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The RMR Group Inc. Announces Second Quarter Fiscal 2019 Results

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Net Income Attributable to The RMR Group Inc. and Adjusted Net Income
Attributable to The RMR Group Inc. of $0.50 Per Diluted Share

$384.1 million of Cash and No Debt at March 31, 2019 Positions RMR
Well for Possible Strategic Growth Initiatives

NEWTON, Mass.–(BUSINESS WIRE)–The RMR Group Inc. (Nasdaq: RMR) today announced its financial results
for the fiscal quarter ended March 31, 2019.

Adam Portnoy, President and Chief Executive Officer, made the following
statement regarding the second quarter fiscal 2019 results:

During the quarter, we generated net income of $18.7 million,
Adjusted EBITDA of $24.7 million and an Adjusted EBITDA Margin of 54.1%.
Our operating results this quarter reflect the repositioning efforts
we’ve helped facilitate at certain of our Client Companies over the last
six months to strengthen their balance sheets and improve their
operating results and future prospects. We believe these efforts will
have positive long-term benefits for both our Client Companies and RMR,
but in the near term have created headwinds for our operating results.

At the close of the second fiscal quarter, our balance sheet
continues to leave us well positioned to assess strategic opportunities
for future growth, with $384.1 million of cash on hand and no debt. We
continue to invest time and resources in identifying and assessing a
wide spectrum of potential growth opportunities for RMR.”

Second Quarter Fiscal 2019 Highlights:

  • Total management and advisory services revenues for the quarter ended
    March 31, 2019 were $43.4 million, compared to $47.6 million for the
    quarter ended March 31, 2018.
  • We earned management services revenues for the three months ended
    March 31, 2019 and 2018 from the following sources (dollars in
    thousands):
  Three Months Ended March 31,
2019   2018
Managed Equity REITs (1) $ 35,194     82.6 % $ 39,460     84.8 %
Managed Operators (2) 6,144 14.4 % 6,339 13.6 %
Other 1,262   3.0 % 760   1.6 %
Total $ 42,600 100.0 % $ 46,559 100.0 %

(1) Managed Equity REITs for the periods presented includes: Hospitality
Properties Trust (HPT), Industrial Logistics Properties Trust (ILPT),
Office Properties Income Trust (OPI), Select Income REIT (SIR), until
its merger with OPI on December 31, 2018, and Senior Housing Properties
Trust (SNH).

(2) Managed Operators collectively refers to: Five Star Senior Living
Inc. (FVE), Sonesta International Hotels Corporation (Sonesta) and
TravelCenters of America LLC (TA).

  • For the three months ended March 31, 2019, net income was $18.7
    million and net income attributable to The RMR Group Inc. was $8.2
    million, or $0.50 per diluted share, compared to net income of $19.6
    million and net income attributable to The RMR Group Inc. of $8.4
    million, or $0.52 per diluted share, for the three months
    ended March 31, 2018.
  • For the three months ended March 31, 2019, adjusted net income
    attributable to The RMR Group Inc. was $8.1 million, or $0.50 per
    diluted share, compared to $8.7 million, or $0.54 per diluted share,
    for the three months ended March 31, 2018.
  • For the three months ended March 31, 2019, Adjusted EBITDA was $24.7
    million and Adjusted EBITDA Margin was 54.1%, compared to Adjusted
    EBITDA of $28.3 million and Adjusted EBITDA Margin of 56.5% for the
    three months ended March 31, 2018.
  • As of March 31, 2019, The RMR Group Inc. had $384.1 million in cash
    and cash equivalents with no outstanding debt obligations.
  • On December 22, 2017, the U.S government enacted comprehensive tax
    legislation commonly referred to as the Tax Cuts and Jobs Act, or the
    Tax Act. The Tax Act significantly revised the U.S. corporate income
    tax system by, among other things, lowering corporate income tax
    rates. Since we have a September 30 fiscal year end, our corporate
    income tax rates were phased in for our 2018 fiscal year, resulting in
    a federal statutory tax rate of approximately 24.5% for the fiscal
    year 2018. Our federal statutory tax rate for fiscal year 2019 is now
    21.0%.
  • As of each of March 31, 2019 and March 31, 2018, The RMR Group Inc.
    had approximately $30.0 billion total assets under management.

