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Allstate’s Strategy Drives Growth and Attractive Returns
NORTHBROOK, Ill.–(BUSINESS WIRE)–The Allstate Corporation (NYSE: ALL) today reported financial results
for the first quarter of 2019.
The Allstate Corporation Consolidated Highlights | |||||||||||
Three months ended March 31, | |||||||||||
($ in millions, except per share data and ratios) | % / pts | ||||||||||
2019 | 2018 | Change | |||||||||
Consolidated revenues | $ | 10,990 | $ | 9,770 | 12.5 | ||||||
Net income applicable to common shareholders | 1,261 | 977 | 29.1 | ||||||||
per diluted common share | 3.74 | 2.71 | 38.0 | ||||||||
Adjusted net income* | 776 | 1,108 | (30.0 | ) | |||||||
per diluted common share* | 2.30 | 3.08 | (25.3 | ) | |||||||
Return on common shareholders’ equity (trailing twelve months) | |||||||||||
Net income applicable to common shareholders | 10.8 | % | 17.9 | % | (7.1 | ) | |||||
Adjusted net income* | 13.5 | % | 16.2 | % | (2.7 | ) | |||||
Book value per common share | 63.59 | 58.62 | 8.5 | ||||||||
Property-Liability combined ratio | |||||||||||
Recorded | 91.8 | 87.5 | 4.3 | ||||||||
Underlying combined ratio* (excludes catastrophes, prior year reserve reestimates and amortization of purchased intangibles) |
84.2 | 83.6 | 0.6 | ||||||||
Property and casualty insurance premiums written | 8,695 | 8,131 | 6.9 | ||||||||
Catastrophe losses | 680 | 361 | 88.4 | ||||||||
Total policies in force (in thousands) | 123,516 | 85,581 | 44.3 |
* Measures used in this release that are not based on accounting
principles generally accepted in the United States of America
(“non-GAAP”) are denoted with an asterisk and defined and reconciled to
the most directly comparable GAAP measure in the “Definitions of
Non-GAAP Measures” section of this document.
“Allstate’s strategy to profitably grow market share in protection
products continues to gain momentum,” said Tom Wilson, Chair, President
and Chief Executive Officer of The Allstate Corporation. “Using an
innovative approach to better serve customers enabled us to grow while
maintaining attractive returns. The Allstate and Esurance brands grew
personal insurance policies in force 2.3% and 10.9% over the prior year
quarter. SquareTrade protection contracts increased 86.3% over the prior
year quarter to 77.9 million, reflecting the expansion of retail
distribution. Revenues increased to $11 billion for the quarter, and net
income rose to $1.26 billion, reflecting growth, progress on all five
Operating Priorities and gains on equity investments.
“Adjusted net income* was $776 million, $2.30 per share, as the
Property-Liability underlying combined ratio was better than expected,
reflecting a decrease in the frequency of auto claims. Higher
catastrophe losses and lower income from performance-based investments
reduced income from the prior year quarter. Income from the Service
Businesses, Life and Benefits all increased. Our proactive investment
approach resulted in a total return of 4.7% over the latest 12 months,
although reported investment income was down in the quarter due to lower
limited partnership valuations. We remain highly focused on adjusted net
income return on common shareholders’ equity*, which was 13.5% for the
latest 12 months. Allstate’s broader success is discussed in the
recently released Prosperity
Report,” concluded Wilson.
First Quarter 2019 Results
-
Total revenue of $10.99 billion in the first quarter of 2019 increased
12.5% compared to the prior year quarter.
- Property-Liability insurance premiums earned increased 6.1%.
- Service Businesses revenue increased 25.2%.
- Life premiums and contract charges increased 1.9%.
- Net investment income decreased 17.6%.
- Realized capital gains increased revenues by $662 million.
-
Net income applicable to common shareholders was $1.26 billion, or
$3.74 per diluted share, in the first quarter of 2019, compared to net
income of $977 million, or $2.71 per diluted share, in the first
quarter of 2018. Adjusted net income* of $776 million for the first
quarter was below the prior year quarter due to higher catastrophe
losses and lower net investment income.
-
The company changed its accounting for pension and other
postretirement plans to a fair value basis. Under the new principle,
remeasurement of plan assets and projected liabilities are immediately
recognized through earnings. This change has been applied to all prior
periods. Note 1 of our March 31, 2019, Form 10-Q provides more detail.
