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Rimini Street Announces Fiscal First Quarter 2019 Financial Results – GrassNews
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Rimini Street Announces Fiscal First Quarter 2019 Financial Results

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Quarterly revenue of $66.3 million, up 11% year over year

Quarterly gross margin of 64%, up from 61% year over year

1,852 active clients at March 31, 2019, up 17% year over year

LAS VEGAS–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/RMNI?src=hash” target=”_blank”gt;#RMNIlt;/agt;–Rimini
Street, Inc.
(Nasdaq: RMNI), a global provider of enterprise
software products and services, the leading third-party support provider
for Oracle and SAP software products and a Salesforce partner, today
announced results for the first quarter ended March 31, 2019.

During the first quarter, we made meaningful progress expanding sales
capacity, improving our global service delivery model and launching and
selling Salesforce.com and other new support services that increase our
total addressable market,” stated Seth
A. Ravin
, Rimini Street co-founder, CEO and Chairman of the Board.
Additionally, in March we prevailed against Oracle in the U.S. Supreme
Court with a unanimous decision. Oracle was ordered to return
approximately $12.8 million plus interest and other costs to Rimini
Street, which Oracle paid in April.”

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Revenue in the first quarter exceeded the high end of our guidance
range and we achieved a better than expected gross margin of 64%,”
stated Tom
Sabol
, Rimini Street CFO. “We managed sales and marketing and
general and administrative spend within our guidance range, completed an
additional Series A Preferred financing round to fund new product and
service launches and further strengthen our balance sheet. We remain
committed to the long-term goals of improving free cash flow and
achieving GAAP profitability.”

First Quarter 2019 Financial Highlights

  • Revenue was $66.3 million for the 2019 first quarter, an increase of
    11% compared to $59.8 million for the same period last year.
  • Annualized Subscription Revenue was approximately $265 million for the
    2019 first quarter, an increase of 11% compared to $239 million for
    the same period last year.
  • Active Clients as of March 31, 2019 were 1,852, an increase of 17%
    compared to 1,581 Active Clients as of March 31, 2018.
  • Revenue Retention Rate was 92.0% for the trailing 12 months ended
    March 31, 2019 compared to 93.0% for the comparable period ended March
    31, 2018.
  • Gross margin was 64.0% for the 2019 first quarter compared to 60.6%
    for the same period last year.
  • Operating income was $12.7 million for the 2019 first quarter compared
    to $25.2 million for the same period last year.
  • Non-GAAP Operating Income was $7.8 million for the 2019 first quarter
    compared to $6.1 million for the same period last year.
  • Net income was $11.8 million for the 2019 first quarter compared to a
    net income of $3.5 million for the same period last year.
  • Non-GAAP Net Income was $6.7 million for the 2019 first quarter
    compared to Non-GAAP Net Loss of $16.3 million for the same period
    last year.
  • Adjusted EBITDA for the 2019 first quarter was $8.1 million compared
    to $6.7 million for the same period last year.
  • Basic earnings per share attributable to common stockholders was $0.07
    per share for the 2019 first quarter compared to $0.06 per share for
    the same period last year. Diluted earnings per share attributable to
    common stockholders was $0.07 per share for the 2019 first quarter
    compared to $0.05 per share for the same period last year.

Reconciliations of the non-GAAP financial measures provided in this
press release to their most directly comparable GAAP financial measures
are provided in the financial tables included at the end of this press
release. An explanation of these measures and how they are calculated is
also included under the heading “About Non-GAAP Financial Measures and
Certain Key Metrics.”

First Quarter 2019 Company Highlights

  • Announced that EBSCO Industries chose Rimini
    Street Application Management Services for Salesforce
    to maximize
    the value and ROI of their Salesforce investment.
  • Announced the Supreme
    Court ruled unanimously in the Company’s favor
    , ordering Oracle to
    return approximately $12.8 million in non-taxable expenses plus
    interest and other costs to Rimini Street. Oracle paid the amounts in
    April.
  • Announced strong government
    client momentum in the ANZ region
    , with more than 10 Australian
    government agencies switching to Rimini Street support.
  • Won nine Company awards, including a Gold Stevie award for Innovation
    in Customer Service, and a Gold One Planet award for Customer Service
    Team of the Year.
  • Closed a record number of support cases, nearly 8,000, and scored a
    4.8 in client satisfaction (where 5.0 is excellent).
  • Delivered more than 20,000 tax, legal and regulatory updates to
    clients globally for Peoplesoft, JD Edwards, SAP and Oracle E-Business
    Suite products.
  • Presented at 12 CIO and IT procurement leader events including
    Government ICT in London, England, NRF in New York, and Gartner’s EAA
    Summit in Tokyo, Japan.

