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Drive Shack Announces First Quarter 2019 Results and Declares Second Quarter 2019 Preferred Stock Dividends
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Company announces 1 new Drive Shack location and confirms three new
venue openings in 2019
Has closed sales of 18 golf courses for $132 million to date
NEW YORK–(BUSINESS WIRE)–Drive Shack Inc. (NYSE: DS), an owner and operator of golf entertainment
and dining venues and traditional golf courses, today announced
financial results for its first quarter ended March 31, 2019.
Business Highlights
-
Drive Shack
-
Entered into new partnership with Trackman, the leading provider
of radar-based ball tracking - Announced Drive Shack location in Minneapolis, MN
-
Hired Head of Architecture to lead design of future Drive Shack
venues -
Drive Shack Orlando, which opened in April 2018, generated $1.7
million of revenue in Q1 2019, up 11% compared to Q4 -
Raleigh, Richmond and West Palm Beach locations on track to open
in the second half of 2019
-
Entered into new partnership with Trackman, the leading provider
-
American Golf Corporation
- Total golf proceeds of $132 million from the sale of 18 courses
- American Golf Corporation Q1 2019 revenue generation of $52 million
-
Grew public course The Players Club Members by 14% and private
course average membership Dues by 2%, on a same-store basis over
prior year
-
Company adds 2 new members, Virgis Colbert and Ben Crane, to the Board
of Directors
“We are pleased to see Drive Shack Orlando’s improved performance
compared to the prior quarter. We are on track to open Raleigh, Richmond
and West Palm Beach in the second half of this year, and we are thrilled
to announce a new Drive Shack location in Minneapolis, MN,” said Ken
May, Chief Executive Officer. “We continue to refine our blueprint for
site-level operations, using Orlando as the test kitchen for new ideas,
ahead of the next three site openings. Guest experience is the priority.
The implementation of Trackman ball tracking technology at all of our
sites and the menu redesign rollout are just a couple ways we are
enhancing the experience.”
“We continue to make strides optimizing our American Golf portfolio and
expect the stabilized business to generate $175M in total revenue by
2020. In terms of course sales, we generated $132 million in gross
proceeds from the sale of 18 owned golf courses and expect approximately
$42 million additional gross proceeds across 5 courses in contract or
LOI. We will use these proceeds to fund our entertainment golf business
and expect to have 20 sites open by 2022,” said David Hammarley, Chief
Financial Officer. “Overall, I’m confident that our world class
operating team will execute on our business plan and hit the financial
targets we’ve set. With our team and operating costs largely in place,
we expect overall company G&A costs to scale down to 5-10% of total
revenues over the next few years as the business scales up.”
Development
Since the last earnings release on March 14, 2019, the Company signed a
new location in Minneapolis, MN. The Company plans to open 3 new Drive
Shack sites in Raleigh, NC, Richmond, VA, and West Palm Beach, FL in the
second half of 2019.
Board Members
The management team is excited to announce the addition of Virgis
Colbert and Ben Crane to The Board of Directors to further drive the
growth of the business.
Virgis Colbert, who will also serve on the Board’s Audit and
Compensation Committees, has significant operational experience
including Executive Vice President of Worldwide Operations at Miller
Brewing Company. Mr. Colbert’s business acumen and proven track record
earned him roles as the Director of the NASDAQ exchange and a Board seat
on several Fortune 500 companies. He is a lifetime member of the
National Association for the Advancement of Colored People and was named
a national honorary member of the 100 Black Men of America. As an avid
fan of golf, Virgis is a member of two of the most prestigious golf
clubs in America.
Ben Crane, who will also serve on the Board’s Compensation Committee, is
an American professional golfer, who has been a member of the PGA tour
since December 2001 and captured five PGA tour wins. Mr. Crane is
actively involved in several charities, which includes founding the
Crane Foundation, whose mission is to help others reach new heights and
levels of achievement and spirituality in their lives. His charity
supports several other nonprofits including the College Golf Fellowship,
Forward Edge International, H.O.P.E Farm Inc., Love146 Inc., the St.
Bernard Project and Young Life.
