/home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
">
Warning: Undefined array key 0 in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
Warning: Attempt to read property "cat_name" on null in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
Getty Realty Corp. Announces First Quarter 2019 Results
JERICHO, N.Y.–(BUSINESS WIRE)–Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced
today its financial results for the quarter ended March 31, 2019.
Highlights For The First Quarter
- Net earnings of $0.26 per share
- Funds From Operations (FFO) of $0.43 per share
- Adjusted Funds From Operations (AFFO) of $0.42 per share
- Completed one redevelopment project
- Re-Affirms 2019 Outlook
Christopher J. Constant, Getty’s President & Chief Executive Officer
commented, “In the first quarter, we produced solid revenue growth
reflecting the additional properties we added last year. We remain
focused on growing our national portfolio of convenience stores and
gasoline stations in markets that have high barriers to entry in
established metropolitan areas, along with targeted high growth markets.
We maintain a well occupied portfolio which generates stable growth,
while continuing to analyze our growing acquisition and redevelopment
pipeline of opportunities that would be accretive to earnings. With a
strong balance sheet and stable cashflows, we will continue to work to
deliver additional value to our shareholders.”
Net Earnings
The Company reported net earnings for the quarter ended March 31, 2019,
of $10.9 million, or $0.26 per share, as compared to net earnings of
$10.0 million, or $0.25 per share, for the same period in 2018.
Funds From Operations (FFO) and Adjusted Funds From Operations
(AFFO)
FFO for the quarter ended March 31, 2019, was $17.8 million, or $0.43
per share, as compared to $17.8 million, or $0.44 per share, for the
same period in 2018.
AFFO for the quarter ended March 31, 2019, was $17.5 million, or $0.42
per share, as compared to $16.8 million, or $0.42 per share, for the
same period in 2018.
All per share amounts in this press release are presented on a fully
diluted per common share basis, unless stated otherwise. FFO and AFFO
are defined and reconciled to net earnings in the financial tables at
the end of this release. See “Non-GAAP Financial Measures” below.
Results of Operations
Revenues from rental properties increased 6.1%, or $1.9 million, to
$33.3 million for the quarter ended March 31, 2019, as compared to $31.4
million for the same period in 2018. The growth in revenues from rental
properties for the quarter ended March 31, 2019, was primarily due to
revenue from properties acquired by the Company in 2018, along with
contractual increases. Tenant reimbursements included in revenues from
rental properties, which consist of real estate taxes and other
municipal charges paid by the Company which were reimbursable by the
tenants pursuant to the terms of triple-net lease agreements, were $3.7
million and $3.1 million for the three months ended March 31, 2019 and
2018, respectively.
Property costs were $5.5 million for the quarter ended March 31, 2019,
as compared to $4.9 million for the same period in 2018. The increase
was principally due to higher reimbursable real estate taxes and
professional fees related to property redevelopments.
Environmental expenses were $0.9 million for the quarter ended March 31,
2019, as compared to $1.0 million for the same period in 2018. The
decrease was principally due to lower environmental legal and
professional fees. Environmental expenses vary from period to period
and, accordingly, undue reliance should not be placed on the magnitude
or the direction of change in reported environmental expenses for one
period, as compared to prior periods.
General and administrative expense was $4.0 million for the quarter
ended March 31, 2019, as compared to $3.6 million for the same period in
2018. The increase in general and administrative expense for the quarter
ended March 31, 2019, was principally due to $0.3 million of
non-recurring employee related expenses attributable to retirement costs.
Impairment charges were $0.8 million for the quarter ended March 31,
2019, as compared to $2.8 million for the same period in 2018.
Impairment charges for the quarter ended March 31, 2019 and 2018, were
primarily attributable to the effect of adding asset retirement costs
due to changes in estimates associated with the Company’s environmental
liabilities, reductions in estimated undiscounted cash flows expected to
be received during the assumed holding period for certain of its
properties, and reductions in estimated sales prices from third-party
offers based on signed contracts, letters of intent or indicative bids
for certain of its properties.
Portfolio Activities
There were no property acquisitions or dispositions during the quarter
ended March 31, 2019 and 2018.
Redevelopment Activities
During the quarter ended March 31, 2019, rent commenced on one
redevelopment project and the Company spent $0.2 million (net of
write-offs) of construction-in-progress costs.