Property-Liability Results | |||||||||
Three months ended March 31, | |||||||||
(% to earned premiums) | pts | ||||||||
2019 | 2018 | Change | |||||||
Recorded Combined Ratio | 91.8 | 87.5 | 4.3 | ||||||
Allstate Brand Auto | 90.4 | 87.9 | 2.5 | ||||||
Allstate Brand Homeowners | 92.2 | 80.5 | 11.7 | ||||||
Esurance Brand | 99.4 | 99.3 | 0.1 | ||||||
Encompass Brand | 100.8 | 97.7 | 3.1 | ||||||
Underlying Combined Ratio* | 84.2 | 83.6 | 0.6 | ||||||
Allstate Brand Auto | 90.2 | 89.4 | 0.8 | ||||||
Allstate Brand Homeowners | 63.7 | 63.1 | 0.6 | ||||||
Esurance Brand | 97.4 | 98.4 | (1.0 | ) | |||||
Encompass Brand | 88.5 | 87.2 | 1.3 |
-
Property-Liability underwriting income of $700 million in the
first quarter of 2019 was $305 million below the prior year quarter,
primarily due to higher catastrophe losses. The underlying combined
ratio* was 84.2 for the first quarter of 2019.
-
Allstate brand auto insurance net written premium grew 4.7% in
the first quarter of 2019 compared to the prior year quarter,
reflecting a 2.7% increase in policies in force and higher average
premium. The recorded combined ratio of 90.4 in the first quarter of
2019 was 2.5 points higher than the prior year quarter. The underlying
combined ratio* of 90.2 in the quarter was 0.8 points higher than the
first quarter of 2018 due to higher physical damage claim severity,
partially offset by higher premiums earned and lower accident
frequency. -
Allstate brand homeowners insurance net written premium grew
6.8% in the first quarter of 2019 compared to the prior year quarter
and generated attractive returns. The recorded combined ratio of 92.2
in the first quarter was 11.7 points higher than the first quarter of
2018, primarily driven by elevated catastrophe losses. The underlying
combined ratio* of 63.7 was 0.6 points higher than the prior year
quarter. -
Esurance brand policies in force increased 10.9% in the first
quarter of 2019 compared to the prior year quarter, resulting in net
written premium growth of 13.4%. The recorded combined ratio of 99.4
in the first quarter of 2019 was in line with the prior year quarter,
and the underlying combined ratio* of 97.4 was 1.0 point lower than
the first quarter of 2018, driven by higher earned premium. -
Encompass brand net written premium in the first quarter of
2019 was in line with the prior year quarter. The recorded combined
ratio of 100.8 in the first quarter of 2019 was 3.1 points higher than
the prior year quarter, as increased losses were partially offset by
lower operating expenses. The underlying combined ratio* of 88.5 in
the first quarter was 1.3 points higher than the first quarter of 2018.
Service Businesses Results | ||||||||||||
Three months ended March 31, | ||||||||||||
($ in millions) | % / $ | |||||||||||
2019 | 2018 | Change | ||||||||||
Total Revenues | $ | 392 | $ | 313 | 25.2 | % | ||||||
SquareTrade | 164 | 122 | 34.4 | |||||||||
Allstate Roadside Services | 73 | 74 | (1.4 | ) | ||||||||
Allstate Dealer Services | 107 | 96 | 11.5 | |||||||||
Arity | 24 | 21 | 14.3 | |||||||||
InfoArmor | 24 | — | NA | |||||||||
Adjusted Net Income (Loss) | $ | 11 | $ | (3 | ) | $ | 14 | |||||
SquareTrade | 14 | 2 | 12 | |||||||||
Allstate Roadside Services | (6 | ) | (5 | ) | (1 | ) | ||||||
Allstate Dealer Services | 6 | 3 | 3 | |||||||||
Arity | (2 | ) | (3 | ) | 1 | |||||||
InfoArmor | (1 | ) | — | NA |
NA = not applicable
-
Service Businesses policies in force grew to 83.6 million, and
revenues increased 25.2% compared to the first quarter of 2018.
Adjusted net income was $11 million, an increase of $14 million
compared to the prior year quarter.