2019 Revenue Guidance

The Company is currently providing second quarter 2019 revenue guidance
to be in the range of approximately $66.5 million to $67.5 million and
reiterating full year 2019 revenue guidance to be in the range of
approximately $265 million to $280 million.

Webcast and Conference Call Information

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Rimini Street will host a conference call and webcast to discuss the
first quarter 2019 results at 5:00 p.m. Eastern / 2:00 p.m. Pacific time
on May 9, 2019. A live webcast of the event will be available on Rimini
Street’s Investor Relations site at https://investors.riministreet.com/events-and-presentations/upcoming-and-past-events.
Dial in participants can access the conference call by dialing (855)
213-3942
in the U.S. and Canada and enter the code 1939675. A
replay of the webcast will be available for at least 90 days following
the event.

Company’s Use of Non-GAAP Financial Measures

This press release contains certain “non-GAAP financial measures.”
Non-GAAP financial measures are not based on a comprehensive set of
accounting rules or principles. This non-GAAP information supplements,
and is not intended to represent a measure of performance in accordance
with disclosures required by U.S. generally accepted accounting
principles, or GAAP. Non-GAAP financial measures should be considered in
addition to, not as a substitute for or superior to, financial measures
determined in accordance with GAAP. A reconciliation of GAAP to non-GAAP
results is included in the financial tables included in this press
release. Presented under the heading “About Non-GAAP Financial Measures
and Certain Key Metrics” is a description and explanation of our
non-GAAP financial measures.

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise
software products and services, the leading third-party support provider
for Oracle and SAP software products and a Salesforce partner. The
Company has redefined enterprise software support services since 2005
with an innovative, award-winning program that enables licensees of IBM,
Microsoft, Oracle, Salesforce, SAP and other enterprise software vendors
to save up to 90 percent on total maintenance costs. Clients can remain
on their current software release without any required upgrades for a
minimum of 15 years. Over 1,850 global Fortune 500, midmarket, public
sector and other organizations from a broad range of industries
currently rely on Rimini Street as their trusted, third-party support
provider. To learn more, please visit http://www.riministreet.com/,
follow @riministreet on
Twitter and find Rimini Street on Facebook
and LinkedIn.
(IR-RMNI)

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Forward-Looking Statements

Certain statements included in this communication are not historical
facts but are forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally are accompanied by words such as
“may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,”
“estimate,” “predict,” “potential,” “seem,” “seek,” “continue,”
“future,” “will,” “expect,” “outlook” or other similar words, phrases or
expressions. These forward-looking statements include, but are not
limited to, statements regarding our expectations of future events,
future opportunities, global expansion and other growth initiatives and
our investments in such initiatives. These statements are based on
various assumptions and on the current expectations of management and
are not predictions of actual performance, nor are these statements of
historical facts. These statements are subject to a number of risks and
uncertainties regarding Rimini Street’s business, and actual results may
differ materially. These risks and uncertainties include, but are not
limited to, changes in the business environment in which Rimini Street
operates, including inflation and interest rates, and general financial,
economic, regulatory and political conditions affecting the industry in
which Rimini Street operates; adverse developments in pending litigation
or in the government inquiry or any new litigation; the final amount and
timing of any refunds from Oracle related to our litigation; our need
and ability to raise additional equity or debt financing on favorable
terms and our ability to generate cash flows from operations to help
fund increased investment in our growth initiatives; the sufficiency of
our cash and cash equivalents to meet our liquidity requirements; the
terms and impact of our outstanding 13.00% Series A Preferred Stock;
changes in taxes, laws and regulations; competitive product and pricing
activity; difficulties of managing growth profitably; the success of our
recently introduced products and services, including Rimini Street
Mobility, Rimini Street Analytics, Rimini Street Advanced Database
Security, and services for Salesforce Sales Cloud and Service Cloud
products, in addition to products and services we expect to introduce in
the near future; the loss of one or more members of Rimini Street’s
management team; uncertainty as to the long-term value of Rimini
Street’s equity securities; and those discussed under the heading “Risk
Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on May
9, 2019, and as updated from time to time by Rimini Street’s future
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K, and other filings by Rimini Street with the
Securities and Exchange Commission. In addition, forward-looking
statements provide Rimini Street’s expectations, plans or forecasts of
future events and views as of the date of this communication. Rimini
Street anticipates that subsequent events and developments will cause
Rimini Street’s assessments to change. However, while Rimini Street may
elect to update these forward-looking statements at some point in the
future, Rimini Street specifically disclaims any obligation to do so,
except as required by law. These forward-looking statements should not
be relied upon as representing Rimini Street’s assessments as of any
date subsequent to the date of this communication.

