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Park City Group Reports 200% Increase in Net Income for Fiscal Third Quarter of 2019
Reading Time: 10 minutes
Strong Profitability Drove Record Operating Cash Flow for Highest
Cash Balance Ever
Company Achieves Goal of Implementing MarketPlace Across Entire
Supplier Base
Board of Directors Approves $4 Million Common Share Repurchase
Program
SALT LAKE CITY–(BUSINESS WIRE)–Park City Group, Inc. (NASDAQ: PCYG), the parent company of ReposiTrak,
Inc., which operates a B2B ecommerce, compliance and supply chain
platform that partners with retailers, wholesalers, and their suppliers,
to accelerate sales, control risk and improve supply chain efficiencies,
announced financial results for the third fiscal quarter ended March 31,
2019.
Third Fiscal Quarter Financial and Recent Business Highlights:
-
Net Income tripled to $921,000, Operating Cash Flow of $1.65
million drove cash to $18.1 million. -
MarketPlace Similar Supplier use case launched with more than
20,000 category participants. -
Compliance connections reach 84,000 for 342,000 total connections
across all applications. -
Supply Chain and Compliance trends positive with recurring revenues
up year-over-year.
“We made significant progress with MarketPlace, leveraging on our early
successes to launch our most important use case, Similar Supplier, which
enables the replacement of non-compliant suppliers,” said Randall K.
Fields, Chairman and CEO of Park City Group. “This required our
development team to successfully launch sophisticated capabilities that
allow a retail or wholesale HUB to search our entire Compliant Supplier
base, and the Customer Success Team to reach out to literally thousands
of suppliers to help them to add supplementary information about the
products they sell. As a result of these efforts, we were able to launch
Similar Supplier with over 20,000 category participants, giving us the
largest database linking suppliers’ products and compliance, enhancing
the value of our platform for all industry participants.”
“The launch of MarketPlace Similar Supplier was a herculean effort
involving everyone on the team,” added Fields. “And while we were
executing on this initiative, we also substantially reorganized our
salesforce, moved our corporate headquarters, and more than doubled the
capacity of our data center. The salesforce reorganization better aligns
the team to our converged application platform and will enable cross
selling and increased the adoption of more services per customer, while
the move to a new headquarters and the upgrade or our data center
doubles the space to grow our Customer Success Team and increases the
capacity to handle our scaled MarketPlace application. Revenue from net
new customer additions was held back as a result of these initiatives;
however, the Company is now positioned for growth for years to come.”
“While expanding MarketPlace’s use cases and enhancing our operational
capabilities, we never lost sight of our commitment to our customers’
success,” continued Fields. ”We reached 84,000 Compliance connections.
With growth in Supply Chain, total connections are now 342,000.
Compliance levels for existing customers grew, as did recurring revenue.
Importantly, we also launched an initiative, backed by the Federation of
Wholesale Distributors, to make ReposiTrak the industry standard for
food safety compliance in the U.K.. And with all of this going on, we
tripled net income and delivered record operating cash flow, ending the
quarter with over $18 million in cash. In short, the core is gaining
strength, and the moat around our business gives us the ability to scale
strategically while generating quarterly profitability.”
“This was an important quarter for the Company. It was imperative that
MarketPlace be able to help solve the problems our Compliance service
identifies, and that we are better prepared to cross sell our
applications and scale our business. We remain confident in our
converged platform strategy. We are unique in our capabilities to help
retailers or wholesaler manage their relationships with their suppliers
across the entire workflow of the supply chain from sourcing a supplier,
to vetting that supplier, and then transacting with them efficiently.
This end-to-end capability positions us as the only company capable of
enhancing these customers’ competitive position by allowing them to make
rapid sourcing decisions, diversifying their product line-ups, and
enabling them to compete better in a post-Amazon world.”
Financial Results Summary:
Third Fiscal Quarter 2019 Results: Total revenue declined 5% to $5.0
million for the three months ended March 31, 2019, as compared to $5.3
million during the same period a year ago primarily due to lower
revenues from new implementations and a year-over-year decline in
MarketPlace revenue. Total operating expenses were $4.0 million, an 18%
decrease from $4.8 million a year ago, as the Company is leveraging
investments made in increasing productivity. GAAP net income was $1.1
million, or 21% of revenue, versus $457,000, or 9% of revenue, a year
ago, and GAAP net income to common shareholders was $921,000, or $0.05
per diluted share, compared to $311,000, or $0.02 per diluted share, a
year ago.