As of March 31, 2019, the Company was actively redeveloping seven of its
properties either as a new convenience and gasoline use or for
alternative single-tenant net lease retail uses. In addition, as of
March 31, 2019, the Company had signed leases on five properties, that
are currently part of its net lease portfolio, which will be recaptured
and transferred to redevelopment when the appropriate entitlements,
permits and approvals have been secured.
Balance Sheet
In connection with the adoption of the new lease accounting standard, on
January 1, 2019, the Company recognized operating lease right-of-use
assets of $25.6 million (net of deferred rent expense) and operating
lease liabilities of $26.1 million.
As of March 31, 2019, the Company had $415.0 million of outstanding
indebtedness with a weighted average interest rate of 5.2%. The
Company’s indebtedness consisted of $90.0 million in aggregate
borrowings under its credit agreement and an aggregate principal amount
of $325.0 million of senior unsecured notes. Total cash and cash
equivalents were $19.1 million as of March 31, 2019.
2019 Guidance
The Company reaffirms its 2019 AFFO guidance at a range of $1.71 to
$1.75 per diluted share. The Company’s guidance does not assume any
potential future acquisitions or capital markets activities. The
guidance is based on current plans and assumptions and is subject to
risks and uncertainties more fully described in this press release and
the Company’s periodic reports filed with the Securities and Exchange
Commission.
Conference Call Information
Getty Realty Corp. will host a conference call and webcast on Wednesday,
May 1, 2019, at 8:30 a.m. EDT. To participate in the call, please dial
(800) 289-0438, or (323) 794-2423 for international participants, ten
minutes before the scheduled start. Participants may also access the
call via live webcast by visiting the investors section of the Company’s
website at ir.gettyrealty.com.
A replay will be available on Wednesday, May 1, 2019, beginning at 11:30
a.m. EDT through 11:59 p.m. EDT, Wednesday, May 8, 2019. To access the
replay, please dial (844) 512-2921, or (412) 317-6671 for international
participants, and reference pass code 7172224.
About Getty Realty Corp.
Getty Realty Corp. is the leading publicly-traded real estate investment
trust in the United States specializing in the ownership, leasing and
financing of convenience store and gasoline station properties. As of
March 31, 2019, the Company owned 859 properties and leased 73
properties from third-party landlords in 30 states across the United
States and Washington, D.C.
Non-GAAP Financial Measures
In addition to measurements defined by accounting principles generally
accepted in the United States of America (“GAAP”), the Company also
focuses on Funds From Operations (“FFO”) and Adjusted Funds From
Operations (“AFFO”) to measure its performance. FFO and AFFO are
generally considered by analysts and investors to be appropriate
supplemental non-GAAP measures of the performance of REITs. FFO and AFFO
are not in accordance with, or a substitute for, measures prepared in
accordance with GAAP. In addition, FFO and AFFO are not based on any
comprehensive set of accounting rules or principles. Neither FFO nor
AFFO represent cash generated from operating activities calculated in
accordance with GAAP and therefore these measures should not be
considered an alternative for GAAP net earnings or as a measure of
liquidity. These measures should only be used to evaluate the Company’s
performance in conjunction with corresponding GAAP measures.
FFO is defined by the National Association of Real Estate Investment
Trusts as GAAP net earnings before depreciation and amortization of real
estate assets, gains or losses on dispositions of real estate,
impairment charges and cumulative effect of accounting change. The
Company’s definition of AFFO is defined as FFO less (i) Revenue
Recognition Adjustments (net of allowances), (ii) non-cash changes in
environmental estimates, (iii) non-cash environmental accretion expense,
(iv) environmental litigation accruals, (v) insurance reimbursements,
(vi) legal settlements and judgments, (vii) acquisition costs expensed
and (viii) other unusual items that are not reflective of the Company’s
core operating performance. Other REITs may use definitions of FFO
and/or AFFO that are different than the Company’s and, accordingly, may
not be comparable.
