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Wynn Resorts, Limited Reports First Quarter 2019 Results

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LAS VEGAS–(BUSINESS WIRE)–Wynn Resorts, Limited (NASDAQ: WYNN) (“the Company”) today reported
financial results for the quarter ended March 31, 2019.

Operating revenues were $1.65 billion for the first quarter of 2019, a
decrease of 3.7%, or $64.0 million, from $1.72 billion for the first
quarter of 2018. Operating revenues increased $60.8 million at Wynn
Palace and decreased $94.4 million and $30.5 million at Wynn Macau and
our Las Vegas Operations, respectively.

On a U.S. generally accepted accounting principles (“GAAP”) basis, net
income attributable to Wynn Resorts, Limited was $104.9 million, or
$0.98 per diluted share, for the first quarter of 2019, compared to a
net loss attributable to Wynn Resorts, Limited of $204.3 million, or
$1.99 per diluted share, in the first quarter of 2018. The change was
primarily due to a litigation settlement of $463.6 million, partially
offset by an income tax benefit of $111.0 million, recorded in the first
quarter of 2018. Adjusted net income attributable to Wynn Resorts,
Limited (1) was $172.6 million, or $1.61 per diluted share, for the
first quarter of 2019, compared to $237.0 million, or $2.30 per diluted
share, for the first quarter of 2018.

Adjusted Property EBITDA (2) was $494.8 million for the first quarter of
2019, a decrease of 12.3%, or $69.6 million, from $564.3 million for the
first quarter of 2018. Adjusted Property EBITDA increased $10.7 million
at Wynn Palace and decreased $45.9 million and $34.3 million at Wynn
Macau and our Las Vegas Operations, respectively.

Wynn Resorts, Limited also announced today that the Company has approved
a cash dividend of $1.00 per share, payable on May 30, 2019 to
stockholders of record as of May 22, 2019.

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $726.6 million for the first
quarter of 2019, a 9.1% increase from $665.8 million for the first
quarter of 2018. Adjusted Property EBITDA from Wynn Palace was $222.6
million for the first quarter of 2019, a 5.0% increase from $211.9
million for the first quarter of 2018.

Casino revenues from Wynn Palace were $623.2 million for the first
quarter of 2019, a 9.6% increase from $568.5 million for the first
quarter of 2018. Table games turnover in VIP operations was $12.63
billion, a 17.9% decrease from $15.39 billion for the first quarter of
2018. VIP table games win as a percentage of turnover was 3.91%, above
the expected range of 2.7% to 3.0% and above the 2.60% experienced in
the first quarter of 2018. Table drop in mass market operations was
$1.30 billion, a 7.1% increase from $1.22 billion in the first quarter
of 2018. Table games win in mass market operations was $315.5 million, a
1.7% increase from $310.2 million for the first quarter of 2018. Table
games win percentage in mass market operations was 24.2%, below the
25.5% experienced in the first quarter of 2018. Slot machine handle was
$975.0 million, a 7.8% decrease from $1.06 billion for the first quarter
of 2018. Slot machine win decreased 7.9% to $51.4 million for the first
quarter of 2019, compared to $55.8 million for the first quarter of 2018.

Non-casino revenues from Wynn Palace were $103.4 million for the first
quarter of 2019, a 6.2% increase from $97.4 million for the first
quarter of 2018. Room revenues were $43.3 million for the first quarter
of 2019, a 7.1% increase from $40.4 million for the first quarter of
2018. Average daily rate (“ADR”) was $271, a 7.7% increase from $252 for
the first quarter of 2018. Occupancy increased to 97.2% for the first
quarter of 2019, from 96.8% for the first quarter of 2018. Revenue per
available room (“REVPAR”) was $264, an 8.2% increase from $244 for the
first quarter of 2018.

