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Dropbox Announces Fiscal 2019 First Quarter Results



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Revenue of $385.6 Million, Up 22% Year-over-year

Net Cash Provided by Operating Activities of $63.2 Million and Free Cash
Flow of $33.5 Million

SAN FRANCISCO–(BUSINESS WIRE)–Dropbox, Inc. (NASDAQ: DBX), a leading global collaboration platform,
today announced financial results for its first fiscal quarter ended
March 31, 2019.

We kicked off 2019 with a strong Q1, driven by continued paying user
growth and ARPU expansion,” said Dropbox Co-founder and Chief Executive
Officer Drew Houston. “Our 22% top line growth and robust operating
margins reflect our efficient go-to-market strategy and operational
discipline. We’ve reached a scale few SaaS companies have achieved and
continue to ship product experiences that put Dropbox at the center of
our users’ workflows. We also closed our first acquisition as a public
company with HelloSign, and I’m excited about our future together.”

First Quarter Fiscal 2019 Results

  • Total revenue was $385.6 million, an increase of 22% from the same
    period last year.
  • Paying users totaled 13.2 million, inclusive of 0.1 million
    incremental paying users from our acquisition of HelloSign, as
    compared to 11.5 million for the same period last year. Average
    revenue per paying user was $121.04, as compared to $114.30 for the
    same period last year.
  • GAAP gross margin was 74.5%, as compared to 61.9% in the same period
    last year. Non-GAAP gross margin was 75.4%, as compared to 74.2% in
    the same period last year. (1)
  • GAAP operating margin was (5.5%), as compared to (147.3%) in the same
    period last year. Non-GAAP operating margin was 10.1%, as compared to
    10.9% in the same period last year. (1)
  • GAAP net loss was ($7.7) million, as compared to ($465.5) million in
    the same period last year. Non-GAAP net income was $41.7 million, as
    compared to $30.9 million in the same period last year. (1)
  • Net cash provided by operating activities was $63.2 million, as
    compared to $61.8 million in the same period last year. Free cash flow
    was $33.5 million, as compared to $51.9 million in the same period
    last year.
  • GAAP basic and diluted net loss per share was ($0.02), as compared to
    ($2.13) in the same period last year. Non-GAAP diluted net income per
    share was $0.10, as compared to $0.08 in the same period last year. (1)(2)
  • Cash, cash equivalents and short-term investments were $915.2 million
    at the end of the first quarter of 2019.

(1) Our first quarter of 2018 results include the impact of
stock-based compensation related to two-tier restricted stock units
(“RSUs”). These awards had both a service-based vesting condition and a
liquidity event-related performance condition. The liquidity
event-related performance condition was satisfied upon our IPO. As a
result, we recognized $418.7 million in stock-based compensation expense
related to two-tier RSUs for which the service-based vesting condition
had been met as of the end of the first quarter of 2018. During the
first quarter of 2018, we also released 26.8 million shares of common
stock underlying the vested two-tier RSUs, and as a result recorded
$13.9 million in employer related payroll tax expenses associated with
these same awards.

(2) Non-GAAP diluted net income per share is calculated based
upon 417.7 million and 373.1 million diluted weighted-average shares of
common stock for the three months ended March 31, 2019 and 2018,

HelloSign Acquisition

Dropbox completed the acquisition of JN Projects, Inc. (d/b/a HelloSign)
(“HelloSign”), which provides an e-signature and document workflow
platform, on February 8, 2019 for $230 million, consisting primarily of
cash payments, subject to customary purchase price adjustments. Of
the $230 million of consideration, $48.5 million is subject to on-going
employee service. The acquisition of HelloSign expands our content
collaboration capabilities to include additional business-critical

Adoption of ASC 842

We adopted the new leasing standard, ASC 842, on January 1, 2019, which
resulted in the recognition of operating right-of-use assets of $431.7
million and operating lease liabilities of $502.4 million on the
condensed consolidated balance sheet. We elected to use the optional
transition method relating to comparative reporting at adoption.
Accordingly, we continue to apply the guidance of ASC 840, including
disclosure requirements, in our comparative periods prior to January 1,

Financial Outlook

Dropbox will provide forward-looking guidance in connection with this
quarterly earnings announcement on our conference call, webcast, and on
our investor relations website at

Conference Call Information

Dropbox plans to host a conference call today to review its first
quarter financial results and to discuss its financial outlook. This
call is scheduled to begin at 2:00 p.m. PT / 5:00 p.m. ET and can be
accessed by dialing (877) 300-7844 from the United States or (786)
815-8440 internationally with reference to the company name and
conference title, and a live webcast and replay of the conference call
can be accessed from the Dropbox investor relations website at
Following the completion of the call, a telephonic replay will be
available through 11:59 p.m. ET on May 16, 2019 at (855) 859-2056 from
the United States or (404) 537-3406 internationally with recording
access code 5191784.

