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Vector Group Reports First Quarter 2019 Financial Results

Published

5 years ago

on

Reading Time: 13 minutes

MIAMI–(BUSINESS WIRE)–Vector Group Ltd. (NYSE:VGR) today announced financial results for the
three months ended March 31, 2019.

GAAP Financial Results

First quarter of 2019 revenues were $420.9 million, compared to revenues
of $429.0 million for the first quarter of 2018. The Company recorded
operating income of $42.6 million for the first quarter of 2019,
compared to operating income of $48.1 million for the first quarter of
2018. Net income attributed to Vector Group Ltd. for the first quarter
of 2019 was $15.0 million, or $0.08 per diluted common share, compared
to a net income of $7.2 million, or $0.04 per diluted common share, for
the first quarter of 2018.

Non-GAAP Financial Measures

Non-GAAP financial measures also include adjustments for purchase
accounting associated with the Company’s 2013 acquisition of an
additional 20.59% interest in Douglas Elliman Realty, LLC, the impact of
non-controlling interest associated with the 29.41% of Douglas Elliman
Realty, LLC that was purchased by the Company on December 31, 2018,
litigation settlements and judgments, settlements of long-standing
disputes related to the Master Settlement Agreement in the Tobacco
segment, net interest expense capitalized to real estate ventures,
stock-based compensation expense (for purposes of Adjusted EBITDA only)
and non-cash interest expense associated with the Company’s convertible
debt. Reconciliations of non-GAAP financial measures to the comparable
GAAP financial results for the three months ended March 31, 2019 and
2018 are included in Tables 2 through 7.

Three months ended March 31, 2019 compared to the three months ended
March 31, 2018

Adjusted EBITDA attributed to Vector Group Ltd. (as described in Table 2
attached hereto) were $49.7 million for the first quarter of 2019
compared to $50.4 million for the first quarter of 2018.

Adjusted Net Income (as described in Table 3 attached hereto) was $13.0
million, or $0.08 per diluted share, for the first quarter of 2019, and
$5.6 million, or $0.03 per diluted share for the first quarter of 2018.

Adjusted Operating Income (as described in Table 4 attached hereto) was
$42.6 million for the first quarter of 2019 compared to $42.5 million
for the first quarter of 2018.

Tobacco Segment Financial Results

For the first quarter of 2019, the Tobacco segment had revenues of
$256.8 million, compared to $267.1 million for the first quarter of
2018. The decline in revenues was primarily due to a 7.1% decline in
unit sales volume.

Operating Income from the Tobacco segment was $60.1 million for the
three months ended March 31, 2019, compared to $63.4 million for the
three months ended March 31, 2018.

Non-GAAP Financial Measures

Tobacco Adjusted Operating Income for the first quarter of 2019 and 2018
was $60.1 million and $59.9 million, respectively.

For the first quarter of 2019, the Tobacco segment had conventional
cigarette (wholesale) shipments of approximately 2.08 billion units
compared to 2.24 billion units for the first quarter of 2018.

Liggett’s retail market share increased to 4.2% for the first quarter of
2019 from 4.0% for the first quarter of 2018. Compared to the first
quarter of 2018, Liggett’s retail shipments declined by 2.1% while the
overall industry’s retail shipments declined by 5.6%, according to data
from Management Science Associates, Inc.

Real Estate Segment Financial Results

For the first quarter of 2019, the Real Estate segment had revenues of
$164.2 million, compared to $161.9 million for the first quarter of
2018. First quarter of 2019, the Real Estate segment reported a net loss
of $9.1 million, compared to net loss of $8.5 million for the first
quarter of 2018.

Douglas Elliman’s results are included in Vector Group Ltd.’s Real
Estate segment. For the first quarter of 2019, Douglas Elliman had
revenues of $161.9 million, compared to $159.4 million for the first
quarter of 2018. For the first quarter of 2019, Douglas Elliman reported
net loss of $10.4 million, compared to net loss of $8.1 million for the
first quarter of 2018.