FFO excludes various items such as depreciation and amortization of real
estate assets, gains or losses on dispositions of real estate and
impairment charges. In the Company’s case, however, GAAP net earnings
and FFO typically include the impact of revenue recognition adjustments
comprised of deferred rental revenue (straight-line rental revenue), the
net amortization of above-market and below-market leases, adjustments
recorded for recognition of rental income recognized from direct
financing leases on revenues from rental properties and the amortization
of deferred lease incentives, as offset by the impact of related
collection reserves. Deferred rental revenue results primarily from
fixed rental increases scheduled under certain leases with the Company’s
tenants. In accordance with GAAP, the aggregate minimum rent due over
the current term of these leases is recognized on a straight-line basis
rather than when payment is contractually due. The present value of the
difference between the fair market rent and the contractual rent for
in-place leases at the time properties are acquired is amortized into
revenue from rental properties over the remaining lives of the in-place
leases. Income from direct financing leases is recognized over the lease
terms using the effective interest method, which produces a constant
periodic rate of return on the net investments in the leased properties.
The amortization of deferred lease incentives represents the Company’s
funding commitment in certain leases, which deferred expense is
recognized on a straight-line basis as a reduction of rental revenue.
GAAP net earnings and FFO include non-cash changes in environmental
estimates and environmental accretion expense, which do not impact the
Company’s recurring cash flow. GAAP net earnings and FFO also include
environmental litigation accruals, insurance reimbursements, and legal
settlements and judgments, which items are not indicative of the
Company’s core operating performance. GAAP net earnings and FFO from
time to time may also include acquisition costs expensed and other
unusual items that are not reflective of the Company’s core operating
performance. Acquisition costs are expensed, generally in the period
when properties are acquired and are not reflective of our core
operating performance.
The Company pays particular attention to AFFO, as the Company believes
it best represents its core operating performance. In the Company’s
view, AFFO provides a more accurate depiction than FFO of its core
operating performance. By providing AFFO, the Company believes that it
is presenting useful information that assists analysts and investors to
better assess its core operating performance. Further, the Company
believes that AFFO is useful in comparing the sustainability of its core
operating performance with the sustainability of the core operating
performance of other real estate companies.
Forward-Looking Statements
CERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING
STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. WHEN THE WORDS “BELIEVES,” “EXPECTS,” “PLANS,”
“PROJECTS,” “ESTIMATES,” “ANTICIPATES,” “PREDICTS” AND SIMILAR
EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE
FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S CURRENT BELIEFS AND
ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND
INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH
MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY
TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR
ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS.
EXAMPLES OF FORWARD-LOOKING STATEMENTS INCLUDE, BUT ARE NOT LIMITED TO,
THOSE REGARDING THE COMPANY’S 2019 AFFO PER SHARE GUIDANCE, THOSE MADE
BY MR. CONSTANT, STATEMENTS REGARDING THE RECAPTURE AND TRANSFER OF
CERTAIN NET LEASE RETAIL PROPERTIES, AND STATEMENTS REGARDING THE
ABILITY TO OBTAIN APPROPRIATE PERMITS AND APPROVALS.
INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN
BE FOUND IN THE COMPANY’S PERIODIC REPORTS FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY
RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE
EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED
EVENTS.
|
GETTY REALTY CORP. CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except per share amounts) |
||||||||
|
March 31, |
December 31, |
|||||||
| ASSETS | ||||||||
| Real estate: | ||||||||
| Land | $ | 630,653 | $ | 631,185 | ||||
| Buildings and improvements | 406,812 | 409,753 | ||||||
| Construction in progress | 2,023 | 2,168 | ||||||
| 1,039,488 | 1,043,106 | |||||||
| Less accumulated depreciation and amortization | (154,132 | ) | (150,691 | ) | ||||
| Real estate held for use, net | 885,356 | 892,415 | ||||||
| Real estate held for sale, net | 630 | — | ||||||
| Real estate, net | 885,986 | 892,415 | ||||||
| Investment in direct financing leases, net | 85,066 | 85,892 | ||||||
| Notes and mortgages receivable | 32,015 | 33,519 | ||||||
| Cash and cash equivalents | 19,145 | 46,892 | ||||||