Sarah Watterson resigned from the Board on May 7, 2019 to focus on other
professional pursuits. “We’re grateful for Sarah’s contributions in
creating Drive Shack. I wish her all the best, and I am confident that
her leadership will be greatly valued in future endeavors,” said Ken May.
Financial Outlook
Our FY 2019 expectations and stabilized targets are as follows:
-
Drive Shack Orlando site is targeted to break even from a cash flow
perspective in 2019 and continue to ramp up its revenues and cash flow
generation in 2020 onwards -
Raleigh, Richmond, and West Palm Beach planned to open in the second
half of 2019 and expect to generate revenues and EBITDA consistent
with target unit economics starting in 2020 -
Plan to open 3 to 5 new sites in 2020 and 5 to 10 sites in 2021 and
2022 - Targeting 20+ open sites in 2022
-
Stabilized target Drive Shack entertainment unit economics:
-
Cost to build between $20 to $35 million across the varying
markets and relevant venue formats -
Top-line revenues anticipated to be $15 to $25 million with
targeted EBITDA margins of approximately 25%-30%
-
Cost to build between $20 to $35 million across the varying
-
Stabilized traditional golf business to generate revenue of
approximately $175 million and target annual course-level EBITDA
margins of 15-20% in 2020 and beyond -
Complete the remaining short-term course sales by end of 2019 with
total gross proceeds of approximately $175 million from 24 of the 26
owned courses-
Continue to explore the monetization of the remaining 2 owned
courses in 2019
-
Continue to explore the monetization of the remaining 2 owned
- Target total Company G&A of 5-10% of total Revenue by 2022
Preferred Stock Dividends
The Company will pay dividends on July 31, 2019 to holders of record of
preferred stock on July 1, 2019, for the period beginning May 1, 2019
and ending July 31, 2019, in an amount equal to $0.609375, $0.503125 and
$0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375%
Series D preferred stock, respectively.
Financial Results
First Quarter 2019 compared to the First Quarter 2018 ($ in |
|||||||||||
Three Months Ended March 31, |
|||||||||||
2019 | 2018 | ||||||||||
Total revenues | $ | 53,952 | $ | 66,660 | |||||||
Loss applicable to common stockholders | $ | (15,995 | ) | $ | (17,690 | ) | |||||
Basic | $ | (0.24 | ) | $ | (0.26 | ) | |||||
Diluted | $ | (0.24 | ) | $ | (0.26 | ) | |||||
Conference Call Today
Management will hold a conference call to discuss these results today at
9:00 a.m. Eastern Time. The conference call can be accessed over the
phone by dialing 1-866-913-6930 (from within the U.S.) or 1-409-983-9881
(from outside of the U.S.) ten minutes prior to the scheduled start of
the call; please reference conference ID “8038894.”
A copy of the earnings release will be posted to the Investor Relations
section of Drive Shack Inc.’s website, http://ir.driveshack.com.
A simultaneous webcast of the conference call will be available to the
public on a listen-only basis at http://ir.driveshack.com.
Please allow extra time prior to the call to visit the website and
download any necessary software required to listen to the internet
broadcast.
A telephonic replay of the conference call will also be available two
hours following the call’s completion through 11:30 P.M. Eastern Time on
Friday, May 24, 2019 by dialing 1-800-585-8367 (from within the U.S.) or
1-404-537-3406 (from outside of the U.S.); please reference conference
ID “8038894.”
Additional Information
For additional information that management believes to be useful for
investors, please refer to the presentation posted on the Investor
Relations section of the Company’s website, http://ir.driveshack.com.
For consolidated information, please refer to the Company’s most recent
Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which
are available on the Company’s website, http://ir.driveshack.com.
About Drive Shack
Drive Shack Inc. is a leading owner and operator of golf-related leisure
and entertainment businesses.
