diluted Series C and Series E	78,492			77,876

Other financial information:
Straight-lined rental revenue	$	2,414		$	1,874
Dividends per common share	$	1.125		$	1.080

(A)		NAREIT developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, the Company calculates FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from disposition of real estate and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition. In addition to FFO, the Company presents FFO as adjusted (FFOAA). Management believes it is useful to provide FFOAA as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFOAA is FFO plus costs (gain) associated with loan refinancing or payoff, transaction costs, severance expense, litigation settlement expense, preferred share redemption costs, termination fees associated with tenants’ exercises of education properties buy-out options, impairment of direct financing lease (allowance for lease loss portion) and provision for loan losses, and by subtracting gain on early extinguishment of debt, gain on insurance recovery and deferred tax benefit (expense). FFO and FFOAA are non-GAAP financial measures. FFO and FFOAA do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company’s operations, cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO or FFOAA the same way so comparisons of each of these non-GAAP measures with other REITs may not be meaningful.

The conversion of the 5.75% Series C cumulative convertible preferred
shares and the 9.00% Series E cumulative convertible preferred shares
would be dilutive to FFO and FFOAA per share for the three months ended
March 31, 2019. Therefore, the additional 2.1 million common shares and
1.6 million common shares that would result from the conversion and the
corresponding add-back of the preferred dividends declared on those
shares are included in the calculation of diluted FFO per share and
diluted FFOAA per share for the three months ended March 31, 2019.

The effect of the conversion of the 5.75% Series C cumulative
convertible preferred shares and the 9.00% Series E cumulative
convertible preferred shares do not result in more dilution to per share
results and are therefore not included in the calculation of diluted FFO
per share data for the three months ended March 31, 2018. The conversion
of the 5.75% Series C cumulative convertible preferred shares and the
9.00% Series E cumulative convertible preferred shares would be dilutive
to FFOAA per share for the three months ended March 31, 2018. Therefore,
the additional 2.1 million and 1.6 million common shares that would
result from the conversion and the corresponding add-back of the
preferred dividends declared on those shares are included in the
calculation of diluted FFOAA per share for the three months ended March
31, 2018.

Net Debt to Adjusted EBITDA Ratio

Net Debt to Adjusted EBITDA Ratio is a supplemental measure derived from
non-GAAP financial measures the Company uses to evaluate its capital
structure and the magnitude of its debt against its operating
performance. The Company believes that investors commonly use versions
of this ratio in a similar manner. In addition, financial institutions
use versions of this ratio in connection with debt agreements to set
pricing and covenant limitations. The Company’s method of calculating
Net Debt to Adjusted EBITDA Ratio may be different from methods used by
other REITs and, accordingly, may not be comparable to such other REITs.
Reconciliations of debt and net income (both reported in accordance with
GAAP) to Net Debt, EBITDAre, Adjusted EBITDA, and Net Debt to Adjusted
EBITDA Ratio (each of which is a non-GAAP financial measure) are
included in the following tables (unaudited, in thousands):

	March 31,
	2019			2018
Net Debt: (B)
Debt	$	3,045,742		$	3,131,437
Deferred financing costs, net	32,838			28,558
Cash and cash equivalents	(11,116		)	(24,514		)
Net Debt	$	3,067,464		$	3,135,481

	Three Months Ended March 31,
	2019			2018
EBITDAre and Adjusted EBITDA:
Net income	$	65,349		$	29,538
Interest expense, net	33,826			34,337
Income tax (benefit) expense	(605		)	1,020
Depreciation and amortization	39,743			37,684
Gain on sale of real estate	(6,328		)	—
Costs associated with loan refinancing or payoff	—			31,943
Equity in income from joint ventures	(489		)	(51		)
EBITDAre (for the quarter) (C)	$	131,496		$	134,471

Transaction costs	5,123			609
Prepayment fees	(900		)	—
Adjusted EBITDA (for the quarter)	$	135,719		$	135,080

Adjusted EBITDA (1) (D)	$	542,876		$	540,320

Net Debt/Adjusted EBITDA Ratio	5.7			5.8

(1) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.

(B)		Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced for cash and cash equivalents. By excluding deferred financing costs, net and reducing debt for cash and cash equivalents on hand, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding our financial condition. The Company’s method of calculating Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

(C)		NAREIT developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company’s capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax expense (benefit), depreciation and amortization, gains and losses from disposition of real estate, impairment losses on real estate, costs (gain) associated with loan refinancing or payoff and adjustments for unconsolidated partnerships, joint ventures and other affiliates.

		Management provides EBITDAre herein because it believes this information is useful to investors as a supplemental performance measure as it can help facilitate comparisons of operating performance between periods and with other REITs. EBITDAre does not represent cash flow from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company’s operations or cash flows or liquidity as defined by GAAP.

(D)		Management uses Adjusted EBITDA in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDA is useful to investors because it excludes various items that management believes are not indicative of operating performance, and that it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDA as EBITDAre (defined above) excluding gain on insurance recovery, severance expense, litigation settlement expense, impairment of direct financing lease (allowance for lease loss portion), the provision for loan losses, transaction costs and prepayment fees, and which is then multiplied by four to get an annual amount.