-
SquareTrade revenue was $164 million in the first quarter of
2019, reflecting policy growth of 36.1 million compared to the first
quarter of 2018. Adjusted net income was $14 million in the first
quarter of 2019, due to higher premiums and improved loss experience. -
Allstate Roadside Services revenue was $73 million in the first
quarter of 2019. The adjusted net loss of $6 million in the first
quarter was comparable to the prior year quarter, primarily due to
adverse loss experience. -
Allstate Dealer Services revenue grew 11.5% compared to the
first quarter of 2018, and adjusted net income was $6 million,
reflecting higher premiums and improved loss experience. -
Arity revenue was $24 million in the first quarter of 2019,
primarily from contracts with affiliates. The adjusted net loss of $2
million in the quarter includes investments in research and
development. -
InfoArmor, acquired in October 2018, had revenues of $24
million and an adjusted net loss of $1 million in the first quarter of
2019 due to costs associated with scaling its platform and integration
into Allstate.
Allstate Life, Benefits and Annuities Results | |||||||||||
Three months ended March 31, | |||||||||||
($ in millions) | 2019 | 2018 | % Change | ||||||||
Premiums and Contract Charges | |||||||||||
Allstate Life | $ | 337 | $ | 327 | 3.1 | % | |||||
Allstate Benefits | 288 | 286 | 0.7 | ||||||||
Allstate Annuities | 3 | 3 | — | ||||||||
Adjusted Net Income (Loss) | |||||||||||
Allstate Life | $ | 73 | $ | 71 | 2.8 | % | |||||
Allstate Benefits | 31 | 29 | 6.9 | ||||||||
Allstate Annuities | (25 | ) | 35 | NM |
NM = not meaningful
-
Allstate Life adjusted net income was $73 million in the first
quarter of 2019, $2 million higher than the prior year quarter, as
increased premiums, contract charges and net investment income were
partially offset by higher contract benefits and expenses. -
Allstate Benefits adjusted net income was $31 million in the
first quarter of 2019, $2 million higher than the prior year quarter,
primarily due to lower contract benefits. -
Allstate Annuities had an adjusted net loss of $25 million in
the first quarter of 2019, due to lower performance-based investment
income. The utilization of performance-based equity investments
improves longer-term economic returns but increases income volatility.
Allstate Investment Results | |||||||||||
Three months ended March 31, | |||||||||||
($ in millions, except ratios) | % / pts | ||||||||||
2019 | 2018 | Change | |||||||||
Net investment income | $ | 648 | $ | 786 | (17.6 | ) | |||||
Market-based investment income(1) | 693 | 652 | 6.3 | ||||||||
Performance-based investment income(1) | 6 | 181 | (96.7 | ) | |||||||
Realized capital gains and losses | 662 | (134 | ) | NM | |||||||
Change in unrealized net capital gains, pre-tax | 1,335 | (1,002 | ) | NM | |||||||
Total return on investment portfolio | 3.3 | % | (0.5 | )% | 3.8 | ||||||
Total return on investment portfolio (trailing twelve months) | 4.7 | % | 3.8 | % | 0.9 |
(1) Investment expenses are not allocated between
market-based and performance-based portfolios with the exception of
investee level expenses.
NM = not meaningful
-
Allstate Investments $84 billion portfolio generated a strong
total return of 3.3% in the first quarter of 2019, and net investment
income was $648 million, a decline of $138 million from the prior year
quarter due to lower performance-based income.
-
Total return on the investment portfolio of 4.7% for the latest
12 months included a stable contribution from market-based investment
income and increased fixed income valuations. -
Market-based investments contributed $693 million of income in
the first quarter of 2019, an increase of 6.3% compared to the prior
year quarter. The market-based portfolio benefited from investment at
higher market yields, which included a modest duration extension of
the fixed income portfolio. -
Performance-based investments generated income of $6 million
and capital gains of $57 million in the first quarter of 2019, a
decrease in income of $175 million and an increase in capital gains of
$65 million compared to the prior year quarter. Performance-based
income in the first quarter of 2019 reflects lower asset appreciation
related to private equity investments. The trailing 12-month
performance-based return is 8.4%. -
Net realized capital gains were $662 million in the first
quarter of 2019, compared to losses of $134 million in the prior year
quarter. Net realized gains for the quarter were primarily related to
higher valuation of equity investments and gains related to the sale
of performance-based investments. -
Unrealized net capital gains increased $1.3 billion from the
fourth quarter of 2018, as lower market yields resulted in higher
fixed income valuations.