Forward-Looking Statements: Certain items in this Press Release
may constitute forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding Drive Shack Inc.’s (NYSE: DS; “DS Inc.”
or the “Company” and “we,” “us” and “our,” as applicable) (a) statements
relating to returns on our investments, (b) anticipated future sales of
selected owned golf properties, including without limitation statements
relating to the timing and amount of anticipated proceeds, (c) our plans
and expectations to optimize the operation of, and grow, our existing
leased and managed golf properties, (d) redeployment of cash from our
generated liquidity, (e) targeted multiples, yields and returns, (f) our
ability to terminate or restructure leases and (g) the Company’s current
business plan and expectations relating to our Drive Shack venues,
including (i) the number of venues that we may be able to develop, (ii)
timing and frequency for opening venues, (iii) financial performance of
these venues and capital expenditure costs, (iv) the growth of the golf,
golf entertainment, and eatertainment industry and business, and (v) our
ability to enhance technology. These statements are based on
management’s current expectations and beliefs and are subject to a
number of risks, trends and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements, many of which are beyond our control. We cannot give any
assurances that management’s current expectations will be attained. For
a discussion of some of the risks and important factors that could cause
actual results to differ materially from such forward-looking
statements, see the sections entitled “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in the Company’s periodic reports filed with the Securities
and Exchange Commission (“SEC”), which are available on the Company’s
website (www.http://ir.driveshack.com).
In addition, new risks and uncertainties emerge from time to time, and
it is not possible to predict or assess the impact of every factor that
may cause actual results to differ from those contained in any
forward-looking statements. Accordingly, you should not place undue
reliance on any forward-looking statements contained in this Press
Release. Forward-looking statements speak only as of the date of this
Press Release. We expressly disclaim any obligation to release publicly
any updates or revisions to any forward-looking statements contained
herein to reflect any change in expectations with regard thereto or
change in events, conditions or circumstances on which any statement is
based.
Past Performance; No Offer; No Reliance: Past performance is not
a reliable indicator of future results and should not be relied upon as
the basis for making an investment decision. This Press Release does not
constitute an offer to sell, or a solicitation of an offer to buy, any
security. Any such offer would only be made by means of formal offering
documents, the terms of which would govern in all respects. You should
not rely on this Press Release as the basis upon which to make any
investment decision.
The Company has not reconciled its EBITDA targets set forth in this
press release to net income (loss) or cash from operations, as items
that impact such measures are out of the Company’s control and/or cannot
be reasonably predicted. Accordingly, a reconciliation is not available
without unreasonable effort.
Cautionary Note regarding Estimated / Targeted Returns and Growth:
Targeted returns and growth represent management’s view and are
estimated based on current and projected future operating performance of
our location in Orlando and other targeted locations, comparable
companies in our industry and a variety of other assumptions, many of
which are beyond our control, that could prove incorrect. As a result,
actual results may vary materially with changes in our liquidity or
ability to obtain financing, changes in market conditions and additional
factors described in our reports filed with the SEC, which we encourage
you to review. We undertake no obligation to update these estimates. See
above for more information on forward-looking statements.
Consolidated Balance Sheets |
|||||||||||
(Unaudited) | |||||||||||
March 31, 2019 | December 31, 2018 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 49,599 | $ | 79,235 | |||||||
Restricted cash | 3,365 | 3,326 | |||||||||
Accounts receivable, net | 5,635 | 7,518 | |||||||||
Real estate assets, held-for-sale, net | 51,931 | 75,862 | |||||||||
Real estate securities, available-for-sale | 3,007 | 2,953 | |||||||||
Other current assets | 20,331 | 20,505 | |||||||||
Total current assets | 133,868 | 189,399 | |||||||||