Wynn Macau

Operating revenues from Wynn Macau were $523.9 million for the first
quarter of 2019, a 15.3% decrease from $618.2 million for the first
quarter of 2018. Adjusted Property EBITDA was $163.9 million for the
first quarter of 2019, a 21.9% decrease from $209.8 million for the
first quarter of 2018.

Casino revenues from Wynn Macau were $450.2 million for the first
quarter of 2019, a 16.5% decrease from $539.0 million for the first
quarter of 2018. Table games turnover in VIP operations was $10.19
billion, a 40.3% decrease from $17.09 billion for the first quarter of
2018. VIP table games win as a percentage of turnover was 2.90%, within
the expected range of 2.7% to 3.0% and above the 2.61% experienced in
the first quarter of 2018. Table drop in mass market operations was
$1.35 billion, a 2.2% increase from $1.32 billion for the first quarter
of 2018. Table games win in mass market operations was $264.5 million, a
3.1% increase from $256.5 million for the first quarter of 2018. Table
games win percentage in mass market operations was 19.6%, above the
19.4% experienced in the first quarter of 2018. Slot machine handle was
$794.4 million, a 20.8% decrease from $1.00 billion for the first
quarter of 2018. Slot machine win decreased 9.3% to $37.9 million for
the first quarter of 2019, compared to $41.8 million for the first
quarter of 2018.

Non-casino revenues from Wynn Macau were $73.6 million for the first
quarter of 2019, a 7.0% decrease from $79.2 million for the first
quarter of 2018. Room revenues were $28.9 million for the first quarter
of 2019, a 1.6% increase from $28.4 million for the first quarter of
2018. ADR was relatively flat at $290 when compared to the same period
of 2018. Occupancy increased to 99.3% for the first quarter of 2019,
from 99.0% for the same period of 2018. REVPAR was flat at $288 when
compared to the same period of 2018.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $401.0 million for
the first quarter of 2019, a 7.1% decrease from $431.5 million for the
first quarter of 2018. Adjusted Property EBITDA from our Las Vegas
Operations was $108.3 million, a 24.0% decrease from $142.6 million for
the first quarter of 2018.

Casino revenues from our Las Vegas Operations were $111.7 million for
the first quarter of 2019, a 17.1% decrease from $134.6 million for the
first quarter of 2018. Table games drop was $404.1 million, a 24.7%
decrease from $536.6 million for the first quarter of 2018. Table games
win was $111.4 million, a 27.9% decrease from $154.4 million for the
first quarter of 2018. Table games win percentage was 27.6%, above the
property’s expected range of 22% to 26%, but below the 28.8% experienced
in the first quarter of 2018. Slot machine handle was $789.3 million, a
6.1% increase from $744.1 million for the first quarter of 2018. Slot
machine win increased 10.7% to $54.5 million, compared to $49.3 million
for the first quarter of 2018.

Non-casino revenues from our Las Vegas Operations were $289.3 million
for the first quarter of 2019, a 2.5% decrease from $296.8 million for
the first quarter of 2018. Room revenues were $119.1 million for the
first quarter of 2019, a 1.9% decrease from $121.5 million for the first
quarter of 2018. ADR was $338, a 0.6% decrease from $340 in the first
quarter of 2018. Occupancy decreased to 82.6% for the first quarter of
2019, from 83.9% for the first quarter of 2018. REVPAR was $279, a 2.1%
decrease from $285 for the first quarter of 2018. Food and beverage
revenues decreased 1.8%, to $123.6 million for the first quarter of
2019, compared to $125.8 million for the first quarter of 2018.
Entertainment, retail and other revenues decreased 5.9%, to $46.6
million for the first quarter of 2019, compared to $49.6 million in the
first quarter of 2018.

Development Projects

We are currently constructing Encore Boston Harbor, an integrated casino
resort in Everett, Massachusetts, located adjacent to Boston along the
Mystic River. The resort will contain a hotel, a waterfront boardwalk,
meeting and convention space, casino space, a spa, retail offerings and
food and beverage outlets. The total project budget, including gaming
license fees, construction costs, capitalized interest, pre-opening
expenses and land costs, is estimated to be approximately $2.6 billion.
As of March 31, 2019, we have incurred $2.26 billion in total project
costs. We expect to open Encore Boston Harbor in mid-2019.