Reconciliations to GAAP:

Adjusted net income attributable to The RMR Group Inc., EBITDA, Adjusted
EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures.
Reconciliations of net income attributable to The RMR Group Inc.
determined in accordance with GAAP to adjusted net income attributable
to The RMR Group Inc., and of net income to EBITDA and Adjusted EBITDA
as well as calculations of Adjusted EBITDA Margin for each of the three
months ended March 31, 2019 and March 31, 2018 are presented later in
this press release.

Total Assets Under Management:

The calculation of total assets under management primarily includes: (i)
the gross book value of real estate and related assets, excluding
depreciation, amortization, impairment charges or other non-cash
reserves, of the Managed Equity REITs and ABP Trust, plus (ii) the gross
book value of real estate assets, property and equipment of the Managed
Operators, excluding depreciation, amortization, impairment charges or
other non-cash reserves, plus (iii) the fair value of investments of
Affiliates Insurance Company and the RMR Office Property Fund LP, or
Open End Fund, the managed assets of RMR Real Estate Income Fund and the
equity of TRMT. This calculation of total assets under management may
include amounts in respect of the Managed Equity REITs that are higher
than the calculations of assets under management used for purposes of
calculating fees under the terms of the business management agreements,
which are based, in part, upon the lesser of the historical cost of real
estate assets or total market capitalization. For information on the
calculation of assets under management of the Managed Equity REITs for
purposes of the fee provisions of the business management agreements,
see The RMR Group Inc.’s Annual Report on Form 10-K for the fiscal year
ending September 30, 2018, filed with the Securities and Exchange
Commission, or SEC. The RMR Group Inc.’s SEC filings are available at
the SEC website: www.sec.gov.

Conference Call:

At 1:00 p.m. Eastern Time this afternoon, President and Chief Executive
Officer, Adam Portnoy, and Executive Vice President, Chief Financial
Officer and Treasurer, Matt Jordan, will host a conference call to
discuss The RMR Group Inc.’s fiscal second quarter ended March 31, 2019
financial results.

The conference call telephone number is (877) 329-4297. Participants
calling from outside the United States and Canada should dial (412)
317-5435. No pass code is necessary to access the call from either
number. Participants should dial in about 15 minutes prior to the
scheduled start of the call. A replay of the conference call will be
available through 11:59 p.m. Eastern Time on Friday May 17, 2019. To
access the replay, dial (412) 317-0088. The replay pass code is 05102019.

A live audio webcast of the conference call will also be available in a
listen only mode on RMR’s website, at www.rmrgroup.com. Participants
wanting to access the webcast should visit RMR’s website about five
minutes before the call. The archived webcast will be available for
replay on RMR’s website following the call for about one week. The
transcription, recording and retransmission in any way of The RMR Group
Inc.’s fiscal second quarter ended March 31, 2019 financial results
conference call are strictly prohibited without the prior written
consent of The RMR Group Inc.

About The RMR Group Inc.

The RMR Group Inc. is a holding company, and substantially all of its
business is conducted by its majority-owned subsidiary, The RMR Group
LLC. The RMR Group LLC is an alternative asset management company that
primarily provides management services to publicly traded REITs and real
estate operating companies. As of March 31, 2019, The RMR Group LLC had
approximately $30.0 billion of total assets under management, including
more than 1,500 properties, and employed over 600 real estate
professionals in more than 30 offices throughout the United States; and
the companies managed by The RMR Group LLC collectively had
approximately 50,000 employees. The RMR Group Inc. is headquartered in
Newton, Massachusetts.

The RMR Group Inc.