Fiscal 2019 To Date Results: Total revenue increased 5% to $16.5 million
for the nine months ended March 31, 2019, as compared to $15.7 million
during the same period a year ago primarily due to an increase in
subscription revenues for the Company’s Compliance and Supply chain
services. Total operating expenses were $12.8 million, a 5% decrease
from $13.5 million a year ago, as the Company is leveraging investments
made in increasing productivity. GAAP net income was $3.7 million, or
23% of revenue, versus $2.1 million, or 14% of revenue, a year ago, and
GAAP net income to common shareholders was $3.3 million, or $0.16 per
diluted share, compared to $1.7 million, or $0.08 per diluted share, a
year ago.
Conference Call:
The Company will host a conference call at 4:30 P.M. ET today, May 9,
2019 to discuss the Company’s results. Investors and interested parties
may participate in the call by dialing 877-830-2596 or 785-424-1744
(international) and referring Conference ID: 134465. The conference call
is also being webcast and is available via the investor relations
section of the Company’s website, www.parkcitygroup.com.
A replay of the conference call will be available from 7:30 ET today
until 11:59 p.m. ET on June 9, 2019. The Replay can be accessed by
calling 844-512-2921 (toll-free) or 412-317-6671 (international). Please
enter pin number 134465 to access the replay.
About Park City Group:
Park City Group, Inc. (NASDAQ: PCYG), the parent company of ReposiTrak,
Inc., a compliance, supply chain, and e-commerce platform that partners
with retailers, wholesalers and their suppliers, to accelerate sales,
control risk, and improve supply chain efficiencies. More information is
available at www.parkcitygroup.com
and www.repositrak.com.
Specific disclosure relating to Park City Group, including management’s
analysis of results from operations and financial condition, are
contained in the Company’s annual report on Form 10-Q for the fiscal
quarter ended December 31, 2018 and other reports filed with the
Securities and Exchange Commission. Investors are encouraged to read and
consider such disclosure and analysis contained in the Company’s Form
10-K and other reports, including the risk factors contained in the Form
10-K.
Non-GAAP Financial Measures
While this press release does not include non-GAAP financial measures,
the financial presentation below contains certain financial measures
defined as “non-GAAP financial measures” by the Securities and Exchange
Commission, including non-GAAP EBITDA and non-GAAP earnings per share.
These measures may be different from non-GAAP financial measures used by
other companies. The presentation of this financial information, which
is not prepared under any comprehensive set of accounting rules or
principles, is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with generally accepted accounting principles.
Reconciliations of these non-GAAP financial measures to the nearest
comparable GAAP measures will be provided upon the completion of the
Company’s annual audit.
Non-GAAP EBITDA excludes items such as impairment charges, allowance for
doubtful accounts, non-cash stock-based compensation and other one-time
cash and non-cash charges. Non-GAAP EPS excludes items such as non-cash
stock-based compensation, amortization of acquired intangible assets and
other one-time cash and non-cash charges. The Company believes the
non-GAAP measures provide useful information to both management and
investors by excluding certain expenses, gains and losses or net
purchases of property and equipment, as the case may be, which may not
be indicative of its core operation results and business outlook.
Because Park City Group has historically reported certain non-GAAP
results to investors, the Company believes that the inclusion of
non-GAAP measures in the financial presentation below allows investors
to compare the Company’s financial results with the Company’s historical
financial results reported using non-GAAP financial measures, as well as
with the financial results reported by others.
Forward-Looking Statement
Any statements contained in this document that are not historical facts
are forward-looking statements as defined in the U.S. Private Securities
Litigation Reform Act of 1995. Words such as “anticipate,” “believe,”
“estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,”
“predict,” “if”, “should” and “will” and similar expressions as they
relate to Park City Group, Inc. (“Park City Group”) are intended to
identify such forward-looking statements. Park City Group may from time
to time update these publicly announced projections, but it is not
obligated to do so. Any projections of future results of operations
should not be construed in any manner as a guarantee that such results
will in fact occur. These projections are subject to change and could
differ materially from final reported results. For a discussion of such
risks and uncertainties, see “Risk Factors” in Park City’s annual report
on Form 10-K, its quarterly report on Form 10-Q, and its other reports
filed with the Securities and Exchange Commission under the Securities
Exchange Act of 1934, as amended. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the dates on which they are made.