We are currently constructing an approximately 430,000 square foot
meeting and convention facility at Wynn Las Vegas and have begun
construction activities in connection with the reconfiguration of the
Wynn Las Vegas golf course, which we closed in the fourth quarter of
2017. Based on current designs, we estimate the total project budget to
be approximately $425 million. As of March 31, 2019, we have incurred
$181.5 million in total project costs. We expect to reopen the golf
course in the fourth quarter of 2019 and open the additional meeting and
convention space in the first quarter of 2020.

Balance Sheet

Our cash and cash equivalents and restricted cash as of March 31, 2019
totaled $1.83 billion.

Total current and long-term debt outstanding at March 31, 2019 was $9.17
billion, comprised of $3.73 billion of Macau related debt, $3.10 billion
of Wynn Las Vegas debt, $983 million of Wynn America debt, $740 million
of Wynn Resorts debt, and $611 million of debt held by the retail joint
venture which we consolidate.

As previously disclosed, on March 8, 2019, the Company entered into an
Incremental Joinder Agreement that amended the Wynn Resorts Term Loan
Credit Agreement to, among other things, provide the Company with an
additional $250 million term loan on substantially similar terms as the
Wynn Resorts Term Loan.

Conference Call and Other Information

The Company will hold a conference call to discuss its results,
including the results of Wynn Las Vegas, LLC, on May 9, 2019 at 1:30
p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call
by accessing a live audio webcast at http://www.wynnresorts.com.

On May 9, 2019, the Company will make Wynn Las Vegas, LLC financial
information for the quarter ended March 31, 2019 available to
noteholders, prospective investors, broker-dealers and securities
analysts. Please contact our investor relations office at 702-770-7555
or at [email protected],
to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating
trends and future results of operations. Such forward-looking statements
are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those we express in these
forward-looking statements, including, but not limited to, controversy,
regulatory action, litigation and investigations related to Stephen A.
Wynn and his separation from the Company, extensive regulation of our
business, pending or future claims and legal proceedings, ability to
maintain gaming licenses and concessions, dependence on key employees,
general global political and economic conditions, adverse tourism
trends, dependence on a limited number of resorts, competition in the
casino/hotel and resort industries, uncertainties over the development
and success of new gaming and resort properties, construction risks,
cybersecurity risk and our leverage and debt service. Additional
information concerning potential factors that could affect the Company’s
financial results is included in the Company’s Annual Report on Form
10-K for the year ended December 31, 2018 and the Company’s other
periodic reports filed with the Securities and Exchange Commission. The
Company is under no obligation to (and expressly disclaims any such
obligation to) update or revise its forward-looking statements as a
result of new information, future events or otherwise.

Non-GAAP Financial Measures

(1) “Adjusted net income attributable to Wynn Resorts, Limited” is net
income (loss) attributable to Wynn Resorts, Limited before litigation
settlement expense, nonrecurring regulatory expense, pre-opening
expenses, property charges and other, change in derivatives fair value,
change in Redemption Note fair value, gain on extinguishment of debt,
foreign currency remeasurement loss, net of noncontrolling interests and
income taxes calculated using the specific tax treatment applicable to
the adjustments based on their respective jurisdictions. Adjusted net
income (loss) attributable to Wynn Resorts, Limited and adjusted net
income (loss) attributable to Wynn Resorts, Limited per diluted share
are presented as supplemental disclosures to financial measures in
accordance with GAAP because management believes that these non-GAAP
financial measures are widely used to measure the performance, and as a
principal basis for valuation, of gaming companies. These measures are
used by management and/or evaluated by some investors, in addition to
net income (loss) and earnings per share computed in accordance with
GAAP, as an additional basis for assessing period-to-period results of
our business. Adjusted net income (loss) attributable to Wynn Resorts,
Limited and adjusted net income (loss) attributable to Wynn Resorts,
Limited per diluted share may be different from the calculation methods
used by other companies and, therefore, comparability may be limited.

