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Greenbrook TMS Continues Execution of Growth Strategy and Reports First Quarter Financial Results

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TORONTO–(BUSINESS WIRE)–Greenbrook TMS Inc. (TSX:GTMS) (“Greenbrook” or the “Company”),
today announced its first quarter 2019 operational and financial
results. For more information, please refer to Management’s Discussion &
Analysis of Financial Condition and Results of Operations (“MD&A”)
and the unaudited condensed interim consolidated financial statements of
the Company for the three-months ended March 31, 2019 and 2018. These
documents will be available on the Company’s website at www.greenbrooktms.com
and under the Company’s SEDAR profile at www.sedar.com.
All values in this news release are in United States dollars, unless
otherwise stated.

Bill Leonard, President and Chief Executive Officer of Greenbrook
commented:

We are pleased with our results this quarter as we continue to
experience strong year-over-year growth rates both with our newly
established centers as well as with our existing footprint. With more
than 70 centers now in our network we are meeting our development
objectives and with the recent financing we have the opportunity to
accelerate that growth even faster.”

FIRST QUARTER 2019 FINANCIAL AND OPERATIONAL HIGHLIGHTS

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  • Revenue increased by 69% to $6.6 million, up $2.7 million from the
    first quarter of fiscal 2018 (“Q1 2018”)
  • Regional operating income increased by 186% to $0.6 million, up $0.4
    million from Q1 2018. Of this increase, 141% related to the adoption
    of IFRS 16 which was effective as at January 1, 2019 (1)
  • Our strong development pipeline with six new management regions
    currently in development increased the net loss for the quarter to
    $2.6 million as compared to $1.1 million in Q1 2018, in line with
    management expectations
  • Established 10 new TMS centers this quarter, bringing the total to 67
    and have since added another four bringing the network to 71. An
    increase of 100% from this time last year
  • On April 29, 2019, the Company announced it had entered into an
    agreement with a syndicate of underwriters to complete a bought deal
    public offering and concurrent private placement of common shares for
    aggregate gross proceeds of approximately C$29.0 million, the net
    proceeds of which are intended to be used to accelerate the Company’s
    expansion strategy by developing new TMS Centers and management
    regions, exploring opportunities for potential acquisitions and for
    working capital and general corporate purposes.
________
(1)    

The Company adopted IFRS 16, Leases (“IFRS 16”)
effective as at January 1, 2019 using the modified retrospective
approach. As a result of this approach the prior year figures were
not adjusted. For comparison purposes, the Company has provided
explanations for prior year figures adjusting for the effects of
IFRS 16. Please refer to the respective underlying discussions in
our MD&A for further details on the impact of the implementation
of IFRS 16 on our financial results.

 

SELECTED FIRST QUARTER FINANCIAL AND OPERATING RESULTS (1)

    Q1 2019     Q1 2018
(US$) (unaudited) (unaudited)
Total Revenue 6,607,198 3,901,571
Regional Operating Income 627,000

219,601(2)

Loss before income taxes (2,640,087) (1,129,283)
Loss for the year and comprehensive loss (2,640,087) (1,129,283)
Loss attributable to the common shareholders of Greenbrook (2,570,422) (1,155,539)
Net loss per share (basic and diluted) (0.05) (0.03)
________
Notes:
(1)     Please note that additional selected consolidated financial
information can be found at the end of this press release.
(2) The Company adopted IFRS 16 effective as at January 1, 2019 using
the modified retrospective approach. As a result of this approach,
the prior period figures were not adjusted.
 
   
As at March 31, As at December 31,
(unaudited)

2019

 

2018

2018

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Number of active TMS Centers(1) 57 31 47
Number of TMS Centers-in-development(2) 10 2 10
Total TMS Centers 67 33 57
Number of management regions 9 3 8
Number of TMS Devices installed 118 75 108
Number of regional personnel 155 91 132
Number of shared-services / corporate personnel(3) 27 12 17
Number of TMS providers(4) 55 29 46
Number of consultations performed 1,441 797 4,211
Number of patient starts 840 541 2,626
Number of TMS treatments performed 29,387 18,288 95,621
Average revenue per TMS treatment $225 $213 $222
_______
Notes:
(1)     Active TMS Centers represent TMS Centers that have performed
billable TMS services.
(2) TMS Centers-in-development represents TMS Centers that have
committed to a space lease agreement and the development process is
substantially complete.
(3) Shared-services / corporate personnel is disclosed on a full-time
equivalent basis. The Company utilizes part-time staff and
consultants as a means of managing costs.
(4) Represents physician partners that are involved in the provision of
TMS therapy services from our TMS Centers.
 