Other Upcoming Events

Ajay Vashee, Chief Financial Officer, will be presenting at Bank of
America Merrill Lynch’s 2019 Global Technology Conference in San
Francisco, CA, on Tuesday, June 4, 2019 at 3:50 p.m. PT. At that time, a
live webcast will be accessible from the Dropbox investor relations
website at
Following the event, a replay will be made available at the same

About Dropbox

Dropbox is a leading global collaboration platform that’s transforming
the way people work together, from the smallest business to the largest
enterprise. With more than 500 million registered users across 180
countries, our products are designed to establish a more enlightened way
of working. Headquartered in San Francisco, CA, Dropbox has 12 offices
around the world. For more information on our mission and products,

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to the most directly
comparable financial results as determined in accordance with GAAP are
included at the end of this press release following the accompanying
financial data. For a description of these non-GAAP financial measures,
including the reasons management uses each measure, please see the
section of the tables titled “About Non-GAAP Financial Measures.”

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
including, among other things, statements regarding Dropbox’s future
operational performance, the demand for our platform and product
features, and the benefits from new product experiences and
acquisitions. Words such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “plans,” and similar
expressions are intended to identify forward-looking statements. Dropbox
has based these forward-looking statements largely on its current
expectations and projections about future events and financial trends
that the Company believes may affect its business, financial condition,
and results of operations. These forward-looking statements speak only
as of the date of this press release and are subject to risks,
uncertainties, and assumptions including, but not limited to: (i) our
ability to retain and upgrade paying users; (ii) our ability to attract
new users or convert registered users to paying users; (iii) our revenue
growth rate; (iv) our history of net losses; (v) our liability for any
unauthorized access to our data or our users’ content, including through
privacy and data security breaches; (vi) significant disruption of
service on our platform or loss of content; (vii) any decline in demand
for our platform or for content collaboration solutions in general;
(viii) changes in the interoperability of our platform across devices,
operating systems, and third-party applications that we do not control;
(ix) competition in our markets; (x) our ability to respond to rapid
technological changes, extend our platform, or develop new features;
(xi) our ability to manage our growth or plan for future growth; (xii)
our acquisition of other businesses and the potential of such
acquisitions to require significant management attention, disrupt our
business, or dilute stockholder value; and (xiii) the dual class
structure of our common stock and its effect of concentrating voting
control with certain stockholders who held our capital stock prior to
the completion of our initial public offering. Further information on
risks that could affect Dropbox’s results is included in our filings
with the Securities and Exchange Commission (“SEC”), including our Form
10-K for the year ended December 31, 2018. Additional information will
be made available in our quarterly report on Form 10-Q and other future
reports that we may file with the SEC from time to time, which could
cause actual results to vary from expectations. If the risks materialize
or assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. Dropbox
assumes no obligation to, and does not currently intend to, update any
such forward-looking statements after the date of this release, except
as required by applicable law.


Dropbox, Inc.

Condensed Consolidated Statements of Operations

(In millions, except per share data)


Three months ended
March 31,
2019     2018
Revenue $ 385.6 $ 316.3
Cost of revenue(1) 98.4   120.6  
Gross profit 287.2 195.7
Operating expenses(1):
Research and development 150.0 378.5
Sales and marketing 101.5 157.0
General and administrative 57.0   126.1  
Total operating expenses 308.5   661.6  
Loss from operations (21.3 ) (465.9 )
Interest income (expense), net 3.7 (1.2 )
Other income, net 4.2   3.4  
Loss before income taxes (13.4 ) (463.7 )
Benefit from (provision for) income taxes 5.7   (1.8 )
Net loss $ (7.7 ) $ (465.5 )
Net loss per share attributable to common stockholders, basic and
$ (0.02 ) $ (2.13 )
Weighted-average shares used in computing net loss per share
attributable to common stockholders, basic and diluted
410.5   218.8  
(1) Includes stock-based compensation expense as follows:
Three months ended
March 31,
2019 2018
Cost of revenue $ 3.0 $ 37.8
Research and development 30.5 282.9
Sales and marketing 7.1 72.4
General and administrative 15.0 93.4

Dropbox, Inc.