(2) “Adjusted Property EBITDA” is net income (loss) before interest,
income taxes, depreciation and amortization, litigation settlement
expense, pre-opening expenses, property charges and other, management
and license fees, corporate expenses and other, stock-based
compensation, gain on extinguishment of debt, change in derivatives fair
value, change in Redemption Note fair value and other non-operating
income and expenses. Adjusted Property EBITDA is presented exclusively
as a supplemental disclosure because management believes that it is
widely used to measure the performance, and as a basis for valuation, of
gaming companies. Management uses Adjusted Property EBITDA as a measure
of the operating performance of its segments and to compare the
operating performance of its properties with those of its competitors,
as well as a basis for determining certain incentive compensation. The
Company also presents Adjusted Property EBITDA because it is used by
some investors to measure a company’s ability to incur and service debt,
make capital expenditures and meet working capital requirements. Gaming
companies have historically reported EBITDA as a supplement to GAAP. In
order to view the operations of their casinos on a more stand-alone
basis, gaming companies, including Wynn Resorts, Limited, have
historically excluded from their EBITDA calculations pre-opening
expenses, property charges, corporate expenses and stock-based
compensation, that do not relate to the management of specific casino
properties. However, Adjusted Property EBITDA should not be considered
as an alternative to operating income as an indicator of the Company’s
performance, as an alternative to cash flows from operating activities
as a measure of liquidity, or as an alternative to any other measure
determined in accordance with GAAP. Unlike net income, Adjusted Property
EBITDA does not include depreciation or interest expense and therefore
does not reflect current or future capital expenditures or the cost of
capital. The Company has significant uses of cash flows, including
capital expenditures, interest payments, debt principal repayments,
income taxes and other non-recurring charges, which are not reflected in
Adjusted Property EBITDA. Also, Wynn Resorts’ calculation of Adjusted
Property EBITDA may be different from the calculation methods used by
other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this
release that reconcile (i) net income (loss) attributable to Wynn
Resorts, Limited to adjusted net income attributable to Wynn Resorts,
Limited, (ii) operating income (loss) to Adjusted Property EBITDA, and
(iii) net income (loss) attributable to Wynn Resorts, Limited to
Adjusted Property EBITDA.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
  Three Months Ended March 31,
  2019       2018  
Operating revenues:
Casino $ 1,185,101 $ 1,242,139
Rooms 191,270 190,310
Food and beverage 173,219 172,222
Entertainment, retail and other   101,956     110,907  
Total operating revenues   1,651,546     1,715,578  
Operating expenses:
Casino 750,071 764,401
Rooms 63,706 63,197
Food and beverage 148,761 137,658
Entertainment, retail and other 44,044 48,030
General and administrative 217,322 169,585
Litigation settlement 463,557
Provision for doubtful accounts 5,422 691
Pre-opening 27,713 10,345
Depreciation and amortization 136,557 136,357
Property charges and other   2,774     3,051  
Total operating expenses   1,396,370     1,796,872  
Operating income (loss)   255,176     (81,294 )
Other income (expense):
Interest income 7,287 7,220
Interest expense, net of amounts capitalized (93,180 ) (98,227 )
Change in derivatives fair value (1,509 )
Change in Redemption Note fair value (69,331 )
Gain on extinguishment of debt 2,329
Other   (6,358 )   (9,220 )
Other income (expense), net   (93,760 )   (167,229 )
Income (loss) before income taxes 161,416 (248,523 )
Benefit (provision) for income taxes   (1,685 )   111,045  
Net income (loss) 159,731 (137,478 )
Less: net income attributable to noncontrolling interests   (54,859 )   (66,829 )
Net income (loss) attributable to Wynn Resorts, Limited $ 104,872   $ (204,307 )
Basic and diluted income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic $ 0.98 $ (1.99 )
Diluted $ 0.98 $ (1.99 )
Weighted average common shares outstanding:
Basic 106,792 102,570
Diluted 107,073 102,570
Dividends declared per common share: $ 0.75 $ 0.50
 