Restricted cash, noncurrent | 258 | 258 | |||||||||
Property and equipment, net of accumulated depreciation | 157,636 | 132,605 | |||||||||
Operating lease right-of-use assets | 223,278 | — | |||||||||
Intangibles, net of accumulated amortization | 20,952 | 48,388 | |||||||||
Other investments | 22,956 | 22,613 | |||||||||
Other assets | 5,043 | 8,684 | |||||||||
Total assets | $ | 563,991 | $ | 401,947 | |||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Obligations under finance leases | $ | 6,790 | $ | 5,489 | |||||||
Membership deposit liabilities | 8,834 | 8,861 | |||||||||
Accounts payable and accrued expenses | 37,740 | 45,284 | |||||||||
Deferred revenue | 14,738 | 18,793 | |||||||||
Real estate liabilities, held-for-sale | 813 | 2,947 | |||||||||
Other current liabilities | 29,277 | 22,285 | |||||||||
Total current liabilities | 98,192 | 103,659 | |||||||||
Credit facilities and obligations under finance leases – noncurrent | 13,185 | 10,489 | |||||||||
Operating lease liabilities – noncurrent | 190,229 | — | |||||||||
Junior subordinated notes payable | 51,198 | 51,200 | |||||||||
Membership deposit liabilities, noncurrent | 92,603 | 90,684 | |||||||||
Deferred revenue, noncurrent | 5,445 | 6,016 | |||||||||
Other liabilities | 3,076 | 5,232 | |||||||||
Total liabilities | $ | 453,928 | $ | 267,280 | |||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, |
|||||||||||
of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 |
61,583 | 61,583 | |||||||||
Common stock, $0.01 par value, 1,000,000,000 shares authorized, |
|||||||||||
67,027,104 shares issued and outstanding at March 31, 2019 and |
670 | 670 | |||||||||
Additional paid-in capital | 3,177,065 | 3,175,843 | |||||||||
Accumulated deficit | (3,131,133 | ) | (3,105,307 | ) | |||||||
Accumulated other comprehensive income | 1,878 | 1,878 | |||||||||
Total equity | $ | 110,063 | $ | 134,667 | |||||||
Total liabilities and equity | $ | 563,991 | $ | 401,947 | |||||||
Consolidated Statements of Operations |
|||||||||||
Three Months Ended March 31, |
|||||||||||
2019 | 2018 | ||||||||||
Revenues | |||||||||||
Golf operations | $ | 44,706 | $ | 53,554 | |||||||
Sales of food and beverages | 9,246 | 13,106 | |||||||||
Total revenues | 53,952 | 66,660 | |||||||||
Operating costs | |||||||||||
Operating expenses | 47,723 | 57,379 | |||||||||
Cost of sales – food and beverages | 2,698 | 4,040 | |||||||||
General and administrative expense | 11,619 | 9,192 | |||||||||
Depreciation and amortization | 4,924 | 5,548 | |||||||||
Pre-opening costs | 1,179 | 1,556 | |||||||||
Impairment | 4,088 | 1,473 | |||||||||
Realized and unrealized (gain) on investments | — | (242 | ) | ||||||||
Total operating costs | 72,231 | 78,946 | |||||||||
Operating loss | (18,279 | ) | (12,286 | ) | |||||||
Other income (expenses) | |||||||||||
Interest and investment income | 344 | 446 | |||||||||
Interest expense, net | (2,153 | ) | (4,049 | ) | |||||||
Other income (loss), net |
5,488 |
(406 | ) | ||||||||
Total other income (expenses) | 3,679 | (4,009 | ) | ||||||||
Loss before income tax | (14,600 | ) | (16,295 | ) | |||||||
Income tax expense | — | — | |||||||||
Net Loss | (14,600 | ) | (16,295 | ) | |||||||
Preferred dividends | (1,395 | ) | (1,395 | ) | |||||||
Loss Applicable to Common Stockholders | $ | (15,995 | ) | $ | (17,690 | ) | |||||
Loss Applicable to Common Stock, per share | |||||||||||
Basic | $ | (0.24 | ) | $ | (0.26 | ) | |||||
Diluted | $ | (0.24 | ) | $ | (0.26 | ) | |||||
Weighted Average Number of Shares of Common Stock Outstanding | |||||||||||
Basic | 67,027,104 | 66,977,104 | |||||||||
Diluted | 67,027,104 | 66,977,104 | |||||||||
Contacts
For Investor Relations Inquiries:
Austin Pruitt
Drive
Shack Inc.
646-585-5591
IR@driveshack.com
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Innocan
Innocan Pharma Submits Investigational New Animal Drug Application to FDA’s Veterinary Center
![innocan-pharma-submits-investigational-new-animal-drug-application-to-fda’s-veterinary-center](https://grassnews.net/wp-content/uploads/2024/07/61449-innocan-pharma-submits-investigational-new-animal-drug-application-to-fdas-veterinary-center.jpg)
HERZLIYA, Israel and CALGARY, AB, July 26, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce that the FDA’s Center for Veterinary Medicine (CVM) has granted the Company a sponsor fee waiver and assigned an Investigational New Animal Drug (INAD) number for its LPT-CBD (Liposome Platform Technology-Cannabidiol) product. This represents a significant step for the Company, as an INAD designation facilitates correspondence and data exchange with CVM to support LPT-CBD development as a new veterinary drug.