© 2019 Rimini Street, Inc. All rights reserved. “Rimini Street” is a
registered trademark of Rimini Street, Inc. in the United States and
other countries, and Rimini Street, the Rimini Street logo, and
combinations thereof, and other marks marked by TM are trademarks of
Rimini Street, Inc. All other trademarks remain the property of their
respective owners, and unless otherwise specified, Rimini Street claims
no affiliation, endorsement, or association with any such trademark
holder or other companies referenced herein.
 

RIMINI STREET, INC.

Unaudited Condensed Consolidated Balance Sheets

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(In thousands, except per share amounts)

 
ASSETS   March 31,
2019
  December 31,
2018
Current assets:
Cash and cash equivalents $ 32,264 $ 24,771
Restricted cash 435 435
Accounts receivable, net of allowance of $296 and $489, respectively 63,642 80,599
Other receivable 12,987
Prepaid expenses and other 8,842   7,099  
Total current assets 118,170 112,904
Long-term assets:
Property and equipment, net of accumulated depreciation and
amortization of $9,037 and $8,543, respectively
3,673 3,634
Deposits and other 1,406 1,438
Deferred income taxes, net 934   909  
Total assets $ 124,183   $ 118,885  
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Current maturities of long-term debt $ 1,222 $ 2,372
Accounts payable 2,921 12,851
Accrued compensation, benefits and commissions 18,922 22,503
Other accrued liabilities 25,094 20,424
Deferred revenue 180,580   180,358  
Total current liabilities 228,739 238,508
Long-term liabilities:
Deferred revenue 28,148 28,898
Accrued PIK dividends payable 1,059 1,056
Other long-term liabilities 2,038   2,011  
Total liabilities 259,984   270,473  
Redeemable Series A Preferred Stock:
Authorized 180 shares; issued and outstanding 148 shares and 141 as
of March 31, 2019 and December 31, 2018, respectively. Liquidation
preference of $148,408, net of discount for $27,557 and $140,846,
net of discount for $26,848, as of March 31, 2019 and December 31,
2018, respectively
120,851 113,998
Stockholders’ deficit:
Preferred Stock, $0.0001 par value per share. Authorized 99,820
shares (exclusive of

180 shares of Series A Preferred Stock); no other series has been
designated

Common Stock, $0.0001 par value. Authorized 1,000,000 shares; issued
and outstanding 65,242 and 64,193 shares as of March 31, 2019 and
December 31, 2018, respectively
7 6
Additional paid-in capital 105,455 108,347
Accumulated other comprehensive loss (1,566 ) (1,567 )
Accumulated deficit (360,548 ) (372,372 )
Total stockholders’ deficit (256,652 ) (265,586 )
Total liabilities, redeemable preferred stock and stockholders’
deficit
$ 124,183   $ 118,885  
 
 

RIMINI STREET, INC.