CONFERENCE CALL AND WEBCAST

First Quarter 2019 Conference Call Details:

Bill Leonard, President and Chief Executive Officer and Erns Loubser,
Chief Financial Officer will host a conference call at 10:00 a.m.
(Eastern Time) on May 10, 2019 to discuss the financial results for the
quarter.

Toll Free North America: 1-866-521-4909

Toronto: 647-427-2311

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Webcast:

For more information or to listen to the call via webcast, please visit:
www.greenbrooktms.com/events.htm

Conference Call Replay:

Toll Free (North America): 1-800-585-8367

Toronto: 416-621-4642

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Passcode: 9194635

The conference call replay will be available from 1:00 p.m. ET on May
10, 2019, until 23:59 p.m. ET on June 10, 2019.

About Greenbrook TMS Inc.

Operating through 71 Company-operated treatment centers, Greenbrook is a
leading provider of TMS, an FDA-cleared, non-invasive therapy for the
treatment of Major Depressive Disorder and other mental health
disorders, in the United States. TMS therapy provides local
electromagnetic stimulation to specific brain regions known to be
directly associated with mood regulation. Greenbrook has provided more
than 250,000 TMS treatments to over 6,500 patients struggling with
depression.

Cautionary Note Regarding Forward-Looking Information

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Certain information in this press release, including with respect to the
rapid expansion of our TMS Center network, the successful completion and
intended use of proceeds from the Offering, or the Company’s future
financial or operating performance, constitutes forward-looking
information. In some cases, but not necessarily in all cases,
forward-looking information can be identified by the use of
forward-looking terminology such as “plans”, “targets”, “expects” or
“does not expect”, “is expected”, “an opportunity exists”, “is
positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does
not anticipate” or “believes”, or variations of such words and phrases
or state that certain actions, events or results “may”, “could”,
“would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.
In addition, any statements that refer to expectations, projections or
other characterizations of future events or circumstances contain
forward-looking information. Statements containing forward-looking
information are not historical facts but instead represent management’s
expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered reasonable by
the Company as of the date of this press release, are subject to known
and unknown risks, uncertainties, assumptions and other factors that may
cause the actual results, level of activity, performance or achievements
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to the factors
described in greater detail in the “Risk Factors” section of the IPO
Prospectus available at www.sedar.com.
These factors are not intended to represent a complete list of the
factors that could affect the Company; however, these factors should be
considered carefully. There can be no assurance that such estimates and
assumptions will prove to be correct. The forward-looking statements
contained in this press release are made as of the date of this press
release, and the Company expressly disclaims any obligation to update or
alter statements containing any forward-looking information, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by law.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(US$)  

Q1 2019
(unaudited)

 

Q1 2018
(unaudited) (1)

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Total Revenue 6,607,198 3,901,571
 
Direct center and patient care costs 3,456,616 2,722,740
Regional employee compensation 1,251,421 572,872
Regional marketing expenses 464,041 376,540
Depreciation 808,120 9,818
Total direct center and regional costs 5,980,198 3,681,970
Regional Operating Income 627,000 219,601
Center development costs 264,696 111,673
Corporate employee compensation 1,460,101 503,150
Corporate marketing expenses 204,346 154,011
Other corporate, general and administrative expenses 667,895 383,748
Share-based compensation 294,159 119,904
Interest expense 397,840 76,398
Interest income (21,950)
Loss before income taxes (2,640,087) (1,129,283)
 
Income tax expense
Loss for the year and comprehensive loss (2,640,087) (1,129,283)
Income attributable to non-controlling interest (69,665) 26,256
Loss attributable to the common shareholders of Greenbrook (2,570,422) (1,155,539)
Loss for the year attributable to:
Non-controlling interest (69,665) 26,256
Common shareholders of Greenbrook (2,570,422) (1,155,539)
Net loss per share (basic and diluted) (0.05) (0.03)
_______
Notes:
(1)     The Company adopted IFRS 16 effective as at January 1, 2019 using
the modified retrospective approach. As a result of this approach,
the prior period figures were not adjusted.
 

