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Ubiquiti Networks Reports Third Quarter Fiscal 2019 Financial Results



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~ Revenues of $284.9 million~

NEW YORK–(BUSINESS WIRE)–Ubiquiti Networks, Inc. (NASDAQ: UBNT) (“Ubiquiti” or the “Company”)
today announced results for the third quarter fiscal 2019, ended
March 31, 2019.

Third Quarter Fiscal 2019 Financial Highlights

  • Revenues of $284.9 million, increasing 13.8% year-over-year
  • GAAP net income of $88.3 million and GAAP diluted EPS of $1.25
  • Non-GAAP net income of $88.9 million and non-GAAP diluted EPS of
    $1.26, increasing 28.6% year-over-year

Additional Highlights

  • The Company repurchased and retired 91,249 shares of common stock for
    $9.0 million at an average price of $98.63 per share during the third
    quarter fiscal 2019.
  • The Company has $178.2 million of availability remaining under the
    $200 million share repurchase program announced on November 9, 2018.
  • The Company’s Board of Directors declared a $0.25 per share cash
    dividend payable on May 28, 2019 to shareholders of record at the
    close of business on May 20, 2019.

Financial Highlights ($, in millions, except per share data)

Income statement highlights   F3Q19   F2Q19   F3Q18
Revenues 284.9 307.3 250.4
Service Provider Technology 109.4 113.2 100.9
Enterprise Technology 175.5 194.1 149.5
Gross profit 132.8 140.2 114.5
Gross Profit (%) 46.6 % 45.6 % 45.7 %
Total Operating Expenses 30.7 48.6 29.6
Income from Operations 102.1 91.7 84.9
GAAP Net Income 88.3 77.8 102.7
GAAP EPS (diluted) 1.25 1.09 1.32
Non-GAAP Net Income 88.9 95.1 76.0
Non-GAAP EPS (diluted) 1.26 1.33 0.98

Ubiquiti Networks, Inc.
Revenues by Product Type


  Three Months Ended March 31, Nine Months Ended March 31,
2019   2018 2019 2018
Service Provider Technology $ 109,379 $ 100,892 $ 327,558 $ 340,659
Enterprise Technology 175,532 149,512 547,534 406,424
Total revenues $ 284,911 $ 250,404 $ 875,092 $ 747,083

Ubiquiti Networks, Inc.

Revenues by Geographical Area

(In thousands)


  Three Months Ended March 31, Nine Months Ended March 31,
2019   2018 2019 2018
North America $ 109,135 $ 94,800 $ 349,740 $ 285,927
South America 22,976 19,882 58,059 71,681
Europe, the Middle East and Africa 125,662 113,738 384,985 309,078
Asia Pacific 27,138 21,984 82,308 80,397
Total revenues $ 284,911 $ 250,404 $ 875,092 $ 747,083

Income Statement Items


Revenues for the third quarter fiscal 2019 were $284.9 million,
representing a decrease from the prior quarter of 7.3% and an increase
from the comparable prior year period of 13.8%. Revenues for the first
nine months of fiscal 2019 were $875.1 million, representing an increase
of 17.1% from the first nine months of fiscal 2018.

We believe the sequential decline in revenues for the third quarter
fiscal 2019 is primarily due to distributor ordering patterns and as
described in the “Outlook” section below, we expect to achieve revenues
for the fiscal year ending June 30, 2019 at the high end of the guidance
range previously provided.

Gross Margins

During the third quarter fiscal 2019, GAAP gross profit was $132.8
million. GAAP gross margin of 46.6% increased 0.9% versus the comparable
prior year period GAAP gross margin of 45.7% and increased 1.0% versus
the prior quarter GAAP gross margin of 45.6%.

The increase in gross margin as a percentage of revenue for the third
quarter fiscal 2019 as compared to the comparable prior year period was
driven by the mix of products sold and offset, in part, by higher
indirect expenses. The increase in gross margin as a percentage of
revenue for the third quarter fiscal 2019 as compared to the second
quarter fiscal 2019 was driven by the mix of products sold and lower
indirect expenses.

We expect to incur costs as a result of tariffs on certain products
imported into the U.S. from China. However, we anticipate mitigating the
effect of the tariffs in the long-term and therefore our long-term gross
margins are expected to remain between 45% to 50%

Research and Development

During the third quarter fiscal 2019, research and development (R&D)
expenses were $21.3 million. This reflects an increase as compared to
the R&D expenses of $17.4 million in the comparable prior year period
and R&D expense of $20.0 million in the prior quarter.

Increased costs in third quarter fiscal 2019 as compared to both the
prior year period and prior quarter is primarily driven by higher
employee-related expenses. R&D expenses represented 7.5% of revenues in
the third quarter fiscal 2019, which is in line with the Company’s
target model range of 6% to 8%.

