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Dropbox Announces Fiscal 2019 First Quarter Results – GrassNews
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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.”

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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,
respectively.

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
workflows.

Adoption of ASC 842

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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,
2019.

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 investors.dropbox.com.

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 investors.dropbox.com.
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.

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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 investors.dropbox.com.
Following the event, a replay will be made available at the same
location.

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,
visit dropbox.com.

Use of Non-GAAP Financial Measures

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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

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(In millions, except per share data)

(Unaudited)

 
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
diluted
$ (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)

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(Unaudited)

 
As of
March 31, 2019     December 31, 2018
Assets
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)

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(Unaudited)

 
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
activities:
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
638.2
Payments of deferred offering costs (0.9 )
Shares repurchased for tax withholdings on release of restricted
stock
(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

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

(Unaudited)

 
GAAP

Stock-based
compensation

Acquisition-
related and
other expenses

 

Intangibles
amortization

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  Non-GAAP
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
rounding)

(Unaudited)

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GAAP

Stock-based
compensation

Employer payroll
taxes related to the
release
of

two-tier RSUs

Non-GAAP
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

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(In millions, except per share data)

(Unaudited)

 
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
disclosure

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(In millions, except for percentages)

(Unaudited)

 
Three months ended March 31,
2019     2018
Free cash flow reconciliation:
Net cash provided by operating activities $ 63.2 $ 61.8
Less:
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.

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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
measure.

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.

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Contacts

Investors:
Darren Yip
ir@dropbox.com
or
Media:
Saman
Asheer
press@dropbox.com


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Cannabis

IM Cannabis Shares Commence Trading on 6:1 Consolidated Basis

Published

on

im-cannabis-shares-commence-trading-on-6:1-consolidated-basis

TORONTO and GLIL YAM, Israel, July 12, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company” or “IM Cannabis“), a leading medical cannabis company with operations in Israel and Germany, is pleased to announce that, further to its press release dated July 5, 2024, effective today the Company’s common shares (“Common Shares“) are trading on the Canadian Securities Exchange (the “CSE“) and Nasdaq Stock Market LLC (“NASDAQ“) on a 6:1 post-consolidated basis (the “Consolidation“).

The Company’s trading symbol remains “IMCC” on both the CSE and NASDAQ. The Company’s new CUSIP and ISIN numbers are 44969Q406 and CA44969Q4060, respectively.

After giving effect to the Consolidation, the Common Shares were reduced from 13,394,136 to 2,232,357 Common Shares. No fractional Common Shares were issued in connection with the Consolidation. Instead, all fractional Common Shares equal to or greater than one-half resulting from the Consolidation were rounded to the next whole number, otherwise, the fractional Common Share were cancelled. The exercise price and/or conversion price and number of Common Shares issuable under any of the Company’s outstanding convertible securities were proportionately adjusted in connection with the Consolidation.

Computershare Investor Services Inc., the Company’s registrar and transfer agent for the Common Shares, has mailed letters of transmittal to registered shareholders of record as of July 12, 2024 providing instructions for the exchange of their Common Shares as soon as practicable following the effective date. Registered shareholders may also obtain a copy of the letter of transmittal by accessing the Company’s SEDAR+ profile at www.sedarplus.ca. Until surrendered, each Common Share certificate or direct registration system statement representing pre-consolidated Common Shares will represent the number of whole post-consolidated Common Shares to which the holder is entitled as a result of the Consolidation. No action is required by beneficial holders to receive post-consolidation Common Shares in connection with the Consolidation. Beneficial holders who hold their Common Shares through intermediaries (e.g., a broker, bank, trust company investment dealer or other financial institution) and who have questions regarding how the Consolidation will be processed should contact their intermediaries with respect to the Consolidation.

About IM Cannabis Corp. 

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IM Cannabis (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has focused its resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.

The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IM Cannabis’ products throughout the entire value chain. In Germany, the IM Cannabis ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements“). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to the Company amplifying its commercial and brand power to become a global high-quality cannabis player.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to maintain the listing requirements of the CSE and NASDAQ; the Company’s ability to focus on Israel, Germany and Europe; the Company’s ability to realize upon the stated benefits of the partial legalization of cannabis in Germany; and the Company amplifying its commercial and brand power to become a global high-quality cannabis player. The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the CSE and NASDAQ; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical Herbs Ltd. (collectively, the “Group“) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East; the risk of the Company’s inability to capitalize upon the partial legalization of cannabis in Germany; and risks the Company will be unable to amplify its commercial and brand power and/or be unable to become a global high-quality cannabis player.