| Park City Group, Inc. | ||||||||||||||||||||||
| INCOME STATEMENT | ||||||||||||||||||||||
| 3 Months Ended | 9 Months Ended | |||||||||||||||||||||
| FY ENDS June | 3/31/19 | 3/31/18 | % Chg. | 3/31/19 | 3/31/18 | % Chg. | ||||||||||||||||
| Total Revenues | $ | 5,006,132 | $ | 5,278,783 | (5 | %) | $ | 16,513,363 | $ | 15,715,654 | 5 | % | ||||||||||
| Operating Expenses | ||||||||||||||||||||||
| Cost of Services and Product Support | (1,342,051 | ) | (1,805,256 | ) | (26 | %) | (4,341,236 | ) | (4,649,620 | ) | (7 | %) | ||||||||||
| Sales and Marketing | (1,485,785 | ) | (1,574,663 | ) | (6 | %) | (4,533,664 | ) | (4,781,752 | ) | (5 | %) | ||||||||||
| General and Administrative | (1,020,652 | ) | (1,293,727 | ) | (21 | %) | (3,490,698 | ) | (3,569,584 | ) | (2 | %) | ||||||||||
| Depreciation and Amortization | (140,312 | ) | (165,189 | ) | (15 | %) | (429,717 | ) | (487,815 | ) | (12 | %) | ||||||||||
| Total Operating Expenses | (3,988,800 | ) | (4,838,835 | ) | (18 | %) | (12,795,315 | ) | (13,488,771 | ) | (5 | %) | ||||||||||
| Operating Income | $ | 1,017,332 | $ | 439,948 | 131 | % | $ | 3,718,048 | $ | 2,226,883 | 67 | % | ||||||||||
| Interest Income | 75,670 | 17,730 | 327 | % | 165,567 | – | NM | |||||||||||||||
| Interest (Expense) | (4,706 | ) | – | NM | (20,802 | ) | (12,157 | ) | 71 | % | ||||||||||||
| Income Before Taxes | 1,088,296 | 457,678 | 138 | % | 3,862,813 | 2,214,726 | 74 | % | ||||||||||||||
| Provision for Taxes | (20,210 | ) | (349 | ) | NM | (142,710 | ) | (76,063 | ) | 88 | % | |||||||||||
| Net Income | $ | 1,068,086 | $ | 457,329 | 134 | % | $ | 3,720,103 | $ | 2,138,663 | 74 | % | ||||||||||
| Dividends on Preferred Stock | (146,610 | ) | (146,611 | ) | (0 | %) | (439,832 | ) | (426,737 | ) | 3 | % | ||||||||||
| Net Income to Common Shareholders | $ | 921,476 | $ | 310,718 | 197 | % | $ | 3,280,271 | $ | 1,711,926 | 92 | % | ||||||||||
| GAAP EPS, Basic | $ | 0.05 | $ | 0.02 | 193 | % | $ | 0.17 | $ | 0.09 | 89 | % | ||||||||||
| GAAP EPS, Diluted | $ | 0.05 | $ | 0.02 | 196 | % | $ | 0.16 | $ | 0.08 | 90 | % | ||||||||||
| Weighted Average Shares, Basic | 19,861,000 | 19,648,000 | 19,823,000 | 19,519,000 | ||||||||||||||||||
| Weighted Average Shares, Diluted | 20,390,000 | 20,321,000 | 20,369,000 | 20,250,000 | ||||||||||||||||||
| Park City Group, Inc. | |||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP ITEMS | |||||||||||||||||||||||
| 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
| FY ENDS June | 3/31/19 | 3/31/18 | % Chg. | 3/31/19 | 3/31/18 | % Chg. | |||||||||||||||||
| Net Income | $ | 1,068,086 | $ | 457,329 | 134 | % | $ | 3,720,103 | $ | 2,138,663 | 74 | % | |||||||||||
| Adjustments: | |||||||||||||||||||||||
| Depreciation and Amortization | 140,312 | 165,189 | (15 | %) | 429,717 | 487,815 | (12 | %) | |||||||||||||||
| Interest Expense (Income) | (70,964 | ) | (17,730 | ) | NM | (144,765 | ) | 12,157 | (1291 | %) | |||||||||||||
| Provision for Taxes | 20,210 | 349 | 5691 | % | 142,710 | 76,063 | 88 | % | |||||||||||||||
| Other (Incl. Bad Debt Exp.) | 150,000 | 100,000 | 50 | % | 350,000 | 295,050 | 19 | % | |||||||||||||||
| Stock Compensation Expense | 150,283 | 101,649 | 48 | % | 473,556 | 489,748 | (3 | %) | |||||||||||||||
| Adjusted EBITDA | $ | 1,457,927 | $ | 806,786 | 81 | % | $ | 4,971,321 | $ | 3,499,496 | 42 | % | |||||||||||
| Net Income | $ | 1,068,086 | $ | 457,329 | 134 | % | $ | 3,720,103 | $ | 2,138,663 | 74 | % | |||||||||||
| Adjustments: | |||||||||||||||||||||||