Non-GAAP Financial Measures

For the first quarter of 2019, Real Estate Adjusted EBITDA attributed to
the Company were loss of $7.9 million, compared to a loss of $7.6
million for the first quarter of 2018.

Douglas Elliman’s results are included in Vector Group Ltd.’s Real
Estate segment. For the first quarter of 2019, Douglas Elliman’s
Adjusted EBITDA (as described in Table 7 attached hereto) were negative
$9.0 million, compared to negative $8.6 million for the first quarter of
2018.

For the three months ended March 31, 2019, Douglas Elliman achieved
closed sales of approximately $5.8 billion, compared to $6.1 billion for
the three months ended March 31, 2018.

Non-GAAP Financial Measures

Adjusted EBITDA, Adjusted Net Income, Adjusted Operating Income, Tobacco
Adjusted Operating Income, Tobacco Adjusted EBITDA, New Valley LLC
Adjusted EBITDA and Douglas Elliman Realty, LLC Adjusted EBITDA (“the
Non-GAAP Financial Measures”) are financial measures not prepared in
accordance with generally accepted accounting principles (“GAAP”). The
Company believes that the Non-GAAP Financial Measures are important
measures that supplement discussions and analysis of its results of
operations and enhances an understanding of its operating performance.
The Company believes the Non-GAAP Financial Measures provide investors
and analysts with a useful measure of operating results unaffected by
differences in capital structures and ages of related assets among
otherwise comparable companies.

On December 31, 2018, New Valley LLC, the real estate subsidiary of
Vector Group Ltd, acquired the 29.41% interest in Douglas Elliman
Realty, LLC it did not previously own. Vector Group Ltd. has adjusted
its presentation of Non-GAAP Financial Measures in Tables 2, 3, 6 and 7
to assume the transaction occurred on January 1, 2018 and to improve
comparability between the three months ended March 31, 2019 and 2018,
respectively, as well as the twelve months ended March 31, 2019. Please
refer to Vector Group Ltd.’s Form 8-K, which is dated May 3, 2019, for
additional information.

Management uses the Non-GAAP Financial Measures as measures to review
and assess operating performance of the Company’s business, and
management and investors should review both the overall performance
(GAAP net income) and the operating performance (the Non-GAAP Financial
Measures) of the Company’s business. While management considers the
Non-GAAP Financial Measures to be important, they should be considered
in addition to, but not as substitutes for or superior to, other
measures of financial performance prepared in accordance with GAAP, such
as operating income, net income and cash flows from operations. In
addition, the Non-GAAP Financial Measures are susceptible to varying
calculations and the Company’s measurement of the Non-GAAP Financial
Measures may not be comparable to those of other companies. Attached
hereto as Tables 2 through 7 is information relating to the Company’s
Non-GAAP Financial Measures for the three months ended March 31, 2019
and 2018.

Conference Call to Discuss First Quarter 2019 Results

As previously announced, the Company will host a conference call and
webcast on Tuesday, May 7, 2019 at 8:30 AM (ET) to discuss first quarter
2019 results. Investors can access the call by dialing 800-859-8150 and
entering 70986911 as the conference ID number. The call will also be
available via live webcast at https://www.investornetwork.com/event/presentation/48438.
Webcast participants should allot extra time to register before the
webcast begins.

A replay of the call will be available shortly after the call ends
on May 7, 2019 through May 21, 2019. To access the replay, dial
877-656-8905 and enter 70986911 as the conference ID number. The
archived webcast will also be available at https://www.investornetwork.com/event/presentation/48438
for one year.

Vector Group is a holding company for Liggett Group LLC, Vector Tobacco
Inc., New Valley LLC, and Douglas Elliman Realty, LLC. Additional
information concerning the company is available on the Company’s
website, www.VectorGroupLtd.com.