Condensed Consolidated Balance Sheets

(In millions)


As of
March 31, 2019     December 31, 2018
Current assets:
Cash and cash equivalents $ 359.2 $ 519.3
Short-term investments 556.0 570.0
Trade and other receivables, net 34.1 28.6
Prepaid expenses and other current assets 58.3   92.3  
Total current assets 1,007.6 1,210.2
Property and equipment, net 340.9 310.6
Operating lease right-of-use asset 430.4
Intangible assets, net 57.4 14.7
Goodwill 230.4 96.5
Other assets 61.9   62.1  
Total assets $ 2,128.6   $ 1,694.1  
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 27.4 $ 33.3
Accrued and other current liabilities 148.8 164.5
Accrued compensation and benefits 36.4 80.9
Operating lease liability 74.1
Finance lease obligation 70.7 73.8
Deferred revenue 508.4   485.0  
Total current liabilities 865.8 837.5
Operating lease liability, non-current 441.5
Finance lease obligation, non-current 106.7 89.9
Other non-current liabilities(1) 9.7   89.9  
Total liabilities 1,423.7   1,017.3  
Stockholders’ equity:
Additional paid-in capital 2,377.8 2,337.5
Accumulated deficit (1,674.7 ) (1,659.5 )
Accumulated other comprehensive income (loss) 1.8   (1.2 )
Total stockholders’ equity 704.9   676.8  
Total liabilities and stockholders’ equity $ 2,128.6   $ 1,694.1  

(1) As of December 31, 2018 the Company had non-current
deferred rent of $81.0 million. As of March 31, 2019, deferred
rent is now included in the determination of the Company’s
operating lease right-of-use asset due to the adoption of ASC 842.


Dropbox, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions)


Three months ended
March 31,
2019     2018
Cash flow from operating activities
Net loss $ (7.7 ) $ (465.5 )
Adjustments to reconcile net loss to net cash provided by operating
Depreciation and amortization 45.8 35.9
Stock-based compensation 55.6 486.5
Amortization of deferred commissions 3.9 2.4
Other (4.4 ) (0.6 )
Changes in operating assets and liabilities:
Trade and other receivables, net (5.1 ) 3.6
Prepaid expenses and other current assets (14.2 ) (1.5 )
Other assets 11.2 (5.7 )
Accounts payable (5.2 ) (2.8 )
Accrued and other current liabilities 10.0 8.8
Accrued compensation and benefits (45.9 ) (26.2 )
Deferred revenue 18.6 26.7
Other non-current liabilities (13.2 ) 0.2
Tenant improvement allowance reimbursement 13.8    
Net cash provided by operating activities 63.2   61.8  

Cash flow from investing activities

Capital expenditures (29.7 ) (9.9 )
Cash paid for business combinations, net of cash acquired (172.1 )
Purchases of short-term investments (153.0 ) (180.8 )
Proceeds from sales of short-term investments 110.2
Proceeds from maturities of short-term investments 66.6
Other 4.7   (2.4 )
Net cash used in investing activities (173.3 ) (193.1 )
Cash flow from financing activities
Proceeds from initial public offering and private placement, net of
underwriters’ discounts and commissions
Payments of deferred offering costs (0.9 )
Shares repurchased for tax withholdings on release of restricted
(25.5 ) (241.2 )
Proceeds from issuance of common stock, net of repurchases 0.9 0.8
Principal payments on finance lease obligations (26.2 ) (29.8 )
Other (0.2 ) (2.1 )
Net cash provided by (used in) financing activities (51.0 ) 365.0  
Effect of exchange rate changes on cash and cash equivalents 1.0   1.6  
Change in cash and cash equivalents (160.1 ) 235.3
Cash and cash equivalents—beginning of period 519.3   430.0  
Cash and cash equivalents—end of period $ 359.2   $ 665.3  
Supplemental cash flow data:    
Property and equipment acquired under finance leases $ 39.9   $ 25.5  

Dropbox, Inc.