| Stock Compensation Expense | 150,283 | 101,649 | 124 | % | 473,556 | 489,748 | 12 | % | |||||||||||||||
| Acquisition Related Amortization | 32,850 | 32,850 | – | 98,550 | 98,550 | – | |||||||||||||||||
| Adjusted non-GAAP Net Income | 1,251,219 | 591,828 | 111 | % | 4,292,209 | 2,726,961 | 57 | % | |||||||||||||||
| Preferred Dividends | (146,610 | ) | (146,611 | ) | (0 | %) | (439,832 | ) | (426,737 | ) | 3 | % | |||||||||||
| Adjusted non-GAAP Net Income | |||||||||||||||||||||||
| to Common Shareholders | $ | 1,104,609 | $ | 445,217 | 148 | % | $ | 3,852,377 | $ | 2,300,224 | 67 | % | |||||||||||
| Adjusted Non-GAAP EPS | $ | 0.05 | $ | 0.02 | 147 | % | $ | 0.19 | $ | 0.11 | 66 | % | |||||||||||
| Weighted Average Shares, Diluted | 20,390,000 | 20,321,000 | 20,369,000 | 20,250,000 | |||||||||||||||||||
| Park City Group, Inc. | |||||||||||||
| CONSOLIDATED BALANCE SHEET | |||||||||||||
| Period Ended | |||||||||||||
| FY ENDS June | 3/31/19 | 6/30/18 | |||||||||||
| Assets | |||||||||||||
| Current Assets: | |||||||||||||
| Cash | $ | 18,145,369 | $ | 14,892,439 | |||||||||
| Receivables, Net Allowances | 3,977,982 | 4,222,348 | |||||||||||
| Contract Asset (Current Portion of Unbilled) | 3,379,652 | 3,502,287 | |||||||||||
| Prepaid Expenses and Other Current Assets | 1,219,878 | 1,116,387 | |||||||||||
| Total Current Assets | $ | 26,722,881 | $ | 23,733,461 | |||||||||
| Property and Equipment, Net | $ | 1,683,923 | $ | 1,896,348 | |||||||||
| Other Assets: | |||||||||||||
| Deposits, and Other Assets | 3,922 | 18,691 | |||||||||||
| Contract Asset (Long-Term Portion of Unbilled) | 1,864,974 | 1,194,574 | |||||||||||
| Investments | 476,884 | 477,884 | |||||||||||
| Customer Relationships | 821,250 | 919,800 | |||||||||||
| Goodwill | 20,883,886 | 20,883,886 | |||||||||||
| Capitalized Software Costs, Net | 95,380 | 168,926 | |||||||||||
| Total Other Assets | $ | 24,146,296 | $ | 23,663,761 | |||||||||
| Total Assets | $ | 52,553,100 | $ | 49,293,570 | |||||||||
| Liabilities | |||||||||||||
| Current Liabilities: | |||||||||||||
| Accounts Payable | $ | 622,803 | $ | 1,490,434 | |||||||||
| Accrued Liabilities | 1,328,037 | 745,694 | |||||||||||
| Contract Liability (Deferred Revenue) | 2,063,810 | 2,335,286 | |||||||||||
| Lines of Credit | 4,660,000 | 3,230,000 | |||||||||||
| Current Portion of Notes Payable | 36,891 | 188,478 | |||||||||||
| Total Current Liabilities | $ | 8,711,541 | $ | 7,989,892 | |||||||||
| Long-Term Liabilities: | |||||||||||||
| Notes Payable, Less Current Portion | 255,054 | 1,592,077 | |||||||||||
| Other Long-Term Liabilities | – | 7,275 | |||||||||||
| Total Long-Term Liabilities | $ | 255,054 | $ | 1,599,352 | |||||||||
| Total Liabilities | $ | 8,966,595 | $ | 9,589,244 | |||||||||
| Shareholder Equity | |||||||||||||
| Series B Preferred | $ | 6,254 | $ | 6,254 | |||||||||
| Series B-1 Preferred | 2,124 | 2,124 | |||||||||||
| Common Stock | 198,715 | 197,738 | |||||||||||
| Additional Paid-In Capital | 77,312,818 | 76,711,887 | |||||||||||
| Accumulated Deficit | (33,933,406 | ) | (37,213,677 | ) | |||||||||
| Total Shareholder Equity | $ | 43,586,505 | $ | 39,704,326 | |||||||||
| Total Liabilities and Shareholder Equity | $ | 52,553,100 | $ | 49,293,570 | |||||||||
| Park City Group, Inc. | |||||||||||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||||||
| 3 Months Ended | 9 Months Ended | ||||||||||||||||
| FY ENDS June | 3/31/19 | 3/31/18 | 3/31/19 | 3/31/18 | |||||||||||||
| Cash Flows From Operating Activities: | |||||||||||||||||
| Net Income | $ | 1,068,086 | $ | 457,329 | $ | 3,720,103 | $ | 2,138,663 | |||||||||