Proactive Capital Management
“In addition to producing excellent operating results, Allstate
continues to proactively manage shareholders’ capital,” said Mario
Rizzo, Chief Financial Officer. “We returned $158 million to common
shareholders during the first quarter through common stock dividends.
Common shares are being purchased through a $1 billion accelerated share
repurchase (ASR) program, which began in December 2018. Upon completion
of the ASR in the second quarter, about $1.9 billion will remain on the
$3 billion common share repurchase program. Book value per diluted
common share of $63.59 was 8.5% higher than March 31, 2018, reflecting
strong income generation and appreciation of the investment portfolio.”
Visit www.allstateinvestors.com
to view additional information about Allstate’s results, including a
webcast of its quarterly conference call and the call presentation. The
conference call will be held at 9:00 a.m. ET on Thursday, May 2.
Forward-Looking Statements
This news release contains “forward-looking statements” that anticipate
results based on our estimates, assumptions and plans that are subject
to uncertainty. These statements are made subject to the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements do not relate strictly to historical or
current facts and may be identified by their use of words like “plans,”
“seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,”
“intends,” “believes,” “likely,” “targets” and other words with similar
meanings. We believe these statements are based on reasonable estimates,
assumptions and plans. However, if the estimates, assumptions or plans
underlying the forward-looking statements prove inaccurate or if other
risks or uncertainties arise, actual results could differ materially
from those communicated in these forward-looking statements. Factors
that could cause actual results to differ materially from those
expressed in, or implied by, the forward-looking statements may be found
in our filings with the U.S. Securities and Exchange Commission,
including the “Risk Factors” section in our most recent annual report on
Form 10-K. Forward-looking statements are as of the date on which they
are made, and we assume no obligation to update or revise any
forward-looking statement.
THE ALLSTATE CORPORATION AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) |
||||||||
($ in millions, except par value data) | March 31, 2019 | December 31, 2018 | ||||||
Assets | ||||||||
Investments: | ||||||||
Fixed income securities, at fair value (amortized cost $56,831 and $57,134) |
$ | 58,202 | $ | 57,170 | ||||
Equity securities, at fair value (cost $4,767 and $4,489) | 5,802 | 5,036 | ||||||
Mortgage loans | 4,681 | 4,670 | ||||||
Limited partnership interests | 7,493 | 7,505 | ||||||
Short-term, at fair value (amortized cost $4,157 and $3,027) | 4,157 | 3,027 | ||||||
Other | 3,786 | 3,852 | ||||||
Total investments | 84,121 | 81,260 | ||||||
Cash | 551 | 499 | ||||||
Premium installment receivables, net | 6,201 | 6,154 | ||||||
Deferred policy acquisition costs | 4,670 | 4,784 | ||||||
Reinsurance and indemnification recoverables, net | 9,374 | 9,565 | ||||||
Accrued investment income | 614 | 600 | ||||||
Property and equipment, net | 1,047 | 1,045 | ||||||
Goodwill | 2,547 | 2,530 | ||||||
Other assets | 3,659 | 3,007 | ||||||
Separate Accounts | 3,050 | 2,805 | ||||||
Total assets | $ | 115,834 | $ | 112,249 | ||||
Liabilities | ||||||||
Reserve for property and casualty insurance claims and claims expense | $ | 27,544 | $ | 27,423 | ||||
Reserve for life-contingent contract benefits | 12,200 | 12,208 | ||||||
Contractholder funds | 18,161 | 18,371 | ||||||
Unearned premiums | 14,323 | 14,510 | ||||||
Claim payments outstanding | 891 | 1,007 | ||||||
Deferred income taxes | 817 | 425 | ||||||
Other liabilities and accrued expenses | 8,977 | 7,737 | ||||||
Long-term debt | 6,453 | 6,451 | ||||||