Three months ended March 31, 2019

Reconciliation of GAAP to Non-GAAP results

(In millions, except for percentages, which may not foot due to




related and
other expenses



Cost of revenue $ 98.4 $ (3.0 ) $ $ (0.6 ) $ 94.8
Cost of revenue margin 25.5 % (0.8 )% % (0.2 )% 24.6 %
Gross profit 287.2 3.0 0.6 290.8
Gross margin 74.5 % 0.8 % % 0.2 % 75.4 %
Research and development 150.0 (30.5 ) (2.3 ) 117.2
Research and development margin 38.9 % (7.9 )% (0.6 )% % 30.4 %
Sales and marketing 101.5 (7.1 ) (0.8 ) 93.6
Sales and marketing margin 26.3 % (1.8 )% % (0.2 )% 24.3 %
General and administrative 57.0 (15.0 ) (1.0 ) 41.0
General and administrative margin 14.8 % (3.9 )% (0.3 )% % 10.6 %
Income (loss) from operations $ (21.3 ) $ 55.6 $ 3.3 $ 1.4 $ 39.0
Operating margin (5.5 )% 14.4 % 0.9 % 0.4 % 10.1 %

Dropbox, Inc.

Three months ended March 31, 2018

Reconciliation of GAAP to Non-GAAP results

(In millions, except for percentages, which may not foot due to




Employer payroll
taxes related to the

two-tier RSUs

Cost of revenue $ 120.6 $ (37.8 ) $ (1.1 ) $ 81.7
Cost of revenue margin 38.1 % (12.0 )% (0.3 )% 25.8 %
Gross profit 195.7 37.8 1.1 234.6
Gross margin 61.9 % 12.0 % 0.3 % 74.2 %
Research and development 378.5 (282.9 ) (8.3 ) 87.3
Research and development margin 119.7 % (89.4 )% (2.7 )% 27.6 %
Sales and marketing 157.0 (72.4 ) (2.2 ) 82.4
Sales and marketing margin 49.6 % (22.9 )% (0.6 )% 26.1 %
General and administrative 126.1 (93.4 ) (2.3 ) 30.4
General and administrative margin 39.9 % (29.5 )% (0.8 )% 9.6 %
Income (loss) from operations $ (465.9 ) $ 486.5 $ 13.9 $ 34.5
Operating margin (147.3 )% 153.8 % 4.4 % 10.9 %

Dropbox, Inc.

Three months ended March 31, 2019 and 2018

Reconciliation of GAAP net loss to Non-GAAP net income and
Non-GAAP diluted net income per share

(In millions, except per share data)


Three months ended March 31,
2019     2018
GAAP net loss $ (7.7 ) $ (465.5 )
Stock-based compensation 55.6 486.5
Acquisition-related and other expenses 3.3
Amortization of acquired intangible assets 1.4
Employer payroll taxes related to the release of two-tier RSUs 13.9
Income tax effects of non-GAAP adjustments (10.9 ) (4.0 )
Non-GAAP net income $ 41.7   $ 30.9  
Non-GAAP diluted net income per share $ 0.10   $ 0.08  
Weighted-average shares used to compute Non-GAAP diluted net income
per share
417.7   373.1  

Dropbox, Inc.

Three months ended March 31, 2019 and 2018

Reconciliation of free cash flow and supplemental cash flow

(In millions, except for percentages)


Three months ended March 31,
2019     2018
Free cash flow reconciliation:
Net cash provided by operating activities $ 63.2 $ 61.8
Capital expenditures (29.7 ) (9.9 )
Free cash flow $ 33.5   $ 51.9  
Free cash flow margin 8.7 % 16.4 %
Supplemental disclosures:
Capital expenditures related to our new corporate headquarters, net
of tenant improvement allowances(1)
$ 7.5   $ 0.6  

(1) Capital expenditures include cash outflows related
to the build-out of our new corporate headquarters in San
Francisco, CA. Net cash provided by operating activities include
tenant improvement allowances related to our new corporate
headquarters, and represents cash received from our landlord to
partially offset this build-out. These amounts are presented net
in the table above.