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Please see the other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual report dated March 28, 2024, which is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations, and opinions of management on the date such forward-looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de

Oren Shuster, Chief Executive Officer
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com

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Legal Cannabis Market Share Value Projected to Reach USD 194.5 Billion, at 16.9% CAGR by 2034: Prophecy Market Insights

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Covina, July 11, 2024 (GLOBE NEWSWIRE) — The study concludes that the global legal cannabis market size and share is expected to grow at a CAGR of 16.9% between 2024 and 2034. The market revenue of USD 47 Billion in 2024 is expected to grow up to USD 194.5 Billion by 2034.

Cannabis was an illicit drug before, but its legalization process is on fast track today in many nations around the globe, opening a multibillion-dollar market with huge growth potential. The said market is bifurcated into two categories: medical cannabis, used for the treatment of various diseases, and recreational cannabis, for fun and other purposes. Most marijuana consumers are young, especially millennials. Males use it more than females, while the level of consumption is also predicated by class and thereby affects the rate of consumption. Psychographics show that marijuana consumers are social, open to experiences, and concerned about health; the last two probably represent a broader moving trend to natural products and alternate medicine.

The legal cannabis market offers a huge amount of variety, starting from flowers to extracts and consumables like cookies and chocolate that can be applied topically on the skin. Concentrations are gaining their following and popularity because of their potency. Also very popular are the edibles—baked goods, particularly cookies, and sweets—that appeal to those who crave discreetness and effectiveness all at once in consumption.

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Our Free Sample Report includes:

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  • Overview & introduction of market study
  • Revenue and CAGR of the market 
  • Drivers & Restrains factors of the market 
  • Major key players in the market 
  • Regional analysis of the market with a detailed graph
  • Detailed segmentation in tabular form of market 
  • Recent developments/news of the market 
  • Opportunities & Challenges of the Market

Some of the Key Market Players:

  • Aurora Cannabis
  • Cresco Labs
  • Jazz Pharmaceuticals
  • Verano Holdings
  • Canopy Growth Corporation
  • Green Thumb Industries
  • Trulieve Cannabis
  • MedMen
  • Aphria
  • Cronos Group
  • Curaleaf
  • GW Pharmaceuticals, plc.
  • The Green Organic Dutchman

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Analyst View:

Global cannabis regulations differ, but most countries are legalizing it fast, thereby creating a multibillion-dollar market with huge growth potential. The market segments include cannabis for recreation and cannabis for medical use. Young people form a huge part of the cannabis users, particularly the millennial group who exhibit a social class influence. Due to early legalization and permissive rules, North America is the leader of the legal cannabis business concerning product variety. The constantly changing process of the market keeps including new and different consumers and substances like CBD or substances for euphoric-balming effects.

Legal Cannabis Market: Report Scope
Report Attributes Details
Market value in 2024 USD 47 Billion 
Market value in 2034 USD 194.5 Billion
CAGR 16.9% from 2024 – 2034
Base year 2023
Historical data 2019-2022
Forecast period 2024-2034

Market Dynamics:

Drivers:

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Growing Recognition and Legalization

  • Together, the increasing number of countries legalizing cannabis and the health benefits derived from medical marijuana easily make the global legal cannabis market ripe for significant growth. North America dominates the market due to major contributors such as the US, Canada, the UK, Germany, and Australia. The medicinal properties of cannabis will most probably drive massive growth in the medical cannabis market. Recreational use of marijuana is projected to have the fastest growth rate, and, as such, create jobs and boost the economy. The growth of the market results from geographical expansion, regulatory frameworks, and technological enhancements.

Increasing Customer Requirements

  • It’s the change in consumer expectations that’s driving big shifts in the legal cannabis sector. Companies are rolling out new product lines to cater to health-conscious consumers who demand a wider variety of cannabis-infused products. Where consumers want organically grown and pesticide-free cannabis, quality, and safety also rank very high. Consumers demand personalized experiences, where buyers and dispensaries are very important in guiding clientele to the right products. Moreover, there is an increase in sustainability and social responsibility due to customers valuing companies advocating for them. Technological integration is also being utilized to enhance convenience and engagement measures.

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Market Trends:

Benefits of Medicine and Research

  • Growth opportunities in legal cannabis mainly come from the legalization of their consumption, primarily for medical use. There are several medical diseases where the benefits of the use of cannabis have been proved, and the FDA has approved quite a few drugs derived from this plant. Improved cultivation, extraction, and testing technologies are also able to raise the quality and safety of products. The medicinal properties of cannabis are also opening up new options in treatment today, especially with those disorders resistant to traditional medications. Growing awareness of the potential economic opportunities that cannabis avails itself to could further drive the development of new innovative products and treatments, thereby accelerating market growth.