Contacts

Erns Loubser
Chief Financial Officer, Treasurer and Corporate
Secretary
Greenbrook TMS Inc.

Linda Armstrong
Investor Relations
Greenbrook TMS Inc.

Contact Information:
[email protected]
1-855-797-4867

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Indivior

Indivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder

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indivior-provides-update-on-aelis-farma’s-clinical-phase-2b-study-results-with-aef0117-in-participants-with-cannabis-use-disorder

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).

  • Primary and Secondary End Points of the Study were Not Met
  • Indivior Does Not Currently Expect to Exercise AEF0117 Option 

SLOUGH, United Kingdom and RICHMOND, Va., Sept. 4, 2024 /PRNewswire/ — Indivior PLC (Nasdaq/LSE: INDV) is today providing an update following Aelis Farma’s announcement of the results from its clinical Phase 2B trial with AEF01171, evaluating the efficacy and safety in treatment-seeking participants with moderate to severe Cannabis Use Disorder (CUD). The purpose of this trial was twofold: (1) to show that AEF0117 (0.1, 0.3, 1 mg once a day for 12 weeks) lowers cannabis use and (2) to determine the endpoints and optimal dosage of AEF0117 for use in future studies. In this phase 2B study, patients were treatment-seeking participants, 84% of whom had severe CUD.

The results of the study demonstrated that the primary endpoint, the proportion of participants who reduced their cannabis use to ≤1 day per week, as well as secondary endpoints measuring the proportion of participants reaching either complete abstinence or who used ≤2 day per week, were not met. Although these results are disappointing, they indicate that significant work remains to be done to understand subpopulations of patients with CUD, specifically those with severe CUD.

This clinical Phase 2B study is part of the strategic collaboration between Aelis Farma and Indivior, which includes an exclusive option for Indivior to license the global rights to AEF0117. Given the lack of separation from placebo on primary and secondary endpoints and before seeing further additional favorable clinical data, Indivior does not currently expect to exercise its option.

Important Cautionary Note Regarding Forward-Looking Statements

This news release contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding whether: we will be able to ultimately demonstrate the safety and efficacy of AEF0117, which is a prerequisite to filing any New Drug Application; we might ever exercise our option for AEF0117 and, if so, when; and other statements containing the words “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “forecast,” “strategy,” “target,” “guidance,” “outlook,” “potential,” “project,” “priority,” “may,” “will,” “should,” “would,” “could,” “can,” “outlook,” “guidance,” the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future. 

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Actual results may differ materially from those because they relate to future events. Various factors may cause differences between Indivior’s expectations and actual results, including, among others, the risks described in our most recent annual report on Form 20-F beginning on page 9 as filed with the U.S. SEC and in subsequent releases; legal and market restrictions that may limit how quickly we can repurchaser our shares; the substantial litigation and ongoing investigations to which we are or may become a party; our reliance on third parties to manufacture commercial supplies of most of our products, conduct our clinical trials and at times to collaborate on products in our pipeline; our ability to comply with legal and regulatory settlements, healthcare laws and regulations, requirements imposed by regulatory agencies and payment and reporting obligations under government pricing programs; risks related to the manufacture and distribution of our products, most of which contain controlled substances; market acceptance of our products as well as our ability to commercialize our products and compete with other market participants; competition; the uncertainties related to the development of new products, including through acquisitions, and the related regulatory approval process; our dependence on third-party payors for the reimbursement of our products and the increasing focus on pricing and competition in our industry; unintended side effects caused by the clinical study or commercial use of our products; our ability to successfully execute acquisitions, partnerships, joint ventures, dispositions or other strategic acquisitions; our ability to protect our intellectual property rights and the substantial cost of litigation or other proceedings related to intellectual property rights; the risks related to product liability claims or product recalls; the significant amount of laws and regulations that we are subject to, including due to the international nature of our business; macroeconomic trends and other global developments such as armed conflicts and pandemics; the terms of our debt instruments, changes in our credit ratings and our ability to service our indebtedness and other obligations as they come due; changes in applicable tax rate or tax rules, regulations or interpretations and our ability to realize our deferred tax assets; and volatility in our share price due to factors unrelated to our operating performance or that may result from the potential move of our primary listing to the U.S.

Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events. 

This release is being made by Kathryn Hudson, Company Secretary Indivior PLC.

About Indivior

Indivior is a global pharmaceutical company working to help change patients’ lives by developing medicines to treat substance use disorders (SUD), overdose and serious mental illnesses. Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD. Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease.

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Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to both expand on its heritage in this category and potentially address other chronic conditions and co-occurring disorders of SUD. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/indivior.

References:

  1. National Library of Medicine (U.S.) (2022, April). Effect of AEF0117 on treatment-seeking patients with cannabis use disorder (CUD) (SICA2). Identifier 
    NCT05322941 https://www.clinicaltrials.gov/study/NCT05322941 

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Innocan

Innocan Pharma Announces Closing of Private Placement and Grant of Stock Options

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HERZLIYA, Israel and CALGARY, Alberta, Aug. 29, 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 it has completed its previously announced non-brokered private placement offering of 5,025,725 units of the Company (the “Units”) at a price of C$0.22 per Unit for gross proceeds of C$1,105,659.50 (the “Offering”).

 

 

Each Unit is comprised of: (i) one (1) common share in the capital of the Company (each a “Common Share”); and (ii) one (1) common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.32 for a period of four (4) years from the date of issuance.

Innocan intends to use the proceeds of the Offering for working capital and general corporate purposes.

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The securities issued to Canadian subscribers in connection with the Offering are subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.

Iris Bincovich, Chief Executive Officer of the Company, stated “we are very pleased with our successful offering. I would like to extend my sincere gratitude to our investors for their unwavering support. We see this as a strong vote of confidence by both existing and new investors which demonstrates investor support of our vision and strategic direction. These new funds will provide us with additional working capital to enable us to capitalize on new opportunities and allow us to advance strongly on our growth plans.”

The Company is also pleased to announce that it has granted an aggregate of 300,000 stock options (each an “Option“) to certain consultants of the Company pursuant to the Company’s stock option plan (the “Plan“). Each Option may be exercised for one (1) common share in the capital of the Company (each, a “Share“) at a price of $0.25 per Share. The Options expire on August 27, 2029.

All Options granted vest in accordance with the following vesting schedule: (i) 1/3rd of the Options vested immediately at grant; (ii) 1/3rd of the Options will vest on February 28, 2025; and (iii) 1/3rd will vest on August 27, 2025; all subject to the terms and conditions of the Plan.

About Innocan Pharma:

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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
[email protected] 

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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Cannabis

Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape

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Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) — The “Europe Medical Cannabis Oil Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2032.” report has been added to ResearchAndMarkets.com’s offering.

The Europe Medical Cannabis Oil market is poised for significant growth, projected to escalate from US$ 0.91 billion in 2023 to US$ 2.40 billion by 2032, advancing at a CAGR of 12.08%. In this comprehensive research report, the market is analyzed by:

  • Derivatives;
  • Source;
  • Application;
  • Route of Administration;
  • End-user;
  • Distribution Channel; and
  • Country.

Market Highlights Identified in the Report

  • Progressive legalization across Europe is creating a favorable regulatory environment, enhancing market expansion for medical cannabis oil products.
  • Germany leads the market with a robust infrastructure and supportive regulations, while other countries like the UK, Italy, and Spain show significant growth potential based on evolving regulatory landscapes and market dynamics.
  • Key players such as Tilray, Aurora Cannabis Inc., and GW Pharmaceuticals dominate the market, emphasizing research, strategic partnerships, and innovation to maintain competitive edge amidst evolving industry dynamics.