Unaudited Condensed Consolidated Statements of Operations

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(In thousands, except per share amounts)

 
  Three Months Ended
March 31,
2019   2018
Revenue $ 66,260 $ 59,805
Cost of revenue 23,837   23,541  
Gross profit 42,423   36,264  
Operating expenses:
Sales and marketing 23,376 20,207
General and administrative 12,424 10,805
Litigation costs and related recoveries:
Professional fees and other defense costs of litigation 2,041 8,899
Litigation appeal refunds (12,775 ) (21,285 )
Insurance costs and recoveries, net 4,639   (7,583 )
Litigation costs and related recoveries, net (6,095 ) (19,969 )
Total operating expenses 29,705   11,043  
Operating income 12,718 25,221
Non-operating expenses:
Interest expense (232 ) (13,409 )
Other debt financing expenses (8,617 )
Gain from change in fair value of embedded derivatives 500
Other income, net 43   328  
Income before income taxes 12,529 4,023
Income tax expense (705 ) (516 )
Net income $ 11,824   $ 3,507  
 
Net income attributable to common stockholders $ 4,740   $ 3,507  
 
Net earnings per share attributable to common stockholders:
Basic $ 0.07   $ 0.06  
Diluted $ 0.07   $ 0.05  
Weighted average number of shares of Common Stock outstanding:
Basic 64,622   59,393  
Diluted 69,101   68,154  
 
 

RIMINI STREET, INC.

GAAP to Non-GAAP Reconciliations

(In thousands)

 
  Three Months Ended
March 31,
2019   2018
 
Non-GAAP operating income reconciliation:
Operating income $ 12,718 $ 25,221
Non-GAAP adjustments:
Litigation costs and recoveries, net (6,095 ) (19,969 )
Stock-based compensation expense 1,155   867  
Non-GAAP operating income $ 7,778   $ 6,119  
Non-GAAP net income (loss) reconciliation:
Net income $ 11,824 $ 3,507
Non-GAAP adjustments:
Litigation costs and recoveries, net (6,095 ) (19,969 )
Post-judgment interest in litigation awards (212 ) (199 )
Stock-based compensation expense 1,155 867
Gain from change in fair value of embedded derivatives   (500 )
Non-GAAP net income (loss) $ 6,672   $ (16,294 )
Non-GAAP Adjusted EBITDA reconciliation:
Net income $ 11,824 $ 3,507
Non-GAAP adjustments:
Interest expense 232 13,409
Income tax expense 705 516
Depreciation and amortization expense 494   484  
EBITDA 13,255 17,916
Non-GAAP adjustments:
Litigation costs and recoveries, net (6,095 ) (19,969 )
Post-judgment interest in litigation awards (212 ) (199 )
Stock-based compensation expense 1,155 867
Gain from change in fair value of embedded derivatives (500 )
Other debt financing expenses   8,617  
Adjusted EBITDA $ 8,103   $ 6,732  
 

About Non-GAAP Financial Measures and Certain Key Metrics

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To provide investors and others with additional information regarding
Rimini Street’s results, we have disclosed the following non-GAAP
financial measures and certain key metrics. We have described below
Active Clients, Annualized Subscription Revenue and Revenue Retention
Rate, each of which is a key operational metric for our business. In
addition, we have disclosed the following non-GAAP financial measures:
non-GAAP operating income, non-GAAP net income (loss), EBITDA, and
adjusted EBITDA. Rimini Street has provided in the tables above a
reconciliation of each non-GAAP financial measure used in this earnings
release to the most directly comparable GAAP financial measure. Due to a
valuation allowance for our deferred tax assets, there were no tax
effects associated with any of our non-GAAP adjustments. These non-GAAP
financial measures are also described below.

The primary purpose of using non-GAAP measures is to provide
supplemental information that management believes may prove useful to
investors and to enable investors to evaluate our results in the same
way management does. We also present the non-GAAP financial measures
because we believe they assist investors in comparing our performance
across reporting periods on a consistent basis, as well as comparing our
results against the results of other companies, by excluding items that
we do not believe are indicative of our core operating performance.
Specifically, management uses these non-GAAP measures as measures of
operating performance; to prepare our annual operating budget; to
allocate resources to enhance the financial performance of our business;
to evaluate the effectiveness of our business strategies; to provide
consistency and comparability with past financial performance; to
facilitate a comparison of our results with those of other companies,
many of which use similar non-GAAP financial measures to supplement
their GAAP results; and in communications with our board of directors
concerning our financial performance. Investors should be aware however,
that not all companies define these non-GAAP measures consistently.