[Financial Tables Follow]

 
TABLE 1
VECTOR GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands, Except Per Share
Amounts)

 

 
Three Months Ended
March 31,
2019   2018
(Unaudited)
Revenues:
Tobacco* $ 256,756 $ 267,116
Real estate 164,168   161,850  
Total revenues 420,924 428,966
 
Expenses:
Cost of sales:
Tobacco* 177,303 184,962
Real estate 108,717   109,313  
Total cost of sales 286,020 294,275
 
Operating, selling, administrative and general expenses 92,314 89,076
Litigation settlement and judgment income

–

  (2,469 )
Operating income 42,590 48,084
 
Other income (expenses):
Interest expense (37,520 ) (45,947 )
Change in fair value of derivatives embedded within convertible debt 10,349 10,567
Equity in losses from real estate ventures (2,439 ) (6,560 )
Equity in earnings from investments 1,362 1,162
Net gains (losses) recognized on investment securities 4,773 (3,340 )
Other, net 2,667   1,646  
Income before provision for income taxes 21,782 5,612
Income tax expense 6,749   1,948  
 
Net income 15,033 3,664
 
Net (income) loss attributed to non-controlling interest (80 ) 3,547  
 
Net income attributed to Vector Group Ltd. $ 14,953   $ 7,211  
 
Per basic common share:
 
Net income applicable to common share attributed to Vector Group Ltd. $ 0.09   $ 0.04  
 
Per diluted common share:
 
Net income applicable to common share attributed to Vector Group Ltd. $ 0.08   $ 0.04  
 

* Revenues and cost of sales include federal excise taxes of $104,633
and $112,801, respectively.

 

TABLE 2
VECTOR GROUP LTD. AND SUBSIDIARIES
RECONCILIATION
OF ADJUSTED EBITDA
(Unaudited)
(Dollars
in Thousands)

 
    LTM   Three Months Ended
March 31, March 31,
2019 2019   2018
 
Net income attributed to Vector Group Ltd. $ 65,847 $ 14,953 $ 7,211
Interest expense 195,353 37,520 45,947
Income tax expense 26,353 6,749 1,948
Net income (loss) attributed to non-controlling interest 3,529 80 (3,547 )
Depreciation and amortization 18,928   4,708   4,587  
EBITDA $ 310,010 $ 64,010 $ 56,146
Change in fair value of derivatives embedded within convertible debt
(a) 		(44,771 ) (10,349 ) (10,567 )
Equity in earnings from investments (b) (3,358 ) (1,362 ) (1,162 )
Net gains (losses) recognized on investment securities 2,052 (4,773 ) 3,340
Equity in (earnings) losses from real estate ventures (c) (18,567 ) 2,439 6,560
Loss on extinguishment of debt 4,066 — —
Stock-based compensation expense (d) 10,003 2,436 2,384
Litigation settlement and judgment expense (income) (e) 685 — (2,469 )
Impact of MSA settlement (f) (2,808 ) — (3,490 )
Purchase accounting adjustments (g) 426 — 182
Other, net (11,949 ) (2,667 ) (1,646 )
Adjusted EBITDA $ 245,789 $ 49,734 $ 49,278
Adjusted EBITDA attributed to non-controlling interest (7,015 ) — 3,696
Adjustment to reflect additional 29.41% of Adjusted EBITDA from
Douglas Elliman Realty, LLC (h) 		5,849   —   (2,530 )
Adjusted EBITDA attributed to Vector Group Ltd. $ 244,623   $ 49,734   $ 50,444  
 
Adjusted EBITDA by Segment
Tobacco $ 249,352 $ 62,122 $ 61,979
Real Estate (i) 12,004 (7,908 ) (8,758 )
Corporate and Other (15,567 ) (4,480 ) (3,943 )
Total $ 245,789   $ 49,734   $ 49,278  
 