| Restricted cash | 1,938 | 1,850 | ||||||
| Deferred rent receivable | 38,676 | 37,722 | ||||||
|
Accounts receivable, net of allowance of $1,950 and $2,094, respectively |
1,522 | 3,008 | ||||||
| Right-of-use assets – operating | 24,649 | — | ||||||
| Right-of-use assets – finance | 1,156 | — | ||||||
| Prepaid expenses and other assets | 57,339 | 57,877 | ||||||
| Total assets | $ | 1,147,492 | $ | 1,159,175 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Borrowings under credit agreement, net | $ | 87,433 | $ | 117,227 | ||||
| Senior unsecured notes, net | 324,438 | 324,409 | ||||||
| Environmental remediation obligations | 59,250 | 59,821 | ||||||
| Dividends payable | 14,555 | 14,495 | ||||||
| Lease liability – operating | 25,201 | — | ||||||
| Lease liability – finance | 4,606 | — | ||||||
| Accounts payable and accrued liabilities | 53,774 | 62,059 | ||||||
| Total liabilities | 569,257 | 578,011 | ||||||
| Commitments and contingencies | — | — | ||||||
| Stockholders’ equity: | ||||||||
|
Preferred stock, $0.01 par value; 20,000,000 shares authorized; unissued |
— | — | ||||||
|
Common stock, $0.01 par value; 100,000,000 shares authorized; |
409 | 409 | ||||||
| Additional paid-in capital | 638,877 | 638,178 | ||||||
| Dividends paid in excess of earnings | (61,051 | ) | (57,423 | ) | ||||
| Total stockholders’ equity | 578,235 | 581,164 | ||||||
| Total liabilities and stockholders’ equity | $ | 1,147,492 | $ | 1,159,175 | ||||
|
GETTY REALTY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share amounts) |
||||||||
|
Three Months Ended |
||||||||
| 2019 | 2018 | |||||||
| Revenues: | ||||||||
| Revenues from rental properties | $ | 33,287 | $ | 31,352 | ||||
| Interest on notes and mortgages receivable | 762 | 764 | ||||||
| Total revenues | 34,049 | 32,116 | ||||||
| Operating expenses: | ||||||||
| Property costs | 5,495 | 4,935 | ||||||
| Impairments | 771 | 2,817 | ||||||
| Environmental | 903 | 987 | ||||||
| General and administrative | 3,977 | 3,587 | ||||||
| Allowance for uncollectible accounts | 85 | 126 | ||||||
| Depreciation and amortization | 6,099 | 5,594 | ||||||
| Total operating expenses | 17,330 | 18,046 | ||||||
| Gain (loss) on dispositions of real estate | (51 | ) | 649 | |||||
| Operating income | 16,668 | 14,719 | ||||||
| Other income (expense), net | 205 | 363 | ||||||
| Interest expense | (5,946 | ) | (5,050 | ) | ||||
| Net earnings | $ | 10,927 | $ | 10,032 | ||||
| Basic earnings per common share: | ||||||||
| Net earnings | $ | 0.26 | $ | 0.25 | ||||
| Diluted earnings per common share: | ||||||||
| Net earnings | $ | 0.26 | $ | 0.25 | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 40,873 | 39,710 | ||||||
| Diluted | 40,891 | 39,712 | ||||||
|
GETTY REALTY CORP. RECONCILIATION OF NET EARNINGS TO FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS (Unaudited) (in thousands, except per share amounts) |
||||||||
|
Three Months Ended |
||||||||
| 2019 | 2018 | |||||||
| Net earnings | $ | 10,927 | $ | 10,032 | ||||
| Depreciation and amortization of real estate assets | 6,099 | 5,594 | ||||||
| (Gain) loss on dispositions of real estate | 51 | (649 | ) | |||||
| Impairments | 771 | 2,817 | ||||||
| Funds from operations | 17,848 | 17,794 | ||||||
| Revenue recognition adjustments | (379 | ) | (782 | ) | ||||
| Changes in environmental estimates | (341 | ) | (512 | ) | ||||
| Accretion expense | 538 | 691 | ||||||
| Environmental litigation accruals | 45 | — | ||||||
| Insurance reimbursements | (191 | ) | (215 | ) | ||||
| Legal settlements and judgments | — | (147 | ) | |||||
| Adjusted funds from operations | $ | 17,520 | $ | 16,829 | ||||
| Basic per share amounts: | ||||||||
| Earnings per share | $ | 0.26 | $ | 0.25 | ||||
| Funds from operations per share | 0.43 | 0.44 | ||||||
| Adjusted funds from operations per share | $ | 0.42 | $ | 0.42 | ||||
| Diluted per share amounts: | ||||||||
| Earnings per share | $ | 0.26 | $ | 0.25 | ||||
| Funds from operations per share | 0.43 | 0.44 | ||||||
| Adjusted funds from operations per share | $ | 0.42 | $ | 0.42 | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 40,873 | 39,710 | ||||||
| Diluted | 40,891 | 39,712 | ||||||
Contacts
Danion Fielding
Chief Financial Officer
(516) 478-5400
Investor Relations
(516) 478-5418
[email protected]
Warning: Undefined array key 0 in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493
Warning: Attempt to read property "cat_ID" on null in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493
Cannabis
Cannabis Capsule Global Analysis Report 2024: Market to Reach $79.2 Billion in 2028 – Forecast to 2033 Featuring GW Pharmaceuticals, Trulieve Cannabis, Green Thumb Industries, Tilray, Columbia Care
Innocan
Innocan Pharma Initiates FDA Approval Process for Liposome Injection Therapy for Chronic Pain
With its submission of a Pre-IND Meeting Request Letter, Innocan initiates the regulatory process with the U.S. Food and Drug Administration (FDA) for the approval of its prolonged CBD release technology for human use