Segmentation:

Legal Cannabis Market is segmented based on Source, Compound, Products, and Region.

Source Insights

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  • From the flowers, which have classically been the traditional form of cannabis for as long as anyone can remember, to a large collection of strains with different cannabinoid levels, the flower truly captures the capabilities of the plant. Seed oil is another source that is not psychoactive in nature but is popular mainly due to its abundance of vital fatty acids and possible health benefits. Other sources are concentrated and super-potent cannabis products like trichomes, kief, and live resin. The infused product market is bound to grow with rising demand for seed oil. All in all, cannabis continues changing to best accommodate these different types of customers.

Compound Insights

  • Tetrahydrocannabinol is the widest cannabinoid used and has euphoric-balming effects. With increasing education among consumers, it can maintain its market share. One of the non-psychotic components is CBD, which helps in pain management and sleep quality, amongst others. Balanced THC & CBD: This segment caters to customers looking for a balanced experience by balancing the analgesic, relaxing properties of THC with the anxiety-reducing, focused properties of CBD.

Product Insights

  • Cannabis oil is quite often a concentrate, one can administer it topically for pain, consume it right out of the container, or use it in edibles. Cannabis drinks, like coffee, bubbling water, and spiked drinks, offer a more discreet and convenient way of consumption. Cannabis candies and chocolates are also other discreet and controlled ways. The legal cannabis sector is always experimenting with new products, vaporizers, topicals, edibles, baked foods, and sprays. Cannabis is also used for pet treats quite frequently. It is believed to expand the market for edibles as much as consumer acceptability and legalization expand.

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Recent Development:

  • In July 2024, Hundreds of pro-cannabis advocates took to Bangkok’s streets to protest a possible ban on general use. The Thai government floated plans to relist the plant as a narcotic, two years after it was decriminalized, earlier this year. A health ministry drug control committee approved the proposal, which would see cannabis only allowed for medical and research purposes.
  • In July 2024, NIST’s New Hemp Reference Material Will Help Ensure Accurate Cannabis Measurements. NIST’s Hemp Plant Reference Material will aid labs in accurately measuring THC, CBD, and other compounds in cannabis products, aiding forensic labs in distinguishing between legal hemp and federally controlled marijuana. It will also assist producers and state regulators in ensuring the safe use and accurate labeling of cannabis products.

Regional Insights

  • North America: The charge is currently being led from North America, due to early legalization and relatively permissive laws in countries like Canada and a number of US states. With so many goods on offer against the backdrop of a clientele base very loyal to their products, almost everything is put in place to create an almost perfect environment. The growth of the North American legal cannabis business is aided by many things, especially the medicinal and recreational markets, consumer demand, and lastly, medicinal research. The largest players are represented by Canopy Growth and Aurora Cannabis. The country with the most rapid growth relocated to Canada.
  • Asia Pacific: Asia is increasingly tolerating the use of medical marijuana, mainly in South Korea and Thailand, the growing disposable money of relatively less developed countries at large will set the stage for marijuana legalization for recreational use when regulations change.

Browse Detail Report on “Legal Cannabis Market Size, Share, By Source (Flowers, Seed oil, others), By Compound (Tetrahydrocannabinol, Cannabidiol, Balanced THC & CBD), By Product (Cannabis Oil, Cannabis Beverages, Cannabis Chocolates & Gummies, Others) By Application (Medical, Scientific, Industrial, and Horticultural purposes) and Region – Trends, Analysis and Forecast till 2034” with complete TOC @ https://www.prophecymarketinsights.com/market_insight/legal-cannabis-market-5434

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About Us:

Prophecy Market Insights is a specialized market research, analytics, marketing, and business strategy, and solutions company that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. Also, we help our client to address business challenges and provide the best possible solutions to overcome them and transform their business.

Prophecy’s expertise area covers products, services, latest trends, developments, market growth factors, and challenges along with market forecasts in various business areas such as Healthcare, Pharmaceutical, Biotechnology, Information Technology (IT), Automotive, Industrial, Chemical, Agriculture, Food and Beverage, Energy, and Oil and Gas. We also offer various other services such as data mining, information management, and revenue enhancement suggestions.

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Cannabis

Global CBD Oil Market Size To Exceed USD 26.72 Billion By 2033 | CAGR of 18.36%

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New York, United States , July 09, 2024 (GLOBE NEWSWIRE) — The Global CBD Oil   Market Size Expected to Grow from USD 4.95 Billion in 2023 to USD 26.72 Billion by 2033, at a CAGR of 18.36% during the forecast period 2023-2033.