Adjusted EBITDA Attributed to Vector Group Ltd. by Segment
Tobacco $ 249,352 $ 62,122 $ 61,979
Real Estate (i) 10,838 (7,908 ) (7,592 )
Corporate and Other (15,567 ) (4,480 ) (3,943 )
Total $ 244,623   $ 49,734   $ 50,444  
 
a.   Represents income recognized from changes in the fair value of the
derivatives embedded in the Company’s convertible debt.
b. Represents equity in earnings recognized from investments that the
Company accounts for under the equity method.
c. Represents equity in (earnings) losses recognized from the Company’s
investment in certain real estate businesses that are not
consolidated in its financial results.
d. Represents amortization of stock-based compensation.
e. Represents accruals for settlements of judgment expenses in the
Engle progeny tobacco litigation and proceeds received from a
litigation award at Douglas Elliman Realty, LLC.
f. Represents the Company’s tobacco segment’s settlement of a
long-standing dispute related to the Master Settlement Agreement.
g. Represents purchase accounting adjustments recorded in the periods
presented in connection with the increase of the Company’s ownership
of Douglas Elliman Realty, LLC, which occurred in 2013.
h. Represents 29.41% of Douglas Elliman Realty LLC’s Adjusted EBITDA in
the respective periods. On December 31, 2018, the Company increased
its ownership of Douglas Elliman Realty, LLC from 70.59% to 100%.
i. Includes Adjusted EBITDA for Douglas Elliman Realty, LLC of $10,896
for the last twelve months ended March 31, 2019 and negative $8,991
and negative $8,603 for the three months ended March 31, 2019 and
2018, respectively. Amounts reported in this footnote reflect 100%
of Douglas Elliman Realty, LLC’s entire Adjusted EBITDA.
 
 

TABLE 3
VECTOR GROUP LTD. AND SUBSIDIARIES
RECONCILIATION
OF ADJUSTED NET INCOME
(Unaudited)
(Dollars
in Thousands, Except Per Share Amounts)

 
    Three Months Ended
March 31,
2019   2018
 
Net income attributed to Vector Group Ltd. $ 14,953 $ 7,211
 
Change in fair value of derivatives embedded within convertible debt (10,349 ) (10,567 )
Non-cash amortization of debt discount on convertible debt 8,525 18,193
Litigation settlement and judgment income (a) — (2,469 )
Impact of MSA settlement (b) — (3,490 )
Impact of net interest expense capitalized to real estate ventures (930 ) (1,953 )
Douglas Elliman Realty, LLC purchase accounting adjustments (c) — 375
Adjustment to reflect additional 29.41% of net income from Douglas
Elliman Realty, LLC (d) 		—   (2,381 )
Total adjustments (2,754 ) (2,292 )
 
Tax benefit related to adjustments 763 655
   
Adjusted Net Income attributed to Vector Group Ltd. $ 12,962   $ 5,574  
 
Per diluted common share:
 
Adjusted Net Income applicable to common shares attributed to Vector
Group Ltd. 		$ 0.08   $ 0.03  
 
a.   Represents accruals for settlements of judgment expenses in the
Engle progeny tobacco litigation and proceeds received from a
litigation award at Douglas Elliman Realty, LLC, net of
non-controlling interest.
b. Represents the Company’s tobacco segment’s settlement of a
long-standing dispute related to the Master Settlement Agreement.
c. Represents 100% of purchase accounting adjustments in the periods
presented for assets acquired in connection with the Company’s
acquisition of the 20.59% of Douglas Elliman Realty, LLC on December
31, 2013.
d. Represents 29.41% of Douglas Elliman Realty LLC’s net income in the
respective 2018 period. On December 31, 2018, the Company increased
its ownership of Douglas Elliman Realty, LLC from 70.59% to 100%.
 
 

TABLE 4
VECTOR GROUP LTD. AND SUBSIDIARIES
RECONCILIATION
OF ADJUSTED OPERATING INCOME
(Unaudited)
(Dollars
in Thousands)

 
    LTM   Three Months Ended
March 31, March 31,
2019 2019   2018
 
Operating income $ 218,555 $ 42,590 $ 48,084
 
Litigation settlement and judgment expense (income) (a) 685 — (2,469 )
Impact of MSA settlement (b) (2,808 ) — (3,490 )
Douglas Elliman Realty, LLC purchase accounting adjustments (c) 1,031   —   375  
Total adjustments (1,092 ) — (5,584 )
 