Sales, General and Administrative

The Company’s sales, general and administrative (“SG&A”) expenses for
the third quarter fiscal 2019 were $9.4 million. This reflects a
decrease as compared to the SG&A expenses of $12.2 million in the
comparable prior year period and SG&A expenses of $10.6 million in the
prior quarter. The decrease in SG&A costs as compared to the prior year
period was primarily related to lower professional fees and lower
employer payroll taxes associated with tax withholding related to
settlement of equity awards recorded in the third quarter fiscal 2018.
The decrease in SG&A costs as compared to the prior quarter was
primarily related to lower professional fees.

SG&A expenses represented 3.3% of revenues in the third quarter fiscal
2019, which is in line with the Company’s target model range of 3% to 5%.


The GAAP effective tax rate was 11.4% for the nine months ended
March 31, 2019. For long-term planning purposes, we assume a target
effective tax rate of 11% to 14%.

Net Income and Earnings Per Share

During the third quarter fiscal 2019, GAAP net income was $88.3 million
and non-GAAP net income was $88.9 million. This reflects an increase in
non-GAAP net income from the comparable prior year period by 16.9%,
primarily driven by a 13.8% increase in revenues and a higher gross

During the third quarter fiscal 2019, GAAP earnings per diluted share
were $1.25 and non-GAAP earnings per diluted share were $1.26. This
reflects an increase in non-GAAP earnings per diluted share from the
comparable prior year period by 28.6%, primarily driven by higher
non-GAAP net income and a reduction in non-GAAP diluted shares

Balance Sheet Items

Cash and Investments

Total cash and cash equivalents were $310.3 million as of March 31, 2019
compared with $666.7 million as of June 30, 2018. In addition, as of
March 31, 2019, we held $102.0 million in available-for-sale securities.
During the third quarter fiscal 2019, the Company repurchased 91,249
shares of common stock for $9.0 million at an average price of $98.63
per share.


This quarter the Company experienced a decline in days sales outstanding
(DSOs) in accounts receivable of 51 days, as compared with 52 days in
the second quarter fiscal 2019.


Finished goods inventory as of March 31, 2019 was $276.7 million,
representing an increase of $25.0 million from December 31, 2018 and an
increase of $180.0 million from June 30, 2018. Finished goods inventory
increased during both periods due to increased production of inventory
to satisfy expected demand for our products. We expect to manage our
finished goods inventory to meet demand, reduce lead times and secure

Cash Flow Statement Items

The Company’s net cash flow from operations for the nine months ended
March 31, 2019 was $158.3 million, compared with a net cash flow from
operations of $285.1 million for the comparable prior year period. The
$126.9 million decrease in operating cash flow for the nine months ended
March 31, 2019 as compared with the comparable prior year period was
primarily driven by the net impact of increased inventory and the
corresponding payables, partially offset by higher net income. For the
nine months ended March 31, 2019, the Company used $400.7 million of
cash for financing activities, which was driven by $328.1 million in
stock repurchases and $53.8 million in cash dividend payments.


Based on recent business trends, the Company expects to achieve results
at the high end of the guidance range previously provided for the full
fiscal year ending June 30, 2019.

About Ubiquiti Networks

Ubiquiti Networks is focused on democratizing network technology on a
global scale — aggregate shipments of nearly 85 million devices play a
key role in creating networking infrastructure in over 200 countries and
territories around the world. Our professional networking products are
powered by our UNMS and UniFi software platforms to provide
high-capacity distributed Internet access and unified information
technology management, respectively.

Ubiquiti and the U logo are trademarks or registered trademarks of
Ubiquiti and/or its affiliates in the United States and other countries.
For more information, please visit

Safe Harbor for Forward Looking Statements

Certain statements in this press release are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements other than statements of historical fact including
words such as “look”, “will”, “anticipate”, “believe”, “estimate”,
“expect”, “forecast”, “consider” and “plan” and statements in the future
tense are forward looking statements. The statements in this press
release that could be deemed forward-looking statements include
statements regarding expectations for financial results for the full
fiscal year 2019, and statements regarding expectations of the impact of
tariffs, expected impact of taxes on our liquidity and results of
operations, our cash position, expenses, DSOs, number of distributors
and resellers, shipments, the introduction of new consumer products,
Gross Margins, R&D, SG&A, tax rates, inventory turns, growth
opportunities, demand and long term global environment for our products,
new products, and financial performance estimates including revenues and
GAAP diluted EPS for the Company’s full fiscal year 2019, and any
statements or assumptions underlying any of the foregoing.