| Adj. to Reconcile Net Income to Net Cash from Operating Activities: | |||||||||||||||||
| Depreciation and Amortization | 140,313 | 165,187 | 429,718 | 487,815 | |||||||||||||
| Stock Compensation Expense | 150,283 | 101,649 | 473,556 | 489,748 | |||||||||||||
| Bad Debt Expense | 150,000 | 100,000 | 350,000 | 295,050 | |||||||||||||
| Decrease (Increase) in Accounts Receivables | (191,050 | ) | (952,816 | ) | 17,001 | (2,999,613 | ) | ||||||||||
|
Decrease (Increase) in LT Receivables, Prepaid Expenses & Other Assets |
1,133,459 | 143,498 | (759,122 | ) | 764,513 | ||||||||||||
| Increase (Decrease) in Accounts Payable | (215,348 | ) | 614,142 | (867,631 | ) | 688,073 | |||||||||||
| Increase (Decrease) in Accrued Liabilities | 25,123 | (173,204 | ) | 392,089 | (98,821 | ) | |||||||||||
| Increase (Decrease) in Deferred Revenue | (607,486 | ) | (49,422 | ) | (271,752 | ) | 9,548 | ||||||||||
| Net Cash From (Used In) Operating Activities | $ | 1,653,380 | $ | 406,363 | $ | 3,483,962 | $ | 1,774,976 | |||||||||
| Cash Flows From Investing Activities: | |||||||||||||||||
| Capitalization of Software Costs | – | – | – | (111,241 | ) | ||||||||||||
| Purchase of Long-Term Investments | 1,000 | – | 1,000 | – | |||||||||||||
| Purchase of Property and Equipment | (41,650 | ) | (26,361 | ) | (45,197 | ) | (204,004 | ) | |||||||||
| Net Cash From (Used In) Investing Activities | $ | (40,650 | ) | $ | (26,361 | ) | $ | (44,197 | ) | $ | (315,245 | ) | |||||
| Cash Flows From Financing Activities: | |||||||||||||||||
| Net Increase in Line of Credit | – | 380,000 | 1,430,000 | 380,000 | |||||||||||||
| Proceeds from Issuance of Notes Payable | – | – | – | 56,078 | |||||||||||||
| Preferred Stock Redemption | – | (999,990 | ) | – | (999,990 | ) | |||||||||||
| Proceeds from Employee Stock Plans | – | 124,627 | – | 244,417 | |||||||||||||
| Proceeds from Exercise of Options and Warrants | – | 666,903 | 164,997 | 666,903 | |||||||||||||
| Dividends Paid | (146,611 | ) | (162,966 | ) | (293,222 | ) | (488,897 | ) | |||||||||
| Payments on Notes Payable and Capital Leases | (3,032 | ) | (378,923 | ) | (1,488,610 | ) | (544,088 | ) | |||||||||
| Net Cash From (Used In) Financing Activities | $ | (149,643 | ) | $ | (370,351 | ) | $ | (186,835 | ) | $ | (685,577 | ) | |||||
| Net Increase (Decrease) in Cash | $ | 1,463,087 | $ | 9,651 | $ | 3,252,930 | $ | 774,154 | |||||||||
| Cash at Beginning of Period | 16,682,282 | 14,818,509 | 14,892,439 | 14,054,006 | |||||||||||||
| Cash at End of Period | $ | 18,145,369 | $ | 14,828,160 | $ | 18,145,369 | $ | 14,828,160 | |||||||||
Contacts
Investor Relations:
Todd Mitchell, CFO
Park City Group
435-645-2216
investor-relations@parkcitygroup.com
Rob
Fink
Hayden IR
646-415-8972
PCYG@haydenir.com
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Innocan
Innocan Pharma Submits Investigational New Animal Drug Application to FDA’s Veterinary Center
HERZLIYA, Israel and CALGARY, AB, July 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 that the FDA’s Center for Veterinary Medicine (CVM) has granted the Company a sponsor fee waiver and assigned an Investigational New Animal Drug (INAD) number for its LPT-CBD (Liposome Platform Technology-Cannabidiol) product. This represents a significant step for the Company, as an INAD designation facilitates correspondence and data exchange with CVM to support LPT-CBD development as a new veterinary drug.