Adjusted Operating Income (d) $ 217,463   $ 42,590   $ 42,500  
 
a.   Represents accruals for settlements of judgment expenses in the
Engle progeny tobacco litigation and proceeds received from a
litigation award at Douglas Elliman Realty, LLC.
b. Represents the Company’s tobacco segment’s settlement of a
long-standing dispute related to the Master Settlement Agreement.
c. Amounts represent purchase accounting adjustments recorded in the
periods presented in connection with the increase of the Company’s
ownership of Douglas Elliman Realty, LLC, which occurred in 2013.
d. Does not include a reduction for 29.41% non-controlling interest in
Douglas Elliman Realty, LLC. for the last twelve months ended March
31, 2019 and three months ended March 31, 2018.
 
 

TABLE 5
VECTOR GROUP LTD. AND SUBSIDIARIES
RECONCILIATION
OF TOBACCO ADJUSTED OPERATING INCOME
AND TOBACCO
ADJUSTED EBITDA
(Unaudited)
(Dollars
in Thousands)

 
    LTM   Three Months Ended
March 31, March 31,
2019 2019   2018
 
Tobacco Adjusted Operating Income:
Operating income from tobacco segment $ 243,260 $ 60,144 $ 63,411
 
Litigation settlement and judgment expense (a) 685 — —
Impact of MSA settlement (b) (2,808 ) —   (3,490 )
Total adjustments (2,123 ) — (3,490 )
 
Tobacco Adjusted Operating Income $ 241,137   $ 60,144   $ 59,921  
 
 

LTM

Three Months Ended

March 31, March 31,
2019 2019 2018
 
Tobacco Adjusted EBITDA:
Operating income from tobacco segment $ 243,260 $ 60,144 $ 63,411
 
Litigation settlement and judgment expense (a) 685 — —
Impact of MSA settlement (b) (2,808 ) —   (3,490 )
Total adjustments (2,123 ) — (3,490 )
 
Tobacco Adjusted Operating Income 241,137 60,144 59,921
 
Depreciation and amortization 8,130 1,957 2,037
Stock-based compensation expense 85   21   21  
Total adjustments 8,215 1,978 2,058
 
Tobacco Adjusted EBITDA $ 249,352   $ 62,122   $ 61,979  
 
a.   Represents accruals for settlements of judgment expenses in the
Engle progeny tobacco litigation.
b. Represents the Company’s tobacco segment’s settlement of a
long-standing dispute related to the Master Settlement Agreement.
 
 

TABLE 6
VECTOR GROUP LTD. AND SUBSIDIARIES
RECONCILIATION
OF REAL ESTATE SEGMENT (NEW VALLEY LLC) ADJUSTED EBITDA
(Unaudited)
(Dollars
in Thousands)

 
    LTM   Three Months Ended
March 31, March 31,
2019 2019   2018
 
Net income (loss) attributed to Vector Group Ltd. from subsidiary
non-guarantors (a) 		$ 14,238 $ (9,085 )   $ (8,544 )
Interest expense (a) 247 229 49
Income tax expense (benefit) (a) 3,524 (3,419 ) (2,994 )
Net income (loss) attributed to non-controlling interest (a) 3,529 80 (3,547 )
Depreciation and amortization 9,792   2,501   2,289  
EBITDA $ 31,330 $ (9,694 ) $ (12,747 )
Loss from non-guarantors other than New Valley LLC 80 28 34
Equity in (earnings) losses from real estate ventures (b) (18,567 ) 2,439 6,560
Purchase accounting adjustments (c) 426 — 182
Litigation settlement and judgment income (d) — — (2,469 )
Other, net (2,087 ) (704 ) (342 )
Adjusted EBITDA $ 11,182 $ (7,931 ) $ (8,782 )
Adjusted EBITDA attributed to non-controlling interest (7,015 ) — 3,696
Adjustment to reflect additional 29.41% of Adjusted EBITDA from
Douglas Elliman Realty, LLC (e) 		5,849   —   (2,530 )
Adjusted EBITDA attributed to New Valley LLC $ 10,016   $ (7,931 ) $ (7,616 )
 