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS,
LIMITED
TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
 
  Three Months Ended March 31,
  2019       2018  
Net income (loss) attributable to Wynn Resorts, Limited $ 104,872 $ (204,307 )
Litigation settlement expense 463,557
Nonrecurring regulatory expense 35,000
Pre-opening expenses 27,713 10,345
Property charges and other 2,774 3,051
Change in derivatives fair value 1,509
Change in Redemption Note fair value 69,331
Gain on extinguishment of debt (2,329 )
Foreign currency remeasurement loss 6,358 9,220
Income tax impact on adjustments (2,692 ) (108,827 )
Noncontrolling interests impact on adjustments   (2,950 )   (3,068 )
Adjusted net income attributable to Wynn Resorts, Limited $ 172,584   $ 236,973  
Adjusted net income attributable to Wynn Resorts, Limited per
diluted share
$ 1.61   $ 2.30  
 
Weighted average common shares outstanding – diluted 107,073 103,155
 
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY
EBITDA
(in thousands)
(unaudited)
 
  Three Months Ended March 31, 2019

Operating

income

(loss)

 

Pre-opening

expenses

 

Depreciation

and

amortization

 

Property

charges and

other

 

Management

and license

fees

 

Corporate

expenses

and other

 

Stock-based

compensation

 

Adjusted

Property

EBITDA

Macau Operations:
Wynn Palace $ 125,791 $ $ 66,066 $ 1,120 $ 27,220 $ 1,284 $ 1,105 $ 222,586
Wynn Macau 118,397 21,912 393 18,986 1,495 2,706 163,889
Other Macau   (3,303 )     1,117   6         1,913   267  
Total Macau Operations 240,885 89,095 1,519 46,206 4,692 4,078 386,475
Las Vegas Operations 38,924 44,590 510 18,721 3,965 1,592 108,302
Corporate and Other   (24,633 )   27,713   2,872   745     (64,927 )   53,892   4,338  
Total $ 255,176   $ 27,713 $ 136,557 $ 2,774   $   $ 62,549 $ 10,008 $ 494,777
 
Three Months Ended March 31, 2018

Operating

income

(loss)

Pre-opening

expenses

Depreciation

and

amortization

Property

charges and

other

Management

and license

fees

Corporate

expenses and

other (1)

Stock-based

compensation

Adjusted

Property

EBITDA

Macau Operations:
Wynn Palace $ 119,471 $ $ 64,424 $ 1,027 $ 24,225 $ 1,452 $ 1,312 $ 211,911
Wynn Macau 159,461 22,170 768 23,366 1,864 2,193 209,822
Other Macau   (3,970 )     1,106   9         2,690   165  
Total Macau Operations 274,962 87,700 1,804 47,591 6,006 3,670 421,733
Las Vegas Operations 71,874 6 45,783 1,329 20,039 2,948 617 142,596
Corporate and Other (1)   (428,130 )   10,339   2,874   (82 )   (67,630 )   479,612   3,017  
Total $ (81,294 ) $ 10,345 $ 136,357 $ 3,051   $   $ 488,566 $ 7,304 $ 564,329
 

(1) Corporate expense and other includes the litigation settlement
expense of $463.6 million in the first quarter of 2018.