The Company further announced that following the assessment of LPT-CBD’s scientific package, the CVM recognized Innocan’s contribution to pursuing innovative animal drug products and technology and granted the company a sponsor fee waiver for fiscal year 2024.
Innocan’s LPT-CBD is a proprietary drug delivery platform designed to provide prolonged-release CBD for chronic pain and well-being management in animals. Over the past year, repeated administration of LPT-CBD in dogs and other animals has demonstrated both efficacy and tolerability, providing sufficient evidence for the INAD application.
“We are thrilled by CVM’s response,” said Prof. Chezy Barenholz, CSO of Innocan Pharma. “The granted INAD will allow us to advance the investigational studies of LPT-CBD and share knowledge to support future discussions with CVM on LPT-CBD’s development plan. Moreover, the fee waiver, granted by CVM, supports our development and pursuit of innovative animal drug products and technology, further validating our approach and potential impact in veterinary medicine.”
Dr. Eyal Kalo, R&D Director at Innocan, added, “LPT-CBD is a unique technology that has proven itself worthy of the INAD fee waiver granted by CVM. This will streamline our efforts to deliver a unique solution for chronic pain management to the animal market.”
About Innocan Pharma:
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/
Contact Information:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
info@innocanpharma.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution Regarding Forward-Looking Information
Certain information set forth in this news release, including, without limitation, the Company’s plans for human trials of its LPT-CBD platform, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. . The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties that could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: global and local (national) economic, political, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and potential disruption of relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import/export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. A comprehensive discussion of other risks that impact Innocan can be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedarplus.ca.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
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Cannabis
Verano Announces the Opening of Zen Leaf Fairless Hills, the Company’s Newest Affiliated Dispensary in Pennsylvania, in Prime New Location
![](https://grassnews.net/wp-content/uploads/2024/07/verano-announces-the-opening-of-zen-leaf-fairless-hills-the-companys-newest-affiliated-dispensary-in-pennsylvania-in-prime-new-location.gif)
- Zen Leaf Fairless Hills, the Company’s newest affiliated dispensary in Pennsylvania, relocated from its former home in Chester to 203 Lincoln Highway, a busy thoroughfare with daily traffic of over 17,000 vehicles per day1
- As the first medical cannabis dispensary in the city, Zen Leaf Fairless Hills will offer an elevated experience for area patients, including increased convenience and accessibility with numerous point-of-sale stations and kiosks for seamless in-store browsing and ordering
- Verano’s active operations span 13 states, comprised of 142 dispensaries and 13 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
CHICAGO, July 26, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the opening of Zen Leaf Fairless Hills in Pennsylvania on Friday, July 26th, following a ceremonial ribbon cutting at 11 a.m. local time. Zen Leaf Fairless Hills is located at 203 Lincoln Highway and will be open Monday through Saturday from 9 a.m. to 8 p.m. and Sunday from 10 a.m. to 6 p.m. local time.
The dispensary is located in Bucks County, the fourth largest county in the Commonwealth with a total population of over 630,0002 residents. To increase accessibility and convenience, Zen Leaf Fairless Hills features large in-store kiosks and numerous point-of-sale stations to enhance the browsing and ordering experience for patients. To celebrate the grand opening of Zen Leaf Fairless Hills and following a ceremonial ribbon cutting, patients will be greeted with complimentary deals and doorbusters on featured branded products.
“We are excited to bring the Zen Leaf experience to local patients in Fairless Hills, where our talented team members will continue to deliver hospitality-driven care and top-quality products for local patients,” said George Archos, Verano Founder and Chief Executive Officer. “As the Pennsylvania medical cannabis patient population continues to grow, we are grateful for the opportunity to deepen our roots in Bucks County at our newest Zen Leaf location in the Commonwealth, and look forward to providing a warm and welcoming environment for current and future patients.”