Adjusted EBITDA by Segment
Real Estate (f) $ 12,004 $ (7,908 ) $ (8,758 )
Corporate and Other (822 ) (23 ) (24 )
Total (g) $ 11,182   $ (7,931 ) $ (8,782 )
 
Adjusted EBITDA Attributed to New Valley LLC by Segment
Real Estate (f) $ 10,838 $ (7,908 ) $ (7,592 )
Corporate and Other (822 ) (23 ) (24 )
Total (g) $ 10,016   $ (7,931 ) $ (7,616 )
 
a.   Amounts are derived from Vector Group Ltd.’s Condensed Consolidated
Financial Statements. See Note entitled “Condensed Consolidating
Financial Information” contained in Vector Group Ltd.’s Form 10-Q
for the three months ended March 31, 2019.
b. Represents equity in (earnings) losses recognized from the Company’s
investment in certain real estate businesses that are not
consolidated in its financial results.
c. Represents purchase accounting adjustments recorded in the periods
presented in connection with the increase of the Company’s ownership
of Douglas Elliman Realty, LLC, which occurred in 2013.
d. Represents proceeds received from a litigation award at Douglas
Elliman Realty, LLC.
e. Represents 29.41% of Douglas Elliman Realty LLC’s Adjusted EBITDA in
the respective periods. On December 31, 2018, the Company increased
its ownership of Douglas Elliman Realty, LLC from 70.59% to 100%.
f. Includes Adjusted EBITDA for Douglas Elliman Realty, LLC of $10,896
for the last twelve months ended March 31, 2019 and negative $8,991
and negative $8,603 for the three months ended March 31, 2019 and
2018, respectively. Amounts reported in this footnote reflect 100%
of Douglas Elliman Realty, LLC’s entire Adjusted EBITDA.
g. New Valley’s Adjusted EBITDA does not include an allocation of
Vector Group Ltd.’s “Corporate and Other” segment expenses (for
purposes of computing Adjusted EBITDA contained in Table 2 of this
press release) of $15,567 for the last twelve months ended March 31,
2019 and $4,480 and $3,943 for the three months ended March 31, 2019
and 2018, respectively.
 
 

TABLE 7
VECTOR GROUP LTD. AND SUBSIDIARIES
RECONCILIATION
OF DOUGLAS ELLIMAN REALTY, LLC ADJUSTED EBITDA
AND
DOUGLAS ELLIMAN REALTY, LLC ADJUSTED EBITDA ATTRIBUTED TO REAL
ESTATE SEGMENT
(Unaudited)
(Dollars
in Thousands)

 
    LTM   Three Months Ended
March 31, March 31,
2019 2019   2018
 
Net income (loss) attributed to Douglas Elliman Realty, LLC $ 2,880 $ (10,414 )   $ (8,097 )
Interest expense 11 3 45
Income tax expense (benefit) 180 — 220
Depreciation and amortization 9,384   2,400   2,187  
Douglas Elliman Realty, LLC EBITDA $ 12,455 $ (8,011 ) $ (5,645 )
Equity in earnings from real estate ventures (a) (1,267 ) (649 ) (625 )
Purchase accounting adjustments (b) 426 — 182
Litigation settlement and judgment income (c) — — (2,469 )
Other, net (718 ) (331 ) (46 )
Douglas Elliman Realty, LLC Adjusted EBITDA $ 10,896 $ (8,991 ) $ (8,603 )
Douglas Elliman Realty, LLC Adjusted EBITDA attributed to
non-controlling interest 		(5,849 ) — 2,530

Adjustment to reflect additional 29.41% of Adjusted EBITDA from
Douglas Elliman Realty, LLC,
which represents the additional
interest acquired on December 31, 2018 (d)