 
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS,
LIMITED TO
ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
 
  Three Months Ended March 31,
  2019       2018  
Net income (loss) attributable to Wynn Resorts, Limited $ 104,872 $ (204,307 )
Net income attributable to noncontrolling interests 54,859 66,829
Litigation settlement expense 463,557
Pre-opening expenses 27,713 10,345
Depreciation and amortization 136,557 136,357
Property charges and other 2,774 3,051
Corporate expenses and other 62,549 25,009
Stock-based compensation 10,008 7,304
Interest income (7,287 ) (7,220 )
Interest expense, net of amounts capitalized 93,180 98,227
Change in derivatives fair value 1,509
Change in Redemption Note fair value 69,331
Gain on extinguishment of debt (2,329 )
Other 6,358 9,220
(Benefit) provision for income taxes   1,685     (111,045 )
Adjusted Property EBITDA $ 494,777   $ 564,329  
 
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and
REVPAR)
(unaudited)
 
  Three Months Ended March 31,
  2019       2018  
Macau Operations:
Wynn Palace:
VIP:
Average number of table games 111 115
VIP turnover $ 12,627,262 $ 15,385,833
VIP table games win (1) $ 493,184 $ 399,891
VIP table games win as a % of turnover 3.91 % 2.60 %
Table games win per unit per day $ 49,156 $ 38,533
Mass market:
Average number of table games 211 211
Table drop (2) $ 1,303,924 $ 1,217,201
Table games win (1) $ 315,469 $ 310,159
Table games win % 24.2 % 25.5 %
Table games win per unit per day $ 16,646 $ 16,341
Average number of slot machines 1,091 1,062
Slot machine handle $ 975,048 $ 1,058,096
Slot machine win (3) $ 51,401 $ 55,785
Slot machine win per unit per day $ 524 $ 584
Room statistics:
Occupancy 97.2 % 96.8 %
ADR (4) $ 271 $ 252
REVPAR (5) $ 264 $ 244
 
Wynn Macau:
VIP:
Average number of table games 113 114
VIP turnover $ 10,194,031 $ 17,087,455
VIP table games win (1) $ 295,298 $ 445,189
VIP table games win as a % of turnover 2.90 % 2.61 %
Table games win per unit per day $ 29,099 $ 43,531
Mass market:
Average number of table games 206 203
Table drop (2) $ 1,351,693 $ 1,322,815
Table games win (1) $ 264,542 $ 256,481
Table games win % 19.6 % 19.4 %
Table games win per unit per day $ 14,283 $ 14,042
Average number of slot machines 826 939
Slot machine handle $ 794,367 $ 1,002,819
Slot machine win (3) $ 37,894 $ 41,765
Slot machine win per unit per day $ 510 $ 494
Room statistics:
Occupancy 99.3 % 99.0 %
ADR (4) $ 290 $ 291
REVPAR (5) $ 288 $ 288
 
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and
REVPAR)
(unaudited) (continued)
 
  Three Months Ended March 31,
  2019       2018  
Las Vegas Operations:
Average number of table games 238 238
Table drop (2) $ 404,073 $ 536,581
Table games win (1) $ 111,370 $ 154,433
Table games win % 27.6 % 28.8 %
Table games win per unit per day $ 5,198 $ 7,212
Average number of slot machines 1,807 1,829
Slot machine handle $ 789,310 $ 744,133
Slot machine win (3) $ 54,544 $ 49,264
Slot machine win per unit per day $ 335 $ 299
Room statistics:
Occupancy 82.6 % 83.9 %
ADR (4) $ 338 $ 340
REVPAR (5) $ 279 $ 285

Contacts

Vincent Zahn
702-770-7555
[email protected]

Read full story here


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Innocan

Innocan Pharma Announces Study Findings that LPT-CBD maintains its prolonged release in Rabbits

Published

on

innocan-pharma-announces-study-findings-that-lpt-cbd-maintains-its-prolonged-release-in-rabbits

HERZLIYA, Israel and CALGARY, AB, Feb. 26, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce the latest findings from the Company’s pharmacokinetic study of its LPT-CBD platform in rabbits.