Condensed Consolidated Statements of Income

(amounts in thousands, except per share amounts)

(unaudited)

  Three Months Ended March 31,   Six Months Ended March 31,
2019   2018 2019   2018
Revenues:
Management services (1) $ 42,600 $ 46,559 $ 90,088 $ 95,129
Incentive business management fees 120,094 155,881
Advisory services 761   1,065   1,543   2,447  
Total management and advisory services revenues 43,361 47,624 211,725 253,457
Reimbursable compensation and benefits 13,412 11,657 27,285 24,365
Other client company reimbursable expenses(2) 73,323     171,399    
Total reimbursable costs 86,735   11,657   198,684   24,365  
Total revenues 130,096   59,281   410,409   277,822  
 
Expenses:
Compensation and benefits 28,981 28,073 56,993 54,270
Equity based compensation 1,204 901 3,015 3,455
Separation costs 414   452   6,811   619  
Total compensation and benefits expense 30,599 29,426 66,819 58,344
General and administrative 7,122 7,024 14,442 13,730
Other client company reimbursable expenses(2) 73,323 171,399
Transaction costs 47 231 142
Depreciation and amortization 257   372   512   752  
Total expenses 111,348   36,822   253,403   72,968  
Operating income 18,748 22,459 157,006 204,854
Interest and other income 2,468 1,076 3,994 1,860
Tax receivable agreement remeasurement 24,710

Unrealized gain (loss) on equity method investment
accounted
for under the fair value option

522 (2,247 )
Equity in earnings (losses) of investees 109   (212 ) 144   (434 )
Income before income tax expense 21,847 23,323 158,897 230,990
Income tax expense (3,139 ) (3,681 ) (22,109 ) (52,024 )
Net income 18,708 19,642 136,788 178,966
Net income attributable to noncontrolling interest (10,540 ) (11,286 ) (76,411 ) (99,490 )
Net income attributable to The RMR Group Inc. $ 8,168   $ 8,356   $ 60,377   $ 79,476  
 
Weighted average common shares outstanding – basic 16,120   16,069   16,120   16,064  
Weighted average common shares outstanding – diluted 16,147   16,105   16,140   16,095  
 

Net income attributable to The RMR Group Inc. per common
share
– basic(3)

$ 0.50   $ 0.52   $ 3.72   $ 4.92  

Net income attributable to The RMR Group Inc. per common
share
– diluted(3)

$ 0.50   $ 0.52   $ 3.72   $ 4.91  

(1)Includes business management fees earned from the Managed Equity
REITs based upon the lower of (i) the average historical cost of each
REIT’s properties and (ii) each REIT’s average market capitalization.
The following table presents a summary of each Managed Equity REIT’s
primary strategy and the lesser of the historical cost of its assets
under management and its market capitalization as of March 31,
2019 and 2018, as applicable:

    Lesser of Historical Cost of Assets
Under Management or Market Capitalization (a)
March 31,
REIT Primary Strategy 2019   2018
HPT Hotels and travel centers $ 8,517,461 $ 8,300,521
ILPT Industrial and logistics properties 1,828,674 1,452,901
OPI Office properties leased to single tenants, including the government (b) 4,383,569 3,584,960
SIR Office properties primarily leased to single tenants (b) 3,437,363
SNH Senior living, medical office and life science properties 6,568,729   7,405,208
$ 21,298,433   $ 24,180,953

(a) The basis on which our base business management fees are calculated
for the three and six months ended March 31, 2019 and 2018 may differ
from the basis at the end of the periods presented in the table above.
As of March 31, 2019, the market capitalization was lower than the
historical costs of assets under management for HPT, OPI, and SNH; the
historical costs of assets under management for HPT, OPI and SNH as of
March 31, 2019, were $10,205,827, $6,490,978 and $8,645,049,
respectively. For ILPT, the historical costs of assets under management
were lower than their market capitalization of $2,061,309, calculated as
of March 31, 2019.

(b) SIR merged with and into OPI (formerly named Government Properties
Income Trust) on December 31, 2018 with OPI continuing as the surviving
entity.

