TORONTO–(BUSINESS WIRE)–Gluskin Sheff + Associates Inc. (TSX:GS) (“Gluskin Sheff”) is pleased to
announce that, at today’s special meeting of shareholders (the
“Meeting”), its shareholders overwhelmingly voted in favour of a special
resolution to approve the proposed plan of arrangement previously
announced on March 22, 2019 (the “Arrangement”) pursuant to which, among
other things, Onex Corporation (“Onex”) (TSX:ONEX) will acquire all of
the issued and outstanding shares of Gluskin Sheff.
The Arrangement required approval by: (i) 66⅔% of the votes cast by
shareholders present in person or represented by proxy at the Meeting;
and (ii) a simple majority of the votes cast by shareholders present in
person or represented by proxy at the Meeting, excluding the votes cast
by such shareholders as are required to be excluded pursuant to
Multilateral Instrument 61-101 – Protection of Minority Security Holders
in Special Transactions (“MI 61-101”).
Of the votes cast with respect to the Arrangement, an aggregate of
18,379,357 Gluskin Sheff shares were voted in favour of the Arrangement,
representing approximately 98% of the votes cast on the resolution. In
addition, an aggregate of 15,313,239 Gluskin Sheff shares, representing
approximately 98% of the votes cast on the resolution excluding such
shareholders as are required to be excluded pursuant to MI 61-101, were
voted in favour of the Arrangement.
Completion of the Arrangement remains subject to court approval as well
as other customary closing conditions. It is expected that Gluskin Sheff
will apply for a final order of the Ontario Superior Court of Justice
(Commercial List) approving the Arrangement on May 14, 2019. Assuming
that the conditions to closing are satisfied or waived, it is expected
that the Arrangement will be completed on or around June 1, 2019.
Following completion of the Arrangement, Gluskin Sheff will be de-listed
from the Toronto Stock Exchange and applications will be made for
Gluskin Sheff to cease to be a reporting issuer.
Further information about the Arrangement is set forth in the materials
prepared by Gluskin Sheff in respect of the Meeting, which were mailed
to Gluskin Sheff shareholders and filed under Gluskin Sheff’s profile on
SEDAR at www.sedar.com.
About Gluskin Sheff
Gluskin Sheff + Associates Inc. is one of Canada’s pre-eminent wealth
management firms. Founded in 1984 and serving high net worth private
clients and institutional investors, the Company is dedicated to meeting
clients’ needs by delivering strong risk-adjusted returns together with
the highest level of personalized client service. The Company’s Common
Shares are listed on the Toronto Stock Exchange under the symbol “GS”.
For more information about the Company, please visit our website at www.gluskinsheff.com.
The information in this press release includes certain forward-looking
statements. These forward-looking statements are subject to risks and
uncertainties. More particularly and without limitation, this press
release contains forward-looking statements and information concerning:
the anticipated receipt of required court approval for the transaction;
the ability of the parties to satisfy the other conditions to, and to
complete, the Arrangement; and the anticipated timing of the closing of
Forward-looking statements may include, without limitation, statements
regarding the operations, business, financial condition, expected
financial results, performance, prospects, ongoing objectives,
strategies and outlook for Gluskin Sheff. Forward looking statements may
in some cases be identified by words such as “will”, “plans”,
“believes”, “expects”, “anticipates”, “estimates”, “projects”,
“intends”, “should” or the negative of these terms, or similar
expressions. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are
made and Gluskin Sheff undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
In respect of the forward-looking statements and information concerning
the completion of the proposed Arrangement and the anticipated timing
for completion of the Arrangement, Gluskin Sheff and Onex have provided
such in reliance on certain assumptions that they believe are reasonable
at this time, including assumptions as to the ability of the parties to
receive, in a timely manner and on satisfactory terms, the necessary
court approval; the ability of the parties to satisfy, in a timely
manner, the other conditions to the closing of the Arrangement; and
other factors discussed under the heading “Risk Factors” in Gluskin
Sheff’s annual information form dated September 26, 2018 (available
under Gluskin Sheff’s SEDAR profile at www.sedar.com).
The anticipated dates provided may change for a number of reasons,
including the inability to secure necessary court approval in the time
assumed or the need for additional time to satisfy the other conditions
to the completion of the Arrangement. Accordingly, readers should not
place undue reliance on the forward-looking statements and information
contained in this press release.