		The Company’s method of calculating Adjusted EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDA is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

About EPR Properties

EPR Properties is a specialty real estate investment trust (REIT) that
invests in properties in select market segments which require unique
industry knowledge, while offering the potential for stable and
attractive returns. Our total investments are nearly $7.0 billion and
our primary investment segments are Entertainment, Recreation and
Education. We adhere to rigorous underwriting and investing criteria
centered on key industry and property level cash flow standards. We
believe our focused niche approach provides a competitive advantage, and
the potential for higher growth and better yields.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

With the exception of historical information, certain statements
contained or incorporated by reference herein may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), such as those pertaining to our acquisition or
disposition of properties, our capital resources, future expenditures
for development projects, expected dividend payments, and our results of
operations and financial condition. Forward-looking statements
involve numerous risks and uncertainties and you should not rely on them
as predictions of actual events. There is no assurance the events
or circumstances reflected in the forward-looking statements will occur.
You can identify forward-looking statements by use of words such as
“will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,”
“anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,”
“plans,” “would” or other similar expressions or other comparable terms
or discussions of strategy, plans or intentions contained or
incorporated by reference herein. While references to commitments
for investment spending are based on present commitments and agreements
of the Company, we cannot provide assurance that these transactions will
be completed on satisfactory terms. In addition, references to
our budgeted amounts and guidance are forward-looking statements. Forward-looking
statements necessarily are dependent on assumptions, data or methods
that may be incorrect or imprecise.

Contacts

EPR Properties
Brian Moriarty, 888-EPR-REIT
www.eprkc.com

Read full story here

transfer

IMC to transfer its Oranim Pharmacy shares back to the seller

Published

16 mins ago

April 16, 2024

CISION (PR Newswire)

imc-to-transfer-its-oranim-pharmacy-shares-back-to-the-seller

TORONTO and GLIL YAM, Israel, April 16, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company” or “IMC“), a leading medical cannabis company with operations in Israel and Germany, is announcing that, further to the news release dated January 12, 2024, the Company has decided not to make remaining installment payments installments (i.e. NIS 5,873K including interest or 2,154K CAD) by IMC Holdings Ltd., and as such will transfer the 51% shares held by IMC Holdings Ltd back to the seller.

“With the April 1^st cannabis legalization in Germany, we are focusing our resources on the German market, where we expect to see the biggest growth potential,” said Oren Shuster, CEO of IMC. “With both of our core markets, Germany and Israel, currently undergoing rapid evolution, we need to assure that we allocate our resources to the growth opportunities where we expect the best return on investment.”

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’s 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 exited 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, the occurrence of growth opportunities and the likelihood of growth potential.

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 effect of the reform on the Company; 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

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.

Company Contacts:

Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]

Oren Shuster, Chief Executive Officer
IM Cannabis Corp.
[email protected]

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CCELL®

CCELL Launches Environmentally Conscious Eco Star AIO Vaporizer

Published

23 hours ago

April 15, 2024

CISION (PR Newswire)

ccell-launches-environmentally-conscious-eco-star-aio-vaporizer

SHENZHEN, China, April 15, 2024 /PRNewswire/ — CCELL®, the world’s leading technology brand focused on creating trendsetting vape hardware products and advanced vaporization technology, today announced the launch of the Eco Star, the company’s all-in-one vaporizer focused on sustainability, wide-ranging oil compatibility, and ease of use.

The Eco Star’s casing material is made of biodegradable and plant-based PLA, a material that can be decomposed by bacteria or other living organisms. By adopting this type of eco-friendly casing, CCELL seeks to provide an option that can reduce the cannabis industry’s overall environmental impact and build a more sustainable society.

Built within the casing is a removable and recyclable lithium-ion battery. This thoughtful pull-apart design allows consumers to easily remove the battery before disposing of the casing, empowering them to contribute towards a greener Earth.

The Eco Star also features complete compatibility with all types of cannabis oils, clog-free dual air vents, and an isolated airway that ensures the cleanest possible vapor.

With increasing environmental challenges worldwide and tightening regulations on vape products, the Eco Star was introduced with the intention of raising environmental awareness across the industry.

The company has also implemented other measures to align its practices with its long-standing sustainability-focused values. These include offering biodegradable and plant-based PLA mouthpieces among its customization options. Additionally, the company uses energy-efficient aqueous processing in producing its patented ceramic heating cores to reduce greenhouse gas emissions.

Before the product’s official launch, CCELL provided their customers and consumers with an early look at the Eco Star at TPE24 and Hall of Flowers Ventura in the US, and Spannabis Barcelona in Spain.

Disclaimer for battery disposal: CCELL does not recycle lithium-ion batteries. Battery recycling requirements may vary by country, city, etc. Please contact your local recycling center for more details before disposal.

About CCELL®

CCELL® is a technology brand and global innovator in the portable vaporizer space that revolutionized the industry by introducing the ceramic heating component. CCELL® was born in the headquarters of Shenzhen Smoore Technology Limited, which has more than 10 years of expertise in the vaporization industry. With advanced R&D resources, patented technologies, strong production capabilities, and reliable quality control systems, CCELL® is recognized around the world for its exceptional vaporization technology and top-quality devices.

Learn more about CCELL® at www.ccell.com as well as on LinkedIn, Instagram, Facebook, Twitter, and YouTube.