(2) Reflects the prospective adoption of Accounting Standards Update, or
ASU, No. 2014-09, Revenue from Contracts with Customers, which
has been codified as Accounting Standard Codification, or ASC, 606,
effective October 1, 2018. Under ASC 606, beginning October 1, 2018, we
account for the costs of services provided by third parties to our
client companies, and the related reimbursement, on a gross basis.

(3) We calculate earnings per share using the two-class method as
calculated below:

 

Three Months Ended
March 31,

 

Six Months Ended
March 31,

2019   2018   2019   2018
Basic EPS    
Numerator:
Net income attributable to RMR Inc. $ 8,168 $ 8,356 $ 60,377 $ 79,476
Income attributable to unvested participating securities (55 ) (49 )   (409 )   (487 )
Net income attributable to RMR Inc. used in calculating basic EPS $ 8,113   $ 8,307     $ 59,968     $ 78,989  
Denominator:
Weighted average common shares outstanding – basic 16,120   16,069     16,120     16,064  
Net income attributable to RMR Inc. per common share – basic $ 0.50   $ 0.52     $ 3.72     $ 4.92  
 
Diluted EPS
Numerator:
Net income attributable to RMR Inc. $ 8,168 $ 8,356 $ 60,377 $ 79,476
Income attributable to unvested participating securities (55 ) (49 )   (409 )   (487 )
Net income attributable to RMR Inc. used in calculating diluted EPS $ 8,113   $ 8,307     $ 59,968     $ 78,989  
Denominator:
Weighted average common shares outstanding – basic 16,120 16,069 16,120 16,064
Dilutive effect of incremental unvested shares 27   36     20     31  
Weighted average common shares outstanding – diluted 16,147   16,105     16,140     16,095  
Net income attributable to RMR Inc. per common share – diluted $ 0.50 $ 0.52 $ 3.72 $ 4.91

The RMR Group Inc.

Reconciliation of Adjusted Net Income Attributable to The RMR Group
Inc. from

Net Income Attributable to The RMR Group Inc.

(dollars in thousands, except per share amounts)

(unaudited)

The RMR Group Inc. is providing the below reconciliation and information
regarding certain individually significant items occurring or impacting
its financial results for the three months ended March 31, 2019 and 2018
for supplemental informational purposes and to enhance understanding of
The RMR Group Inc.’s condensed consolidated statements of income and to
facilitate a comparison of The RMR Group Inc.’s current operating
performance with its historical operating performance. This information
should be considered in conjunction with net income, net income
attributable to The RMR Group Inc. and operating income as presented in
The RMR Group Inc.’s condensed consolidated statements of income.

Three Months Ended March 31, 2019
 

Impact on Net Income
Attributable to The RMR
Group
Inc.

 

Impact on Net Income
Attributable to The RMR
Group
Inc. Per Common

Share – Diluted

Net income attributable to The RMR Group Inc. $ 8,168 $ 0.50
Separation costs (1) 156 0.01

Unrealized gain on equity method investment accounted for under
the fair value
option (2)

(196 ) (0.01 )
Transaction costs (3) 17    
Adjusted net income attributable to The RMR Group Inc. $ 8,145   $ 0.50  

(1) Includes $414 of separation costs related to former officers,
adjusted to reflect amounts attributable to the noncontrolling interest
and net of tax at a rate of approximately 14.4%.

(2) Includes $522 in unrealized gains on our investment in TA common
shares, adjusted to reflect amounts attributable to the noncontrolling
interest and net of tax at a rate of approximately 14.4%.

(3) Includes $47 of transaction costs, adjusted to reflect amounts
attributable to the noncontrolling interest net of tax at a rate of
approximately 14.4%.

Three Months Ended March 31, 2018
 

Impact on Net Income
Attributable to The RMR
Group
Inc.