Separate Accounts | 3,050 | 2,805 | ||||||
Total liabilities | 92,416 | 90,937 | ||||||
Shareholders’ equity | ||||||||
Preferred stock and additional capital paid-in, $1 par value, 79.8 thousand shares issued and outstanding, $1,995 aggregate liquidation preference |
1,930 | 1,930 | ||||||
Common stock, $.01 par value, 900 million issued, 333 million and 332 million shares outstanding |
9 | 9 | ||||||
Additional capital paid-in | 3,291 | 3,310 | ||||||
Retained income | 45,148 | 44,033 | ||||||
Deferred Employee Stock Ownership Plan expense | (3 | ) | (3 | ) | ||||
Treasury stock, at cost (567 million and 568 million shares) | (28,042 | ) | (28,085 | ) | ||||
Accumulated other comprehensive income: | ||||||||
Unrealized net capital gains and losses: | ||||||||
Unrealized net capital gains and losses on fixed income securities with OTTI |
73 | 75 | ||||||
Other unrealized net capital gains and losses | 1,003 | (51 | ) | |||||
Unrealized adjustment to DAC, DSI and insurance reserves | (104 | ) | (26 | ) | ||||
Unrealized net capital gains and losses | 972 | (2 | ) | |||||
Unrealized foreign currency translation adjustments | (44 | ) | (49 | ) | ||||
Unamortized pension and other postretirement prior service credit | 157 | 169 | ||||||
Total accumulated other comprehensive income | 1,085 | 118 | ||||||
Total shareholders’ equity | 23,418 | 21,312 | ||||||
Total liabilities and shareholders’ equity | $ | 115,834 | $ | 112,249 |
THE ALLSTATE CORPORATION AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||
($ in millions, except per share data) | Three months ended March 31, | |||||||
2019 | 2018 | |||||||
Revenues | ||||||||
Property and casualty insurance premiums | $ | 8,802 | $ | 8,286 | ||||
Life premiums and contract charges | 628 | 616 | ||||||
Other revenue | 250 | 216 | ||||||
Net investment income | 648 | 786 | ||||||
Realized capital gains and losses: | ||||||||
Total other-than-temporary impairment (“OTTI”) losses | (16 | ) | — | |||||
OTTI losses reclassified to (from) other comprehensive income | 2 | (1 | ) | |||||
Net OTTI losses recognized in earnings | (14 | ) | (1 | ) | ||||
Sales and valuation changes on equity investments and derivatives | 676 | (133 | ) | |||||
Total realized capital gains and losses | 662 | (134 | ) | |||||
Total revenues | 10,990 | 9,770 | ||||||
Costs and expenses | ||||||||
Property and casualty insurance claims and claims expense | 5,820 | 5,129 | ||||||
Life contract benefits | 497 | 504 | ||||||
Interest credited to contractholder funds | 162 | 161 | ||||||
Amortization of deferred policy acquisition costs | 1,364 | 1,273 | ||||||
Operating costs and expenses | 1,380 | 1,303 | ||||||
Pension and other postretirement remeasurement gains and losses | 15 | 14 | ||||||
Amortization of purchased intangible assets | 32 | 22 | ||||||
Restructuring and related charges | 18 | 19 | ||||||
Interest expense | 83 | 83 | ||||||
Total costs and expenses | 9,371 | 8,508 | ||||||
Gain on disposition of operations | 1 | 1 | ||||||
Income from operations before income tax expense | 1,620 | 1,263 | ||||||
Income tax expense | 328 | 257 | ||||||
Net income | 1,292 | 1,006 | ||||||
Preferred stock dividends | 31 | 29 | ||||||
Net income applicable to common shareholders | $ | 1,261 | $ | 977 | ||||
Earnings per common share: | ||||||||
Net income applicable to common shareholders per common share – Basic |
$ | 3.79 | $ | 2.76 | ||||
Weighted average common shares – Basic | 332.6 | 354.1 | ||||||
Net income applicable to common shareholders per common share – Diluted |
$ | 3.74 | $ | 2.71 | ||||
Weighted average common shares – Diluted | 337.5 | 359.9 | ||||||
Definitions of Non-GAAP Measures
We believe that investors’ understanding of Allstate’s performance is
enhanced by our disclosure of the following non-GAAP measures. Our
methods for calculating these measures may differ from those used by
other companies and therefore comparability may be limited.