Zen Leaf Fairless Hills adds another convenient outlet for Philadelphia area patients, and solidifies Verano’s footprint in the state as one of the Company’s 18 affiliated Pennsylvania dispensaries. Verano’s Pennsylvania operations also include a state-of-the-art 62,000 square foot cultivation and processing facility in Chester, where the Company produces its signature Verano Reserve flower and Troches, concentrates and vapes; (the) Essence and Savvy flower and extracts; and Avexia RSO cannabis oil and topicals. For additional convenience and accessibility, patients can choose to order ahead at ZenLeafDispensaries.com for express in-store pickup.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 13 U.S. states, comprised of 13 production facilities with over 1,000,000 square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Media
Verano
Steve Mazeika
VP, Communications
Steve.Mazeika@verano.com
Investors
Verano
Julianna Paterra, CFA
VP, Investor Relations
Julianna.Paterra@verano.com
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023, its quarterly report on Form 10-Q for the quarter ended March 31, 2024 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at www.sec.gov. The Company makes no assurances and cannot predict the outcome of all or any part of the on-going litigation with Goodness Growth referenced in this press release, including whether the Company will prevail on its Notice of Application and its counterclaim, or whether Goodness Growth will prevail on its claim for damages against the Company. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
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1 Pennsylvania Department of Transportation
2 United States Census Bureau
Cannabis
Unlocking New Horizons in Health: TNR, The Niche Research Reveals the Transformative Power of Minor Cannabinoids
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Wilmington, Delaware, July 25, 2024 (GLOBE NEWSWIRE) — Minor cannabinoids refer to the lesser-known compounds found in the cannabis plant, distinct from the well-known THC (tetrahydrocannabinol) and CBD (cannabidiol). While THC and CBD dominate the market, minor cannabinoids such as CBG (cannabigerol), CBC (cannabichromene), and CBN (cannabinol) are gaining attention for their potential therapeutic benefits. These compounds are extracted from both marijuana and hemp plants, with varying legal restrictions depending on their THC content. The minor cannabinoids market is poised for significant growth, driven by increasing consumer awareness and demand for alternative health and wellness products. As regulatory environments around cannabis products evolve, companies are exploring the potential of minor cannabinoids in various applications, including pharmaceuticals, nutraceuticals, cosmetics, and food and beverages.
Minor cannabinoids are being researched for their potential therapeutic effects, including anti-inflammatory, analgesic, and neuroprotective properties. This versatility facilitates product diversification in various industries. Companies are investing in research and development to create novel formulations and delivery methods for minor cannabinoids. This includes nano-emulsions, encapsulation technologies, and controlled-release systems to enhance bioavailability and efficacy. For example, in January 2022, CBDA + CBGA Tincture a new product was launched by Hometown Hero CBD. This 30ml tincture contains 600mg each of CBGA, CBDA, CBG, and CBD. Derived from hemp, the cannabinoids in this tincture comply with legal requirements across all 50 states in the USA. There is an increasing consumer preference for natural as well as plant-based remedies, which in turn is driving the demand for cannabinoid-infused products. This trend is particularly strong among younger demographics seeking alternatives to traditional pharmaceuticals. Evolving regulatory frameworks, particularly in regions like North America and Europe, are creating opportunities for legal market expansion. Regulatory clarity is crucial for market participants to navigate compliance and market entry.
Global Minor Cannabinoids Market: Key Datapoints
Market Value in 2023 |
US$ 17.8 Bn |
Market Value Forecast by 2034 |
US$ 42.3 Bn |
Growth Rate
|
8.2% |
Historical Data
|
2016 – 2022 |
Base Year
|
2023 |
Forecast Data
|
2024 – 2034 |
Increasing consumer interest in health and wellness products, coupled with the perceived therapeutic benefits of cannabinoids, is a major driver of market growth. Progressive cannabis legalization in various parts of the world, including the United States and parts of Europe, is expanding the addressable market for minor cannabinoids. Significant investments in research and development by pharmaceutical and biotechnology companies are accelerating product innovation and clinical trials. The market remains fragmented with opportunities for new entrants and niche players to introduce specialized products catering to specific consumer needs.