The Company further announced that following the assessment of LPT-CBD’s scientific package, the CVM recognized Innocan’s contribution to pursuing innovative animal drug products and technology and granted the company a sponsor fee waiver for fiscal year 2024.
Innocan’s LPT-CBD is a proprietary drug delivery platform designed to provide prolonged-release CBD for chronic pain and well-being management in animals. Over the past year, repeated administration of LPT-CBD in dogs and other animals has demonstrated both efficacy and tolerability, providing sufficient evidence for the INAD application.
“We are thrilled by CVM’s response,” said Prof. Chezy Barenholz, CSO of Innocan Pharma. “The granted INAD will allow us to advance the investigational studies of LPT-CBD and share knowledge to support future discussions with CVM on LPT-CBD’s development plan. Moreover, the fee waiver, granted by CVM, supports our development and pursuit of innovative animal drug products and technology, further validating our approach and potential impact in veterinary medicine.”
Dr. Eyal Kalo, R&D Director at Innocan, added, “LPT-CBD is a unique technology that has proven itself worthy of the INAD fee waiver granted by CVM. This will streamline our efforts to deliver a unique solution for chronic pain management to the animal market.”
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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Cannabis
Verano Announces the Opening of Zen Leaf Fairless Hills, the Company’s Newest Affiliated Dispensary in Pennsylvania, in Prime New Location
- Zen Leaf Fairless Hills, the Company’s newest affiliated dispensary in Pennsylvania, relocated from its former home in Chester to 203 Lincoln Highway, a busy thoroughfare with daily traffic of over 17,000 vehicles per day1
- As the first medical cannabis dispensary in the city, Zen Leaf Fairless Hills will offer an elevated experience for area patients, including increased convenience and accessibility with numerous point-of-sale stations and kiosks for seamless in-store browsing and ordering
- Verano’s active operations span 13 states, comprised of 142 dispensaries and 13 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
CHICAGO, July 26, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the opening of Zen Leaf Fairless Hills in Pennsylvania on Friday, July 26th, following a ceremonial ribbon cutting at 11 a.m. local time. Zen Leaf Fairless Hills is located at 203 Lincoln Highway and will be open Monday through Saturday from 9 a.m. to 8 p.m. and Sunday from 10 a.m. to 6 p.m. local time.
The dispensary is located in Bucks County, the fourth largest county in the Commonwealth with a total population of over 630,0002 residents. To increase accessibility and convenience, Zen Leaf Fairless Hills features large in-store kiosks and numerous point-of-sale stations to enhance the browsing and ordering experience for patients. To celebrate the grand opening of Zen Leaf Fairless Hills and following a ceremonial ribbon cutting, patients will be greeted with complimentary deals and doorbusters on featured branded products.
“We are excited to bring the Zen Leaf experience to local patients in Fairless Hills, where our talented team members will continue to deliver hospitality-driven care and top-quality products for local patients,” said George Archos, Verano Founder and Chief Executive Officer. “As the Pennsylvania medical cannabis patient population continues to grow, we are grateful for the opportunity to deepen our roots in Bucks County at our newest Zen Leaf location in the Commonwealth, and look forward to providing a warm and welcoming environment for current and future patients.”