Adjusted net income is net income applicable to common
shareholders, excluding:
-
realized capital gains and losses, after-tax, except for periodic
settlements and accruals on non-hedge derivative instruments, which
are reported with realized capital gains and losses but included in
adjusted net income, -
Pension and other postretirement remeasurement gains and losses,
after-tax, - valuation changes on embedded derivatives not hedged, after-tax,
-
amortization of deferred policy acquisition costs (“DAC”) and deferred
sales inducements (“DSI”), to the extent they resulted from the
recognition of certain realized capital gains and losses or valuation
changes on embedded derivatives not hedged, after-tax, -
business combination expenses and the amortization of purchased
intangible assets, after-tax, - gain (loss) on disposition of operations, after-tax, and
-
adjustments for other significant non-recurring, infrequent or unusual
items, when (a) the nature of the charge or gain is such that it is
reasonably unlikely to recur within two years, or (b) there has been
no similar charge or gain within the prior two years.
Net income applicable to common shareholders is the GAAP measure that is
most directly comparable to adjusted net income.
We use adjusted net income as an important measure to evaluate our
results of operations. We believe that the measure provides investors
with a valuable measure of the company’s ongoing performance because it
reveals trends in our insurance and financial services business that may
be obscured by the net effect of realized capital gains and losses,
pension and other postretirement remeasurement gains and losses,
valuation changes on embedded derivatives not hedged, business
combination expenses and the amortization of purchased intangible
assets, gain (loss) on disposition of operations and adjustments for
other significant non-recurring, infrequent or unusual items. Realized
capital gains and losses, pension and other postretirement remeasurement
gains and losses, valuation changes on embedded derivatives not hedged
and gain (loss) on disposition of operations may vary significantly
between periods and are generally driven by business decisions and
external economic developments such as capital market conditions, the
timing of which is unrelated to the insurance underwriting process.
Consistent with our intent to protect results or earn additional income,
adjusted net income includes periodic settlements and accruals on
certain derivative instruments that are reported in realized capital
gains and losses because they do not qualify for hedge accounting or are
not designated as hedges for accounting purposes. These instruments are
used for economic hedges and to replicate fixed income securities, and
by including them in adjusted net income, we are appropriately
reflecting their trends in our performance and in a manner consistent
with the economically hedged investments, product attributes (e.g. net
investment income and interest credited to contractholder funds) or
replicated investments. Business combination expenses are excluded
because they are non-recurring in nature and the amortization of
purchased intangible assets is excluded because it relates to the
acquisition purchase price and is not indicative of our underlying
business results or trends. Non-recurring items are excluded because, by
their nature, they are not indicative of our business or economic
trends. Accordingly, adjusted net income excludes the effect of items
that tend to be highly variable from period to period and highlights the
results from ongoing operations and the underlying profitability of our
business. A byproduct of excluding these items to determine adjusted net
income is the transparency and understanding of their significance to
net income variability and profitability while recognizing these or
similar items may recur in subsequent periods.
Contacts
Greg Burns
Media Relations
(847) 402-5600
John Griek
Investor
Relations
(847) 402-2800
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SCHWAZZE
Schwazze Sets First Quarter 2024 Conference Call for May 15, 2024 at 5:00 p.m. ET
DENVER, April 29, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (Cboe CA: SHWZ) (“Schwazze” or the “Company”), will host a conference call on Wednesday, May 15, 2024 at 5:00 p.m. Eastern time to discuss its financial and operational results for the first quarter ended March 31, 2024. The Company’s results will be reported in a press release prior to the call.
The Schwazze management team will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing [email protected].
Date: Wednesday, May 15, 2024
Time: 5:00 p.m. Eastern time
Toll-free dial-in: (888) 664-6383
International dial-in: (416) 764-8650
Conference ID: 84167910
Webcast: SHWZ Q1 2024 Earnings Call
The conference call will also be broadcast live and available for replay on the investor relations section of the Company’s website at https://ir.schwazze.com.
Toll-free replay number: (888) 390-0541
International replay number: (416) 764-8677
Replay ID: 167910
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
Schwazze (OTCQX: SHWZ) (Cboe CA: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.
Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.
Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit http://www.schwazze.com/.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/schwazze-sets-first-quarter-2024-conference-call-for-may-15-2024-at-500-pm-et-302130423.html
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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
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