5,849   —   (2,530 )
Douglas Elliman Realty, LLC Adjusted EBITDA attributed to Real
Estate Segment 		$ 10,896   $ (8,991 ) $ (8,603 )
 
a.   Represents equity in earnings recognized from the Company’s
investment in certain real estate businesses that are not
consolidated in its financial results.
b. Represents purchase accounting adjustments recorded in the periods
presented in connection with the increase of the Company’s ownership
of Douglas Elliman Realty, LLC, which occurred in 2013.
c. Represents proceeds received from a litigation award at Douglas
Elliman Realty, LLC.
d. Represents 29.41% of Douglas Elliman Realty LLC’s Adjusted EBITDA in
the respective periods. On December 31, 2018, the Company increased
its ownership of Douglas Elliman Realty, LLC from 70.59% to 100%.
 

Contacts

Emily Claffey/Benjamin Spicehandler/Columbia Clancy
Sard Verbinnen
& Co
212-687-8080
Conrad Harrington
Sard Verbinnen &
Co – Europe
+44 (0)20 3178 8914
J. Bryant Kirkland III, Vector
Group Ltd.
305-579-8000

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Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace

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Apollo Green to distribute Humboldt Seed Company clonal cannabis genetics to Germany, Portugal and Australia

SAN FRANCISCO, April 30, 2024 /PRNewswire/ — Humboldt Seed Company (HSC), California’s leading cannabis seed producer, has announced a partnership with Canadian-based Apollo Green to make eight breeder cuts available to researchers, licensed commercial cultivators and home growers in legal markets worldwide. This first-to-market clonal genetics release is a significant milestone and will expand access to distinctive, high-quality cannabis genetics in both established and emerging global markets including Germany, Portugal and Australia.

The curated, breeder-verified selection includes pioneering triploid genetics, such as OG Triploid and Donutz Triploid alongside the legendary cult classic Blueberry Muffin. Also available are All Gas OG with a THC content of 21% and four high-THC strains in the 30-35% range: Golden Sands, Guzzlerz, Jelly Donutz and Orange Creampop. These selections represent the top .01% from HSC’s extensive California pheno-hunting program.

Exports will begin in May under Apollo Green’s Canadian federal cannabis license. All shipments have Canadian phytosanitary certification, ensuring plants have been inspected, and are clean and free of pests.

“Access for all to quality genetics has been our core focus since the beginning,” said HSC Co-founder and Chief Science Officer, Benjamin Lind. “Our science-based approach to breeding aligns perfectly with Apollo Green’s high standards and we are excited to be able to extend these hand-selected cuts to a wider audience, especially at this pivotal time where we’re seeing positive regulatory changes globally.”

Oisin Tierney, Apollo Green Director of Business Development, said, “California has long been recognized for setting industry standards, and we are proud to play a role in bringing these esteemed genetics to cultivators worldwide. The triploids are especially noteworthy in terms of the unprecedented potential for enhanced plant vigor, higher yields, shorter flowering times and superior returns for solventless extraction.”

About Humboldt Seed Company

Established in 2001, Humboldt Seed Company is a Northern California heritage brand providing quality cannabis genetics to commercial cultivators and home growers in legalized states across the U.S. and international markets including Spain, Canada, Jamaica, South Africa, Colombia, France, Portugal, Greece, the UK, Malta and Thailand. With a focus on environmental and social justice, they combine traditional breeding and modern scientific practices in their strain development program. They have served the cannabis community for over two decades.

For more information visit https://humboldtseedcompany.com/.

About Apollo Green

Licensed since 2019, Apollo Green is Canada’s leader in cannabis genetics. The company’s mission is to provide an ever-growing bank of seeds and clones to medical patients and recreational consumers. Apollo Green provides clean, trusted cannabis seeds and clones, which are backed by the foremost tissue culture technology to reduce risks, costs and time-to-market for licensed producers around the world. Apollo Green is passionate about cannabis genetics. 

For more information visit https://apollogreen.com/.

Media contact
Jaana Prall
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Cannabis

Technological Advancements in Breathalyzers Drive Market Growth and Enhance Road Safety

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April 30, 2024

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