The fundamentals of LPT-CBD lay in its ability to slowly release CBD into the blood stream. Studies conducted in various animal models including mice, dogs, goats, and sheep showed long pharmacokinetics of CBD that persisted up to several weeks. In the Company’s latest study conducted on rabbits, the results showed additional supportive data for the long exposure of CBD obtained following a single subcutaneous LPT-CBD injection.   

The Company is encouraged by these study results as they confirm the approach the Company is taking with its LPT platform. The results from studies of several organisms injected with the Company’s liposomal CBD –have consistently demonstrated that a detectable CBD level could be maintained for weeks following one injection. The Company will continue with human trials in the near future.

Pharmacokinetics (PK) is an important tool that helps evaluate the bioavailability and exposure level of a specific drug. Parameters such as maximal blood drug concentration (cMax), time to reach cMax (Tmax) and half-life of the drug are calculated based on data collected from blood analysis of the drug across a determined time. The collected PK parameters along with other tests help to define the required dose of a drug to achieve a maximal therapeutic effect. In the study conducted on rabbits, the animals were collected for blood analysis of the drug for up to 11 days. As expected, the animals presented a persistent CBD concentration in their blood that maintained through the entire testing period. This correlates to PK results obtained from other species, supporting the long CBD exposure and the necessity of only a single LPT-CBD injection to obtain a long and wide therapeutic window for CBD.   

About Innocan Pharma:

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 comprises with 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 two indications: Epilepsy and 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 developing on advanced targeted online sales. https://innocanpharma.com/

Contact Information:

For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
info@innocanpharma.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Caution Regarding Forward-Looking Information

Certain information set forth in this news release, including, without limitation, the Company’s plans for human trials of its LPT-CBD platform, 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 production and distribution arrangements.

Forward-looking information is subject to various risks and uncertainties that 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: global and local (national) economic, political, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and potential disruption of 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). 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. A comprehensive discussion of other risks that impact Innocan can be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedarplus.ca.

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.

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SCHWAZZE

Schwazze Appoints Forrest Hoffmaster as Interim Chief Executive Officer

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DENVER, Feb. 23, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) (“Schwazze” or the “Company”), today announced that Forrest Hoffmaster, the Company’s Chief Financial Officer, has been appointed to the additional role of interim Chief Executive Officer (“CEO”). This follows Nirup Krishnamurthy’s resignation as CEO and as a member of the Board of Directors (“Board”), effective February 20, 2024, due to personal reasons.

Mr. Hoffmaster, who joined the Company in January 2023, brings over 30 years of executive experience in finance and operations for both public and private companies. Prior to Schwazze, Mr. Hoffmaster served as CEO of New Seasons Market, a specialty gourmet food retailer, where he navigated the company through one of the most disruptive periods in the retail grocery industry. Under his leadership, Mr. Hoffmaster implemented a focused growth and cost optimization program, enabling the company to grow EBITDA by over 30% in two years. Prior to New Seasons Market, Forrest held leadership positions with other leading grocers including Whole Foods Market and H-E-B.

“Forrest is well-positioned to seamlessly step in and lead the Company’s day-to-day operations as we conduct our search for a permanent successor,” said Justin Dye, Chairman of the Board. “With Forrest’s proven track record and deep retail expertise, we plan to continue leveraging our operating playbook to drive strong Adjusted EBITDA margins and consistent cash flow generation. On behalf of the Board, I’d like to wish Nirup the best in his future endeavors.”

About Schwazze

Schwazze (OTCQX: SHWZ) (NEO: 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 https://schwazze.com/.

Forward-Looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

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-appoints-forrest-hoffmaster-as-interim-chief-executive-officer-302069402.html

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Cannabis

Hemp, Inc. Reports: Hemp-Based Foods Market Set to Reach $8.36 Billion by 2028

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GrassNews.net: Your premier portal for the latest developments in the cannabis industry. We provide timely news, insightful analysis, and in-depth features on everything from legislation changes and business trends, to scientific research and lifestyle topics. Stay informed and navigate the rapidly evolving cannabis landscape with GrassNews.net..

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