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Cannabidiol oil is another name for CBD oil. (CBD), which originates from cannabis plants, such as hemp and marijuana, can possess anxiolytic, anti-inflammatory, and analgesic properties. These characteristics have led to research on CBD oil as a possible treatment for a number of diseases, including anxiety disorders, chronic pain, and epilepsy. The demand for CBD-infused beauty and skincare products has surged, indicating consumers’ growing inclination towards natural and comprehensive skincare treatments. Growing amounts of CBD, which is well-known for its potential anti-inflammatory and antioxidant properties, are being added to skincare formulae to address issues including acne, inflammation, and aging. Governments from a number of states and countries are supporting its use in drugs and other medical treatments, which is expected to expand and increase these products’ sales and distribution throughout the course of the projected period. However, manufacturers continue to work to increase awareness among customers and provide informative packaging to make it clear what the consumer wants to get out of the items. Consequently, the attempts to support the marketing operations may present opportunities for the global cannabidiol oil market.  

Browse key industry insights spread across 232 pages with 110 Market data tables and figures & charts from the report on the “Global CBD Oil Market Size, Share, and COVID-19 Impact Analysis, By Source (Marijuana, Hemp), By Product (Full-Spectrum CBD Oil, Broad-Spectrum CBD Oil, CBD Isolate), By Application (Food & Beverages, Pharmaceuticals, Pet Care, Cosmetics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033″

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The hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe.   

Based on the source, the CBD oil market is categorized into marijuana, and hemp. Among these, the hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe. Increased demand for pharmaceuticals and increased public awareness of health issues are likely to drive significant growth in the market for hemp-derived cannabidiol. The pharmaceutical industry predicts that when consumer disposable income increases and cannabis becomes legal, demand for the substance will rise.

The full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe.    

Based on the product, the CBD oil market is categorized into full-spectrum CBD oil, broad-spectrum CBD oil, and CBD isolate. Among these, the full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe. It indicates the combined benefits of many drugs may be more beneficial than CBD individually. With regard to the entourage effect, full-spectrum CBD oil is expected to have more medicinal benefits than CBD isolation. People may get improved relief from symptoms like pain, inflammation, anxiety, and more.

The pharmaceuticals segment is expected to hold a significant share of the CBD oil market   during the anticipation timeframe.

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Based on the application, the CBD oil market is categorized into food & beverages, pharmaceuticals, pet care, cosmetics, and others. Among these, the pharmaceuticals segment is expected to hold a significant share of the CBD oil market during the anticipation timeframe. the growing number of research investigations evaluating CBD’s physical effects on particular medical conditions. These products are used as an alternative by a substantial, knowledgeable, and conscientious consumer base to lessen mental stress and nervousness.

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North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe.

North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe. Interest from consumers in and tolerance to CBD have significantly increased in the US, which has significantly affected the market share and position of the area. North America is currently the largest market region because to ongoing development, pre-existing infrastructure, and growing public awareness of the potential benefits of CBD.

Europe is expected to grow at the fastest CAGR growth of the CBD oil market during the anticipation timeframe. The legalization of cannabis in a number of European countries has created new markets for CBD products, which will attract investment and encourage the creation of new goods. Moreover, the rise of CBD-infused goods in industries like wellness, food and drink, healthcare, and cosmetics encourages market progress in Europe and positions the region as a significant CBD oil market over the projection period.

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Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the CBD oil market are Aurora Cannabis Inc., BIOTA Biosciences LLC, CannazALL, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol, Avicanna, Endoca BV, Folium Biosciences, Gaia Botanics, Green Roads Inc., Happie Hemp Pvt. Ltd., Kazmira LLC, Medical Marijuana Inc., and others.

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Recent Developments

  • On January 2023, the acquisition of Goodbody Botanicals Ltd. by British Cannabis, a pioneer in the CBD market, represents a major advancement in our leadership in the wellness industry. This acquisition represents a significant expansion of our manufacturing capacity and an improvement in our ranking on the UK Food Standards Agency’s (FSA) list of authorized products, signifying more than just the joining of two firms.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the CBD oil market based on the below-mentioned segments: 

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Global CBD Oil Market, By Source

  • Marijuana
  • Hemp

Global CBD Oil Market, By Product

  • Full-Spectrum CBD Oil
  • Broad-Spectrum CBD Oil
  • CBD Isolate

Global CBD Oil Market, By Application

  • Food & Beverages
  • Pharmaceuticals
  • Pet Care
  • Cosmetics
  • Others

Global CBD Oil Market, By Regional

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

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Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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