Zen Leaf Fairless Hills adds another convenient outlet for Philadelphia area patients, and solidifies Verano’s footprint in the state as one of the Company’s 18 affiliated Pennsylvania dispensaries. Verano’s Pennsylvania operations also include a state-of-the-art 62,000 square foot cultivation and processing facility in Chester, where the Company produces its signature Verano Reserve flower and Troches, concentrates and vapes; (the) Essence and Savvy flower and extracts; and Avexia RSO cannabis oil and topicals. For additional convenience and accessibility, patients can choose to order ahead at ZenLeafDispensaries.com for express in-store pickup.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 13 U.S. states, comprised of 13 production facilities with over 1,000,000 square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Media
Verano
Steve Mazeika
VP, Communications
Steve.Mazeika@verano.com
Investors
Verano
Julianna Paterra, CFA
VP, Investor Relations
Julianna.Paterra@verano.com
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023, its quarterly report on Form 10-Q for the quarter ended March 31, 2024 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at www.sec.gov. The Company makes no assurances and cannot predict the outcome of all or any part of the on-going litigation with Goodness Growth referenced in this press release, including whether the Company will prevail on its Notice of Application and its counterclaim, or whether Goodness Growth will prevail on its claim for damages against the Company. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
###
1 Pennsylvania Department of Transportation
2 United States Census Bureau
Cannabis
Unlocking New Horizons in Health: TNR, The Niche Research Reveals the Transformative Power of Minor Cannabinoids
Wilmington, Delaware, July 25, 2024 (GLOBE NEWSWIRE) — Minor cannabinoids refer to the lesser-known compounds found in the cannabis plant, distinct from the well-known THC (tetrahydrocannabinol) and CBD (cannabidiol). While THC and CBD dominate the market, minor cannabinoids such as CBG (cannabigerol), CBC (cannabichromene), and CBN (cannabinol) are gaining attention for their potential therapeutic benefits. These compounds are extracted from both marijuana and hemp plants, with varying legal restrictions depending on their THC content. The minor cannabinoids market is poised for significant growth, driven by increasing consumer awareness and demand for alternative health and wellness products. As regulatory environments around cannabis products evolve, companies are exploring the potential of minor cannabinoids in various applications, including pharmaceuticals, nutraceuticals, cosmetics, and food and beverages.
Minor cannabinoids are being researched for their potential therapeutic effects, including anti-inflammatory, analgesic, and neuroprotective properties. This versatility facilitates product diversification in various industries. Companies are investing in research and development to create novel formulations and delivery methods for minor cannabinoids. This includes nano-emulsions, encapsulation technologies, and controlled-release systems to enhance bioavailability and efficacy. For example, in January 2022, CBDA + CBGA Tincture a new product was launched by Hometown Hero CBD. This 30ml tincture contains 600mg each of CBGA, CBDA, CBG, and CBD. Derived from hemp, the cannabinoids in this tincture comply with legal requirements across all 50 states in the USA. There is an increasing consumer preference for natural as well as plant-based remedies, which in turn is driving the demand for cannabinoid-infused products. This trend is particularly strong among younger demographics seeking alternatives to traditional pharmaceuticals. Evolving regulatory frameworks, particularly in regions like North America and Europe, are creating opportunities for legal market expansion. Regulatory clarity is crucial for market participants to navigate compliance and market entry.
Global Minor Cannabinoids Market: Key Datapoints
|
Market Value in 2023 |
US$ 17.8 Bn |
|
Market Value Forecast by 2034 |
US$ 42.3 Bn |
|
Growth Rate
|
8.2% |
|
Historical Data
|
2016 – 2022 |
|
Base Year
|
2023 |
|
Forecast Data
|
2024 – 2034 |
Increasing consumer interest in health and wellness products, coupled with the perceived therapeutic benefits of cannabinoids, is a major driver of market growth. Progressive cannabis legalization in various parts of the world, including the United States and parts of Europe, is expanding the addressable market for minor cannabinoids. Significant investments in research and development by pharmaceutical and biotechnology companies are accelerating product innovation and clinical trials. The market remains fragmented with opportunities for new entrants and niche players to introduce specialized products catering to specific consumer needs.