The medical cannabis oil market has experienced substantial growth as legalization and acceptance of cannabis-based treatments expand globally. Cannabis oil, derived from the cannabis plant through extraction methods, contains cannabinoids such as THC and CBD, known for their therapeutic properties. Increasing recognition of cannabis oil’s potential in alleviating symptoms of various medical conditions, including chronic pain, epilepsy, and anxiety disorders, has driven its adoption in medical settings.

Governments in several countries are progressively legalizing medical cannabis, creating a conducive regulatory environment for market expansion. Additionally, growing consumer awareness about alternative and natural therapies has fueled the demand for cannabis oil products. The market is characterized by diverse product offerings, including full-spectrum and CBD-isolate oils, catering to different therapeutic needs and preferences.

Despite regulatory challenges and stigma associated with cannabis, the medical cannabis oil market continues to evolve, driven by ongoing research, favorable legislative changes, and shifting attitudes toward cannabis-based therapies in healthcare.

Regional Insights

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Germany is likely to maintain its leadership position in the European medical cannabis oil market due to its established infrastructure, supportive regulations, and strong healthcare system. Germany legalized medical cannabis in 2017, giving the market a head start compared to many other European countries. This established infrastructure and experience position Germany as a leader in the field. As awareness and acceptance of medical cannabis increase, the number of patients seeking treatment in Germany is steadily rising. This fuels market growth and incentivizes further investment in research and development.

Germany’s regulatory framework for medical cannabis is considered relatively patient-friendly compared to some other European countries. This facilitates access for patients with qualifying conditions. The UK legalized medical cannabis in 2018 and is experiencing an increase in patient access programs. This, coupled with ongoing research, could lead to significant market growth. Italy legalized medical cannabis in 2006 but has faced challenges with availability. As regulations become more streamlined and patient access expands, the Italian market holds significant growth potential. Spain has a well-established medical cannabis industry with a focus on domestic production. As regulations evolve and export opportunities increase, the Spanish market could see a boost.

Competitive Landscape

The Medical Cannabis Oil market is characterized by a vigorous competitive landscape, with prominent entities like Tilray, Aurora Cannabis Inc., GW Pharmaceuticals, Almiral, Bedrocan, and others at the forefront, collectively accounting for approximately 41 % of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings.

The primary competitive factors include pricing, product caliber, and technological innovation. As the Medical Cannabis Oil industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry’s fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector’s comprehensive growth and transformation.

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Key Topics Covered

Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Europe Medical Cannabis Oil Market
Chapter 4. Europe Medical Cannabis Oil Market Overview
Chapter 5. Europe Medical Cannabis Oil Market Analysis, by Derivatives
Chapter 6. Europe Medical Cannabis Oil Market Analysis, by Source
Chapter 7. Europe Medical Cannabis Oil Market Analysis, by Application
Chapter 8. Europe Medical Cannabis Oil Market Analysis, by Route of Administration
Chapter 9. Europe Medical Cannabis Oil Market Analysis, by End-user
Chapter 10. Europe Medical Cannabis Oil Market Analysis, by Distribution Channel
Chapter 11. Europe Medical Cannabis Oil Market Analysis, by Country
Chapter 12. The UK Medical Cannabis Oil Market Analysis
Chapter 13. Germany Medical Cannabis Oil Market Analysis
Chapter 14. The Netherlands Medical Cannabis Oil Market Analysis
Chapter 15. Italy Medical Cannabis Oil Market Analysis
Chapter 16. Spain Medical Cannabis Oil Market Analysis
Chapter 17. Poland Medical Cannabis Oil Market Analysis
Chapter 18. Rest of Europe Medical Cannabis Oil Market Analysis
Chapter 19. Company Profiles (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)

A selection of companies mentioned in this report includes, but is not limited to:

  • Aurora Cannabis Inc.
  • Bedrocan
  • Biocann
  • BIOTA Biosciences LLC
  • Cannamedical
  • Mary Jane CBD
  • Sanity Group GmbH
  • Tilray
  • Valcon Medical

For more information about this report visit https://www.researchandmarkets.com/r/dh7q46

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.


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