HERZLIYA, Israel and CALGARY, AB, April 22, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), is pleased to announce that is has reached a key milestone: the Company submitted its letter of application for a Pre-IND meeting, the first phase in the FDA approval process in the United States for Innocan’s Liposome-Cannabidiol (LPT-CBD) injectable treatment of chronic pain.
With the global market for pain therapeutics widely expected to exceed US$100 billion by 2032[1], LPT therapy which requires only one single monthly subcutaneous injection, is positioned as a highly attractive alternative to opioid-based approaches. Opioids have and continue to take a significant human toll in recent years, with more than three-quarters of drug overdose deaths in the United States involving opioids, according to the United States Center for Disease Control and Prevention[2].
Innocan’s therapy has shown consistent efficacy in multiple pre-clinical trials in recent years of it’s LPT-CBD injectable treatment through prolonged and controlled release of CBD in animals with chronic pain conditions. Innocan’s Pre-IND Meeting Request Letter to the FDA is a key milestone and important first step in seeking approval of its LPT-CBD therapy for use in humans. At the Pre-IND meeting, the objective will be to obtain guidance from the FDA on the preclinical and clinical development plan, enabling the initiation of an Investigational New Drug (IND) program in the United States.
Iris Bincovich, CEO of Innocan, commented: “We are extremely excited to embark on this next stage in the development of LPT-CBD injectables, this is a major Milestone for Innocan Pharma. We have invested significant effort and many thousands of person-hours in its research and development, accumulating a wealth of preclinical data that will serve as the foundation for our participation in the FDA process. This is a key milestone for Innocan and marks our first step towards the FDA’s recognition of our technology. We see significant potential for our therapy, with an addressable market for pain management therapeutics expected to exceed US $100 billion by 2032, and we look forward to tapping that.“
Dr. Joseph Pergolizzi, Innocan’s FDA Advisory Board Member, added:
“We have worked hard to catalogue the data collected as part of our animal LPT therapy testing program and prepare it for the FDA. We look forward to working under FDA guidance, with the goal of completing the review process as quickly and efficiently as possible. We believe that Innocan’s unique treatment method, if and when it should become FDA-approved has the potential of being a highly valuable non-opioid addition in the medical arsenal of the management of chronic pain.”
About Innocan
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies based on advanced cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD- loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for: Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment, Innocan has established a joint venture by the name of BI Sky Global Ltd. that focuses on advanced targeted online sales. https://innocanpharma.com/
For further information, please contact:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1-516-210-4025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary note regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding research and development, collaborations, the filing of potential applications with the FDA and other regulatory authorities, the potential achievement of future regulatory milestones, the potential for treatment of conditions and other therapeutic effects resulting from research activities and/or the Company’s products, requisite regulatory approvals and the timing for market entry, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import / export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact Innocan can also be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
[1] https://www.gminsights.com/industry-analysis/pain-management-drugs-market
[2] https://www.cdc.gov/opioids/data/index.html
Logo – https://mma.prnewswire.com/media/2046271/3968398/Innocan_Pharma_Corporation_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/innocan-pharma-initiates-fda-approval-process-for-liposome-injection-therapy-for-chronic-pain-302122779.html
Bolsters Company’s Advantage in Several Key Emerging Markets, including Australia, New Zealand, Germany, Poland and the United Kingdom
NEW YORK, April 22, 2024 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer cannabis products, announced today the closing of its acquisition of Northern Green Canada (“NGC”), a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. The accretive acquisition amplifies the Company’s strategic advantage in established European markets including Germany, Poland and the United Kingdom and provides a foothold in the emerging markets of Australia and New Zealand.