About Non-GAAP Financial Measures

To provide investors and others with additional information regarding
Dropbox’s results, we have disclosed the following non-GAAP financial
measures: non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP
operating expenses (including research and development, sales and
marketing and general and administrative), non-GAAP income from
operations, non-GAAP net income, free cash flow (“FCF”) and non-GAAP
diluted net income per share. Dropbox has provided a reconciliation of
each non-GAAP financial measure used in this earnings release to the
most directly comparable GAAP financial measure. Non-GAAP cost of
revenue, gross profit, operating expenses, income from operations, and
net income differs from GAAP in that it excludes stock-based
compensation expense, amortization of acquired intangible assets, other
acquisition-related expenses, which include third-party diligence costs
and compensation expense for key acquired personnel, and employer
payroll tax expense relating to the release of two-tier RSUs in
connection with our initial public offering during the three months
ended March 31, 2018. Non-GAAP net income also includes the income tax
effect of these adjustments, including the tax effects of acquired
intangible assets. FCF differs from GAAP net cash provided by operating
activities in that it treats capital expenditures as a reduction to net
cash provided by operating activities. Free cash flow margin is
calculated as FCF divided by revenue. Non-GAAP diluted net income per
share differs from GAAP diluted net loss per share in that the numerator
utilizes the non-GAAP net income as described above, and the
weighted-average shares used in the computation include certain shares
that are excluded from the GAAP diluted net loss per share calculation
because their effect would have been anti-dilutive.

Dropbox’s management uses these non-GAAP financial measures to
understand and compare operating results across accounting periods, for
internal budgeting and forecasting purposes, for short and long-term
operating plans, and to evaluate Dropbox’s financial performance and the
ability to generate cash from operations. Management believes these
non-GAAP financial measures reflect Dropbox’s ongoing business in a
manner that allows for meaningful period-to-period comparisons and
analysis of trends in Dropbox’s business, as they exclude expenses that
are not reflective of ongoing operating results. Management also
believes that these non-GAAP financial measures provide useful
supplemental information to investors and others in understanding and
evaluating Dropbox’s operating results and future prospects in the same
manner as management and in comparing financial results across
accounting periods and to those of peer companies.

We believe that the non-GAAP financial measures, non-GAAP cost of
revenue, gross profit, operating expenses, income from operations, net
income, and diluted net income per share are meaningful to investors
because they help identify underlying trends in our business that could
otherwise be masked by the effect of the expenses that we exclude.

We believe that FCF is an indicator of our liquidity over the long term,
and provides useful information regarding cash provided by operating
activities and cash used for investments in property and equipment
required to maintain and grow our business. FCF is presented for
supplemental informational purposes only and should not be considered a
substitute for financial information presented in accordance with GAAP.
FCF has limitations as an analytical tool, and it should not be
considered in isolation or as a substitute for analysis of other GAAP
financial measures, such as net cash provided by operating activities.
Some of the limitations of FCF are that FCF does not reflect our future
contractual commitments, excludes investments made to acquire assets
under capital leases, includes capital expenditures related to our new
corporate headquarters, and may be calculated differently by other
companies in our industry, limiting its usefulness as a comparative

The use of non-GAAP cost of revenue, gross profit, operating expenses,
income from operations, net income, free cash flow, and diluted net
income per share measures has certain limitations as they do not reflect
all items of income, expense, and cash expenditures, as applicable, that
affect Dropbox’s operations. Dropbox compensates for these limitations
by reconciling the non-GAAP financial measures to the most comparable
GAAP financial measures. Additionally, we have provided supplemental
disclosures in our reconciliation of net cash provided by operating
activities to free cash flow to include capital expenditures related to
our new corporate headquarters, net of tenant improvement allowances.
These non-GAAP financial measures should be considered in addition to,
not as a substitute for or in isolation from, measures prepared in
accordance with GAAP. Further, these non-GAAP measures may differ from
the non-GAAP information used by other companies, including peer
companies, and therefore comparability may be limited. Management
encourages investors and others to review Dropbox’s financial
information in its entirety and not rely on a single financial measure.


Darren Yip
[email protected]
[email protected]

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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.

Contact Information:

For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025


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

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 Appoints Forrest Hoffmaster as Interim Chief Executive Officer




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

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 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] 

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