 

Impact on Net Income
Attributable to The RMR
Group
Inc. Per Common

Share – Diluted

Net income attributable to The RMR Group Inc. $ 8,356 $ 0.52
Share accelerations(1) 169 0.01
Separation costs(2) 165   0.01
Adjusted net income attributable to The RMR Group Inc. $ 8,690   $ 0.54

(1) Includes $466 from the acceleration of unvested common share awards
of our former Managing Director, Barry Portnoy, adjusted to reflect
amounts attributable to the noncontrolling interest net of tax at a rate
of approximately 15.6%.

(2) Includes $452 of separation costs related to former officers,
adjusted to reflect amounts attributable to the noncontrolling interest
and net of tax at a rate of approximately 15.6%.

The RMR Group Inc.

Reconciliation of EBITDA and Adjusted EBITDA from Net Income

and Calculation of Adjusted EBITDA Margin (1)

(dollars in thousands)

(unaudited)

  Three Months Ended March 31,   Six Months Ended March 31,
2019   2018 2019   2018

Reconciliation of EBITDA and Adjusted EBITDA from net
income:

Net income $ 18,708 $ 19,642 $ 136,788 $ 178,966
Plus: income tax expense 3,139 3,681 22,109 52,024
Plus: depreciation and amortization 257   372   512   752  
EBITDA 22,104 23,695 159,409 231,742
Plus: other asset amortization 2,354 2,354 4,708 4,708

Plus: operating expenses paid in The RMR Group Inc.’s
common
shares

448 1,585 943 1,984
Plus: separation costs 414 452 6,811 619
Plus: transaction costs 47 231 142
Plus: business email compromise fraud costs 225

Plus: unrealized (gain) loss on equity method investment
accounted
for under the fair value option

(522 ) 2,247

Less: tax receivable agreement remeasurement due to the Tax
Cuts
and Jobs Act

(24,710 )
Less: incentive business management fees earned (120,094 ) (155,881 )
Certain other net adjustments (113 ) 165   (148 ) (38 )
Adjusted EBITDA $ 24,732   $ 28,251   $ 54,107   $ 58,791  
 
Calculation of Adjusted EBITDA Margin:

Contractual management and advisory fees (excluding any
incentive
business management fees) (2)

$ 45,715 $ 49,978 $ 96,339 $ 102,284
Adjusted EBITDA $ 24,732 $ 28,251 $ 54,107 $ 58,791
Adjusted EBITDA Margin 54.1 % 56.5 % 56.2 % 57.5 %

(1) EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP
financial measures calculated as presented in the tables above. The RMR
Group Inc. considers EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
to be appropriate supplemental measures of its operating performance,
along with net income, net income attributable to The RMR Group Inc. and
operating income. The RMR Group Inc. believes that EBITDA, Adjusted
EBITDA and Adjusted EBITDA Margin provide useful information to
investors because by excluding the effects of certain amounts, such as
those outlined in the tables above, EBITDA, Adjusted EBITDA and Adjusted
EBITDA Margin may facilitate a comparison of current operating
performance with The RMR Group Inc.’s historical operating performance
and with the performance of other asset management businesses. In
addition, The RMR Group Inc. believes that providing Adjusted EBITDA
Margin may help investors assess The RMR Group Inc.’s performance of its
business by providing the margin that Adjusted EBITDA represents to its
contractual management and advisory fees (excluding any incentive
business management fees). EBITDA, Adjusted EBITDA and Adjusted EBITDA
Margin do not represent cash generated by operating activities in
accordance with GAAP and should not be considered as alternatives to net
income, net income attributable to The RMR Group Inc. or operating
income as an indicator of The RMR Group Inc.’s financial performance or
as a measure of The RMR Group Inc.’s liquidity. These measures should be
considered in conjunction with net income, net income attributable to
The RMR Group Inc. and operating income as presented in The RMR Group
Inc.’s condensed consolidated statements of income. Also, other asset
management businesses may calculate EBITDA, Adjusted EBITDA and Adjusted
EBITDA Margin differently than The RMR Group Inc. does.