Active Client is a distinct entity that purchases our services to
support a specific product, including a company, an educational or
government institution, or a business unit of a company. For example, we
count as two separate active clients when support for two different
products is being provided to the same entity. We believe that our
ability to expand our active clients is an indicator of the growth of
our business, the success of our sales and marketing activities, and the
value that our services bring to our clients.

Annualized Subscription Revenue is the amount of subscription
revenue recognized during a fiscal quarter and multiplied by four. This
gives us an indication of the revenue that can be earned in the
following 12-month period from our existing client base assuming no
cancellations or price changes occur during that period. Subscription
revenue excludes any non-recurring revenue, which has been insignificant
to date.

Revenue Retention Rate is the actual subscription revenue
(dollar-based) recognized over a 12-month period from customers that
were clients on the day prior to the start of such 12-month period,
divided by our Annualized Subscription Revenue as of the day prior to
the start of the 12-month period.

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Non-GAAP Operating Income is operating income adjusted to
exclude: litigation costs and recoveries, net, and stock-based
compensation expense. The exclusions are discussed in further detail
below.

Non-GAAP Net Income (Loss) is net income adjusted to
exclude: litigation costs and recoveries, net, post-judgment interest on
litigation appeal awards, stock-based compensation expense, gain from
change in fair value of embedded derivatives. These exclusions are
discussed in further detail below.

Specifically, management is excluding the following items from its
non-GAAP financial measures, as applicable, for the periods presented:

Litigation Costs and Recoveries, Net: Litigation costs and the
associated insurance and appeal recoveries relate to outside costs of
litigation activities. These costs and recoveries reflect the ongoing
litigation we are involved with, and do not relate to the day-to-day
operations or our core business of serving our clients.

Stock-Based Compensation Expense: Our compensation strategy
includes the use of stock-based compensation to attract and retain
employees. This strategy is principally aimed at aligning the employee
interests with those of our stockholders and to achieve long-term
employee retention, rather than to motivate or reward operational
performance for any particular period. As a result, stock-based
compensation expense varies for reasons that are generally unrelated to
operational decisions and performance in any particular period.

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Post-judgment Interest on Litigation Appeal Award: Post-judgment
interest resulted from our appeals of ongoing litigation and does not
relate to the day-to-day operations or our core business of serving our
clients.

Gain from Change in Fair Value of Embedded Derivatives: Our
former credit facility included features that were determined to be
embedded derivatives requiring bifurcation and accounting as separate
financial instruments. We have determined to exclude the gains and
losses on embedded derivatives related to the change in fair value of
these instruments given the financial nature of this fair value
requirement. We were not able to manage these amounts as part of our
business operations, nor were the costs core to servicing our clients,
so we have excluded them.

Other Debt Financing Expenses: Other debt financing expenses
included non-cash write-offs (including write-offs due to payoff),
accretion, amortization of debt discounts and issuance costs, and
collateral monitoring and other fees payable in cash related to our
former credit facility. Since these amounts related to our debt
financing structure, we have excluded them since they do not relate to
the day-to-day operations or our core business of serving our clients.

EBITDA is net income adjusted to exclude: interest expense,
income tax expense, and depreciation and amortization expense.

Adjusted EBITDA is EBITDA adjusted to exclude: litigation costs
and recoveries, net, post-judgment interest on litigation appeal award,
stock-based compensation expense, gain from change in fair value of
embedded derivatives, and other debt financing expenses, as discussed
above.

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Contacts

Investor Relations Contact
Dean
Pohl
Rimini Street, Inc.
+1 203 347-4446
dpohl@riministreet.com

Media Relations Contact
Michelle
McGlocklin
Rimini Street, Inc.
+1 925 523-8414
mmcglocklin@riministreet.com

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Cannabis

Fractional Flow Reserve Market growing at a CAGR of 15.56% during the forecast period [2024-2030] – Exactitude Consultancy

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on

Luton, Bedfordshire, United Kingdom, July 15, 2024 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Fractional Flow Reserve Market.