The COVID-19 pandemic initially disrupted supply chains and retail channels for minor cannabinoids products. However, the crisis also underscored the importance of health and wellness, leading to increased interest in natural remedies, including cannabinoids. As economies recover, the market is expected to rebound stronger.
The geopolitical tensions, such as the Russia-Ukraine conflict, have also affected global markets, including the minor cannabinoids sector. Fluctuating currency values, supply chain disruptions, and geopolitical uncertainty have impacted production and distribution channels. However, the long-term impact will depend on geopolitical developments and their influence on global trade and regulatory environments.
The minor cannabinoids market presents significant opportunities for growth and innovation, driven by evolving consumer preferences, regulatory advancements, and expanding research initiatives. Companies that can navigate regulatory complexities, invest in research and development, and respond to shifting consumer trends are well-positioned to capitalize on this emerging market. As the market matures, collaboration across sectors and regions will be crucial in unlocking the full potential of minor cannabinoids in various industries worldwide.
Global Minor Cannabinoids Market: Key Takeaways of the Report
- Cannabigerol (CBG) segment by product type is expected to grow at a CAGR of 6.7% in the minor cannabinoids market due to increasing research highlighting its potential therapeutic benefits, including anti-inflammatory, antimicrobial, and neuroprotective properties. As consumer awareness grows and regulatory environments become more favorable, there is heightened interest in CBG-based products for their diverse health applications, ranging from skincare to pharmaceutical formulations, driving sustained market demand and expansion.
- Pharmaceutical segment by application, leads the minor cannabinoids market with a significant revenue share of 35.8% owing to growing recognition of cannabinoids’ potential in therapeutic applications. Cannabinoids like CBD, CBG, and others show promise in treating conditions such as epilepsy, chronic pain, and anxiety disorders, backed by increasing clinical research and favorable regulatory developments. Pharmaceutical companies are investing heavily in cannabinoid-based drug development, driving market growth as they seek to capitalize on these compounds’ efficacy and market potential in addressing unmet medical needs.
- In 2023, Latin America is anticipated as fastest growing region in the global minor cannabinoids market due to evolving regulatory landscapes favoring cannabis legalization and cultivation. This shift is fostering a burgeoning industry infrastructure for cannabis extraction and product development. Additionally, increasing consumer acceptance of cannabinoid-based products for medicinal and wellness purposes is driving market expansion. With a vast potential consumer base and supportive regulatory frameworks, Latin America presents significant growth opportunities for companies seeking to enter or expand within the minor cannabinoids market.
Key Development:
- In December 2023, Rare Cannabinoid Company introduced Uplift Gummies infused with THC and THCV. These gummies combine the relaxing properties of Delta-9-THC with the energizing and appetite-controlling effects of CBD and THCV.
- In October 2022, High Tide Inc., a cannabis retailer, announced that its Colorado-based subsidiary, NuLeaf Naturals, had launched plant-based softgels and full-spectrum multicannabinoid oil in Manitoba. The products feature CBC, CBD, CBG, Delta-9 tetrahydrocannabinol (Delta 9), and CBN.
Browse Related Category Reports
Global Minor Cannabinoids Market:
- Aurora Europe GmbH
- BulKanna
- CBD. INC.
- Fresh Bros Hemp Company
- GCM Holdings, LLC (Global Cannabinoids)
- GenCanna.
- High Purity Natural Products.
- Laurelcrest
- Mile High Labs
- PBG Global
- Rhizo Sciences
- ZERO POINT EXTRACTION, LLC
- Other Industry Participants
Global Minor Cannabinoids Market
By Product Type
- Cannabigerol (CBG)
- Cannabichromene (CBC)
- Cannabinol (CBN)
- Cannabidivarin (CBDV)
- Tetrahydrocannabutol (THCB)
- Tetrahydrocannabivarin (THCV)
- Tetrahydrocannabiphorol (THCP)
- Others
By Application
- Pharmaceutical
- Pain Management
- Mental Health
- Sleep Disorders
- Anti-inflammatory
- Others
- Nutraceuticals
- Cosmetics and Personal Care
- Food and Beverages
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
Consult with Our Expert:
Jay Reynolds
The Niche Research
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Email: askanexpert@thenicheresearch.com
Website: www.thenicheresearch.com
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