Since forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. Risks and
uncertainties inherent in the nature of the Arrangement include the
failure of Gluskin Sheff and Onex to obtain necessary court approval, or
to otherwise satisfy the conditions to the completion of the
Arrangement, in a timely manner, or at all. Failure to so obtain such
approval, or the failure of the parties to otherwise satisfy the
conditions to or complete the Arrangement, may result in the Arrangement
not being completed on the proposed terms, or at all.
This press release may contain forward-looking statements relating to
Gluskin Sheff + Associates Inc.’s business and the environment in which
it operates. These statements are based on the Company’s expectations,
estimates, forecasts and projections. They are not guarantees of future
performance and involve risks and uncertainties that are difficult to
control or predict. These risks and uncertainties are discussed in the
Company’s regulatory filings available on the Company’s website at www.gluskinsheff.com
or at www.sedar.com.
Actual outcomes and results may differ materially from those expressed
in these forward-looking statements. Readers, therefore, should not
place undue reliance on any such forward-looking statements. Further, a
forward-looking statement speaks only as of the date on which such
statement is made. The Company undertakes no obligation to publicly
update any such statement or to reflect new information or the
occurrence of future events or circumstances, except as required by
David R. Morris
Chief Financial Officer and Secretary
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Innocan Pharma Announces Study Findings that LPT-CBD maintains its prolonged release in Rabbits
HERZLIYA, Israel and CALGARY, AB, Feb. 26, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce the latest findings from the Company’s pharmacokinetic study of its LPT-CBD platform in rabbits.
The fundamentals of LPT-CBD lay in its ability to slowly release CBD into the blood stream. Studies conducted in various animal models including mice, dogs, goats, and sheep showed long pharmacokinetics of CBD that persisted up to several weeks. In the Company’s latest study conducted on rabbits, the results showed additional supportive data for the long exposure of CBD obtained following a single subcutaneous LPT-CBD injection.
The Company is encouraged by these study results as they confirm the approach the Company is taking with its LPT platform. The results from studies of several organisms injected with the Company’s liposomal CBD –have consistently demonstrated that a detectable CBD level could be maintained for weeks following one injection. The Company will continue with human trials in the near future.
Pharmacokinetics (PK) is an important tool that helps evaluate the bioavailability and exposure level of a specific drug. Parameters such as maximal blood drug concentration (cMax), time to reach cMax (Tmax) and half-life of the drug are calculated based on data collected from blood analysis of the drug across a determined time. The collected PK parameters along with other tests help to define the required dose of a drug to achieve a maximal therapeutic effect. In the study conducted on rabbits, the animals were collected for blood analysis of the drug for up to 11 days. As expected, the animals presented a persistent CBD concentration in their blood that maintained through the entire testing period. This correlates to PK results obtained from other species, supporting the long CBD exposure and the necessity of only a single LPT-CBD injection to obtain a long and wide therapeutic window for CBD.
About Innocan Pharma:
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://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.
Schwazze Appoints Forrest Hoffmaster as Interim Chief Executive Officer
DENVER, Feb. 23, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) (“Schwazze” or the “Company”), today announced that Forrest Hoffmaster, the Company’s Chief Financial Officer, has been appointed to the additional role of interim Chief Executive Officer (“CEO”). This follows Nirup Krishnamurthy’s resignation as CEO and as a member of the Board of Directors (“Board”), effective February 20, 2024, due to personal reasons.
Mr. Hoffmaster, who joined the Company in January 2023, brings over 30 years of executive experience in finance and operations for both public and private companies. Prior to Schwazze, Mr. Hoffmaster served as CEO of New Seasons Market, a specialty gourmet food retailer, where he navigated the company through one of the most disruptive periods in the retail grocery industry. Under his leadership, Mr. Hoffmaster implemented a focused growth and cost optimization program, enabling the company to grow EBITDA by over 30% in two years. Prior to New Seasons Market, Forrest held leadership positions with other leading grocers including Whole Foods Market and H-E-B.
“Forrest is well-positioned to seamlessly step in and lead the Company’s day-to-day operations as we conduct our search for a permanent successor,” said Justin Dye, Chairman of the Board. “With Forrest’s proven track record and deep retail expertise, we plan to continue leveraging our operating playbook to drive strong Adjusted EBITDA margins and consistent cash flow generation. On behalf of the Board, I’d like to wish Nirup the best in his future endeavors.”
Schwazze (OTCQX: SHWZ) (NEO: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.
Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.
Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.
This press release contains “forward-looking statements.” Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
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