The global fractional flow reserve market size was valued at USD 971.09 million in 2023 and is expected to reach USD 2.31 billion by 2030, growing at a CAGR of 15.56% during the forecast period.

The Fractional Flow Reserve Market report offers an in-depth analysis of the industry, categorizing the market by type, application, and geographic distribution. This detailed examination includes insights on market size, market share, growth trends, competitive landscape, and key factors influencing growth and challenges. It also highlights prevalent industry trends, market fluctuations, and the overall competitive environment.

The document provides a comprehensive view of the Global Fractional Flow Reserve Market, equipping stakeholders with the necessary tools to identify areas for industry expansion. The report meticulously evaluates market segments, the competitive scenario, market scope, growth patterns, and key drivers and constraints. It further segments the market by geographic distribution, illuminating market leadership, growth trends, and industry shifts. Significant market trends and transformations are also emphasized, offering a deeper understanding of the market’s complexities. This guide empowers stakeholders to leverage market opportunities and make informed decisions. Additionally, it clarifies the critical factors shaping the market’s trajectory and its competitive landscape.

Get a Sample PDF Brochure of the Report: https://exactitudeconsultancy.com/reports/23485/fractional-flow-reserve-market/#request-a-sample

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Recent Development:

  • April 19, 2023, Philips collaborated with Saint-Joseph Hospital and Marie-Lannelongue Hospital to improve cancer care.
  • March 20, 2023, Terumo Medical Corporation had announced the findings of an IDE trial for its Cross-Seal Suture-Mediated VCD System. It demonstrated, among other things, that the primary safety endpoint of freedom from major complications at the target limb access site within 30 days after the procedure was met.

Growth Enablers

Growth Enablers of the Fractional Flow Reserve Market

  • Increasing Prevalence of Cardiovascular Diseases
  • Technological Advancements
  • Growing Adoption of Minimally Invasive Procedures
  • Favorable Reimbursement Policies
  • Expansion in Emerging Markets
  • Increased Awareness and Education
  • Strategic Collaborations and Partnerships

Trending Factors in the Fractional Flow Reserve Market

Integration of Artificial Intelligence and Machine Learning: The incorporation of AI and ML in FFR technologies is revolutionizing the market by enhancing the accuracy and efficiency of diagnostic procedures. AI algorithms assist in better image analysis and interpretation, leading to more precise assessments of coronary artery disease​​.

Shift Towards Non-Invasive FFR Techniques: There is a growing trend towards non-invasive FFR methods, such as FFR-CT (Computed Tomography), which reduces the risks associated with invasive procedures. These techniques are becoming more popular due to their ability to provide accurate results without the need for catheterization​.

Expansion in Emerging Markets: Emerging economies, particularly in the Asia-Pacific region, are witnessing rapid growth in the FFR market. This is driven by increasing healthcare expenditure, a rising prevalence of cardiovascular diseases, and improvements in healthcare infrastructure​.

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Technological Innovations and Product Launches: Continuous innovation and the introduction of advanced FFR devices are significant trends. Companies are investing heavily in R&D to develop new products that offer better diagnostic capabilities and ease of use. For instance, recent product launches like the Artis icono biplane by Siemens Healthineers highlight the focus on enhancing interventional cardiology workflows​​.

Collaborations and Strategic Partnerships: The market is seeing numerous collaborations and strategic partnerships among key players. These alliances aim to combine expertise, expand product portfolios, and enhance market reach. Such partnerships are crucial for driving innovation and market growth​

Regulatory Approvals and Reimbursement Policies: Favorable regulatory approvals and supportive reimbursement policies are key factors influencing the market. For instance, the approval of CathWorks FFRangio by the US FDA and its subsequent reimbursement approval in Japan have positively impacted the market​​.

These trending factors highlight the dynamic nature of the FFR market, driven by technological advancements, strategic collaborations, and growing awareness and adoption of minimally invasive diagnostic procedures.

The North America region accounted for the largest volume-based share of 37%.