(2) Contractual management and advisory fees are the base business
management fees, property management fees and advisory fees The RMR
Group Inc. or its subsidiaries earns pursuant to its management and
investment advisory agreements with its client companies. These amounts
are calculated pursuant to the contractual formulas and do not deduct
other asset amortization of $2,354 for each of the three months ended
March 31, 2019 and 2018 or $4,708 for each of the six months ended
March 31, 2019 and 2018, required to be recognized as a reduction to
management services revenues in accordance with GAAP and do not include
the incentive business management fees of $120,094 and $155,881 that The
RMR Group Inc. recognized under GAAP during the six months ended
March 31, 2019 and 2018, respectively, which were earned for the
calendar years 2018 and 2017, respectively.

The RMR Group Inc.

Condensed Consolidated Balance Sheets

(dollars in thousands, except per share amounts)

(unaudited)

  March 31,   September 30,
2019 2018
Assets
Current assets:
Cash and cash equivalents $ 384,113 $ 256,848
Due from related parties 62,512 28,846
Prepaid and other current assets 6,813   10,392  
Total current assets 453,438 296,086
 
Property and equipment, net 2,336 2,589
Due from related parties, net of current portion 5,100 8,183
Equity method investment 7,129 7,051
Equity method investment accounted for under the fair value option 6,135
Goodwill 1,859 1,859
Intangible assets, net of amortization 349 375
Deferred tax asset 25,363 25,726
Other assets, net of amortization 157,852   162,559  
Total assets $ 659,561   $ 504,428  
 
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses $ 87,283   $ 28,307  
Total current liabilities 87,283 28,307
Long term portion of deferred rent payable, net of current portion 1,352 1,229
Amounts due pursuant to tax receivable agreement, net of current
portion
32,048 32,048
Employer compensation liability, net of current portion 5,100   8,183  
Total liabilities 125,783 69,767
 
Commitments and contingencies
 
Equity:

Class A common stock, $0.001 par value; 31,600,000 shares
authorized; 15,229,687
and 15,229,957 shares issued and
outstanding, respectively

15 15
Class B-1 common stock, $0.001 par value; 1,000,000 shares
authorized, issued and outstanding
1 1
Class B-2 common stock, $0.001 par value; 15,000,000 shares
authorized, issued and outstanding
15 15
Additional paid in capital 101,670 99,239
Retained earnings 243,254 182,877
Cumulative other comprehensive income 82
Cumulative common distributions (60,827 ) (49,467 )
Total shareholders’ equity 284,128 232,762
Noncontrolling interest 249,650   201,899  
Total equity 533,778   434,661  
Total liabilities and equity $ 659,561   $ 504,428  

WARNING CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
other securities laws. Forward looking statements can be identified by
use of words such as “outlook,” “believe,” “expect,” “potential,”
“will,” “may,” “estimate,” “anticipate” and derivatives or negatives of
such words or similar words. Forward looking statements in this press
release are based upon present beliefs or expectations. However, forward
looking statements and their implications are not guaranteed to occur
and may not occur for various reasons, including some reasons beyond The
RMR Group Inc.’s control. For example:

  • Mr. Portnoy states that RMR has helped facilitate repositioning
    efforts at certain of its Client Companies to strengthen their balance
    sheets and improve their operating results and future prospects and
    that RMR believes these efforts will have positive long-term benefits
    for RMR and its Client Companies.

Contacts

Timothy A. Bonang, Senior Vice President
(617) 796-8230

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Innocan

Innocan Pharma Announces Study Findings that LPT-CBD maintains its prolonged release in Rabbits

Published

on

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/

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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SCHWAZZE

Schwazze Appoints Forrest Hoffmaster as Interim Chief Executive Officer

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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.”

About Schwazze

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/.

Forward-Looking Statements

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
Elevate IR
(720) 330-2829
[email protected] 

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Cannabis

Hemp, Inc. Reports: Hemp-Based Foods Market Set to Reach $8.36 Billion by 2028

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