The COVID-19 pandemic initially disrupted supply chains and retail channels for minor cannabinoids products. However, the crisis also underscored the importance of health and wellness, leading to increased interest in natural remedies, including cannabinoids. As economies recover, the market is expected to rebound stronger.
The geopolitical tensions, such as the Russia-Ukraine conflict, have also affected global markets, including the minor cannabinoids sector. Fluctuating currency values, supply chain disruptions, and geopolitical uncertainty have impacted production and distribution channels. However, the long-term impact will depend on geopolitical developments and their influence on global trade and regulatory environments.
The minor cannabinoids market presents significant opportunities for growth and innovation, driven by evolving consumer preferences, regulatory advancements, and expanding research initiatives. Companies that can navigate regulatory complexities, invest in research and development, and respond to shifting consumer trends are well-positioned to capitalize on this emerging market. As the market matures, collaboration across sectors and regions will be crucial in unlocking the full potential of minor cannabinoids in various industries worldwide.
Global Minor Cannabinoids Market: Key Takeaways of the Report
- Cannabigerol (CBG) segment by product type is expected to grow at a CAGR of 6.7% in the minor cannabinoids market due to increasing research highlighting its potential therapeutic benefits, including anti-inflammatory, antimicrobial, and neuroprotective properties. As consumer awareness grows and regulatory environments become more favorable, there is heightened interest in CBG-based products for their diverse health applications, ranging from skincare to pharmaceutical formulations, driving sustained market demand and expansion.
- Pharmaceutical segment by application, leads the minor cannabinoids market with a significant revenue share of 35.8% owing to growing recognition of cannabinoids’ potential in therapeutic applications. Cannabinoids like CBD, CBG, and others show promise in treating conditions such as epilepsy, chronic pain, and anxiety disorders, backed by increasing clinical research and favorable regulatory developments. Pharmaceutical companies are investing heavily in cannabinoid-based drug development, driving market growth as they seek to capitalize on these compounds’ efficacy and market potential in addressing unmet medical needs.
- In 2023, Latin America is anticipated as fastest growing region in the global minor cannabinoids market due to evolving regulatory landscapes favoring cannabis legalization and cultivation. This shift is fostering a burgeoning industry infrastructure for cannabis extraction and product development. Additionally, increasing consumer acceptance of cannabinoid-based products for medicinal and wellness purposes is driving market expansion. With a vast potential consumer base and supportive regulatory frameworks, Latin America presents significant growth opportunities for companies seeking to enter or expand within the minor cannabinoids market.
Key Development:
- In December 2023, Rare Cannabinoid Company introduced Uplift Gummies infused with THC and THCV. These gummies combine the relaxing properties of Delta-9-THC with the energizing and appetite-controlling effects of CBD and THCV.
- In October 2022, High Tide Inc., a cannabis retailer, announced that its Colorado-based subsidiary, NuLeaf Naturals, had launched plant-based softgels and full-spectrum multicannabinoid oil in Manitoba. The products feature CBC, CBD, CBG, Delta-9 tetrahydrocannabinol (Delta 9), and CBN.
Browse Related Category Reports
Global Minor Cannabinoids Market:
- Aurora Europe GmbH
- BulKanna
- CBD. INC.
- Fresh Bros Hemp Company
- GCM Holdings, LLC (Global Cannabinoids)
- GenCanna.
- High Purity Natural Products.
- Laurelcrest
- Mile High Labs
- PBG Global
- Rhizo Sciences
- ZERO POINT EXTRACTION, LLC
- Other Industry Participants
Global Minor Cannabinoids Market
By Product Type
- Cannabigerol (CBG)
- Cannabichromene (CBC)
- Cannabinol (CBN)
- Cannabidivarin (CBDV)
- Tetrahydrocannabutol (THCB)
- Tetrahydrocannabivarin (THCV)
- Tetrahydrocannabiphorol (THCP)
- Others
By Application
- Pharmaceutical
- Pain Management
- Mental Health
- Sleep Disorders
- Anti-inflammatory
- Others
- Nutraceuticals
- Cosmetics and Personal Care
- Food and Beverages
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
Consult with Our Expert:
Jay Reynolds
The Niche Research
Japan (Toll-Free): +81 663-386-8111
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Email: askanexpert@thenicheresearch.com
Website: www.thenicheresearch.com
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