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Due to the growing geriatric population linked to cardiovascular diseases and the growing technological advancements in FFR monitoring devices, North America is anticipated to hold a significant market share in the fractional flow reserve market. The global fractional flow reserve market was dominated by the United States. The United States has become a major fractional flow reserve market shareholder due to the faster adoption of value-based products in the healthcare system, increased clinician awareness, and increasing adoption of FFR-CT.

Fractional Flow Reserve Market Report Scope
Report Attribute Details
Market size value in 2023 at USD 971.09 million
Revenue forecast in 2030 USD 2.31 billion by 2030
Growth rate CAGR of 15.56% from 2023 to 2030
Base year for estimation 2023
Historical data 2019 – 2023
Forecast period 2023 – 2030
Quantitative units Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Product, application, region
Regional scope North America; Europe; China; Asia; Pacific; Central & South America; MEA
Country scope U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman
Key companies profiled OPSENS Medical, Abbott Laboratories, Koninklijke, Philips N.V., Acist Medical Systems Inc., Boston Scientific, Medtronic plc, B. Braun Melsungen, Siemens, Terumo Medical Corporation and Medis Medical Imaging System.

Browse Detailed Summary of Research Report with TOC: https://exactitudeconsultancy.com/reports/23485/fractional-flow-reserve-market/

Key Market Segments: Fractional Flow Reserve Market Segment:

Fractional Flow Reserve Market by Product, 2023-2030 (USD Billions) (Kilotons)

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  • FFR Guidewires
  • FFR Monitoring Systems
  • Other

Fractional Flow Reserve Market by End Use, 2023-2030 (USD Billions) (Kilotons)

  • Multi-Vessel Coronary Artery Disease
  • Single-Vessel Coronary Artery Disease

Driving Factors of the Fractional Flow Reserve Market

Rising Cardiovascular Disorders: The increasing prevalence of cardiovascular diseases is significantly boosting the demand for FFR procedures.

Technological Advancements: Innovations in FFR systems are enhancing diagnostic accuracy and efficiency, thereby expanding the market.

Growing Adoption of Minimally Invasive Procedures: The minimally invasive nature of FFR aligns with the preference for less invasive treatments, promoting market growth.

Expanding Geriatric Population: The aging population is contributing to a higher incidence of coronary diseases, which in turn drives the need for FFR assessments.

Supportive Reimbursement Policies: Favorable reimbursement policies encourage healthcare providers to adopt FFR technologies, aiding market development.

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Increasing Awareness and Education: Growing awareness among physicians and patients about the benefits of FFR is fueling market expansion.

Restraining Factors of the Fractional Flow Reserve Market

Cost Constraints: High initial setup and maintenance costs limit the adoption of FFR, especially in developing regions.

Complexity of Procedure: The complexity involved in performing FFR procedures may discourage some healthcare providers from incorporating it into their practice.

Regulatory Challenges: Stringent regulatory requirements for FFR devices can impede market growth and innovation.

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https://exactitudeconsultancy.com/reports/23485/fractional-flow-reserve-market/#request-a-sample

Key Questions Answered:

  • What is the current size of Fractional Flow Reserve Market?
  • What are the Key factors influencing the Growth of Fractional Flow Reserve Market?
  • Who are Major Competitors in the Fractional Flow Reserve Market?
  • What are the major applications of the Fractional Flow Reserve Market?
  • Which Region is holding the largest share in the Fractional Flow Reserve Market?

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Cannabis

IM Cannabis Shares Commence Trading on 6:1 Consolidated Basis

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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

Logo – https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg

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Cision View original content:https://www.prnewswire.co.uk/news-releases/im-cannabis-shares-commence-trading-on-61-consolidated-basis-302194981.html

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Cannabis

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.

Download a Free Sample Research Report with Latest Industry Insights: https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/5434      

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

To Know More on Market Players, Download a Free Sample Report Here: https://www.prophecymarketinsights.com/market_insight/Insight/request-pdf/5434    

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.

Request for a Discounted Price on this Report @ https://www.prophecymarketinsights.com/market_insight/Insight/request-discount/5434       

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.

Reduce a full report cost up to 30% with a custom report by requesting here: https://www.prophecymarketinsights.com/market_insight/Insight/request-customization/5434

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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