Integrating NGC’s international operation will equip Curaleaf with a secure and consistent high quality, non-irradiated, indoor EU-GMP flower supply, essential to maintaining its leading positions in Germany, the United Kingdom and Poland.
“We are thrilled to welcome NGC formally to the Curaleaf family of global brands,” said Boris Jordan, Founder and Executive Chairman of Curaleaf. “This is an incredibly important deal for our international expansion strategy, as we’ll be able to bolster our supply of high quality EU-GMP certified flower immediately to key European markets as well as enter the fast-growing markets of Australia and New Zealand.”
The global cannabis market is projected to generate $55 billion in sales by 2027. Emerging markets beyond the United States and Canada, including Germany, Australia and New Zealand are expected to contribute $6.3 billion of the $55 billion projection.
Terms of the acquisition of NGC include an initial payment at closing of the Company’s Subordinate Voting Shares valued at approximately US $16 million, subject to a typical post-closing adjustment. An earnout may also be paid in 2025 based upon 2024 performance of NGC’s operations, up to 50% of which will be cash and the rest paid in additional Subordinate Voting Shares. The issuance of Subordinate Voting Shares in connection with the acquisition of NGC has been conditionally approved by the Toronto Stock Exchange, subject to fulfilling customary listing conditions.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, JAMS, Find and Zero Proof provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.
Forward Looking Statements
This media advisory contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “expects” or, “proposed”, “is expected”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the expected benefits of the acquisition of NGC, and the Company’s planned expansion on internal markets, the Company’s anticipated strategic advantages in European markets and emerging markets, the integration of NGC’s internal operations, the anticipated global cannabis market, and the listing of shares issuable in connection with the acquisition on the Toronto Stock Exchange. Such forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matters described in this new release, including the Company’s ability to successfully realize the expected benefits of the acquisition, and the Company’s ability to fulfil the listing conditions imposed by the Toronto Stock Exchange. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including the failure to realize the expected benefits of the acquisition, or the Company’s failure to fulfil the listing conditions imposed by the Toronto Stock Exchange. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s latest annual information form filed on March 6, 2024, which is available under the Company’s SEDAR profile at http://www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. The Toronto Stock Exchange has not reviewed, approved or disapproved the content of this news release.
INVESTOR CONTACT
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment Officer
[email protected]
MEDIA CONTACT
Curaleaf Holdings, Inc.
Tracy Brady, SVP Corporate Communications
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/curaleaf-completes-acquisition-of-northern-green-canada-302123010.html
-
transfer1 week agoIMC to transfer its Oranim Pharmacy shares back to the seller
-
Cannabis1 week ago
Right on Brands Announces Major Product Line Expansion via HONEY® Brands
-
Cannabis1 week ago
Sannabis, Inc. (OTC: USPS) Unveils Innovative NO LICK! Terpene Spray for Cannabis Products to Enhance CBD and THC to Achieve the Entourage Effect
-
Cannabis1 week ago
Cannabis Concentrate Market to Cross US$2.4 Billion by 2030 amid Rising Medical and Recreational Demand
-
CCELL®2 weeks agoCCELL Launches Environmentally Conscious Eco Star AIO Vaporizer
-
Innocan4 days agoInnocan Pharma Initiates FDA Approval Process for Liposome Injection Therapy for Chronic Pain
-
Cannabis3 days agoCannabis Capsule Global Analysis Report 2024: Market to Reach $79.2 Billion in 2028 – Forecast to 2033 Featuring GW Pharmaceuticals, Trulieve Cannabis, Green Thumb Industries, Tilray, Columbia Care
-
Curaleaf4 days agoCuraleaf Completes Acquisition of Northern Green Canada