Forward-looking statements are subject to certain risks and
uncertainties that could cause our actual future results to differ
materially or cause a material adverse impact on our results. Potential
risks and uncertainties include, but are not limited to, the impact of
U.S. tariffs on results, fluctuations in our operating results; varying
demand for our products due to the financial and operating condition of
our distributors and their customers, and distributors’ inventory
management practices; political and economic conditions and volatility
affecting the stability of business environments, economic growth,
currency values, commodity prices and other factors that may influence
the ultimate demand for our products in particular geographies or
globally; impact of counterfeiting and our ability to contain such
impact; our reliance on a limited number of distributors; inability of
our contract manufacturers and suppliers to meet our demand; our
dependence on Qualcomm Atheros for chipsets without a short-term
alternative; as we move into new markets competition from certain of our
current or potential competitors who may be more established in such
markets; our ability to keep pace with technological and market
developments; success and timing of new product introductions by us and
the performance of our products generally; our ability to effectively
manage the significant increase in our transactional sales volumes; we
may become subject to warranty claims, product liability and product
recalls; that a substantial majority of our sales are into countries
outside the United States and we are subject to numerous U.S. export
control and economic sanctions laws; costs related to responding to
government inquiries related to regulatory compliance; our reliance on
the Ubiquiti Community; our reliance on certain key members of our
management team, including our founder and chief executive officer,
Robert J. Pera; adverse tax-related matters such as tax audits, changes
in our effective tax rate or new tax legislative proposals; whether the
final determination of our income tax liability may be materially
different from our income tax provisions; the impact of any intellectual
property litigation and claims for indemnification; litigation related
to U.S. Securities laws; and economic and political conditions in the
United States and abroad. We discuss these risks in greater detail under
the heading “Risk Factors” and elsewhere in our Annual Report on Form
10-K for the year ended June 30, 2018, and subsequent filings filed with
the U.S. Securities and Exchange Commission (the “SEC”), which are
available at the SEC’s website at
Copies may also be obtained by contacting the Ubiquiti Networks Investor
Relations Department, by email at [email protected]
or by visiting the Investor Relations section of the Ubiquiti Networks

Given these uncertainties, you should not place undue reliance on these
forward-looking statements. Also, forward-looking statements represent
our management’s beliefs and assumptions only as of the date made.
Except as required by law, Ubiquiti Networks undertakes no obligation to
update information contained herein. You should review our SEC filings
carefully and with the understanding that our actual future results may
be materially different from what we expect.


Ubiquiti Networks, Inc.
Condensed Consolidated
Statements of Operations

and Comprehensive Income
thousands, except per share data) (Unaudited)

  Three Months Ended March 31, Nine Months Ended March 31,


2019   2018 2019 2018
Revenues $ 284,911 $ 250,404 $ 875,092 $ 747,083
Cost of revenues 152,081   135,928   470,425   424,052  
Gross profit $ 132,830   $ 114,476   $ 404,667   $ 323,031  
Operating expenses:
Research and development 21,341 17,420 59,540 54,816
Sales, general and administrative 9,352 12,186 33,715 30,203
Litigation settlement     18,000    
Total operating expenses 30,693   29,606   111,255   85,019  
Income from operations 102,137 84,870 293,412 238,012
Interest expense and other, net (3,447 ) (4,681 ) (9,186 ) (8,534 )
Income before income taxes 98,690 80,189 284,226 229,478
Income tax expense (benefit) 10,390   (22,550 ) 32,427   103,274  
Net income $ 88,300   $ 102,739   $ 251,799   $ 126,204  
Net income per share of common stock:
Basic $ 1.25   $ 1.34   $ 3.50   $ 1.61  
Diluted $ 1.25   $ 1.32   $ 3.50   $ 1.58  

Weighted average shares used in computing
net income per
share of common stock:

Basic 70,540   76,782   71,856   78,200  
Diluted 70,692   77,953   72,036   79,661  
Other comprehensive income:

Unrealized gains on available-for-sale

325     177    
Comprehensive income $ 88,625   $ 102,739   $ 251,976   $ 126,204  

Ubiquiti Networks, Inc.

Reconciliation of GAAP Net Income to Non-GAAP Net Income

(In thousands, except per share data)


  Three Months Ended Nine Months Ended March 31,

March 31, 2019


December 31,


March 31, 2018

2019 2018
Net Income $ 88,300 $ 77,796 $ 102,739 $ 251,799 $ 126,204
Stock-based compensation:
Cost of revenues 26 261 39 320 324
Research and development 555 497 527 1,519 1,353
Sales, general and administrative 171 21 166 467 747

Net Tax Benefits related to Equity Awards
Exercises and

(27,419 ) (28,188 )
Tax Reform Transition Tax 2,765 2,765 112,798
Litigation settlement 18,000 18,000
SEC Related matters 317 317
Tax effect of Non-GAAP adjustments (177 ) (4,200 ) (325 ) (4,617 ) (932 )
Non-GAAP net income $ 88,875   $ 95,140   $ 76,044   $ 270,253   $ 212,623  
Non-GAAP diluted EPS $ 1.26   $ 1.33   $ 0.98   $ 3.75   $ 2.68  
Shares outstanding (Diluted) 70,692 71,406 77,953 72,036 79,661
Share adjustment (ASU 2016-09 Adoption)     (346 )   (433 )

Weighted-average shares used in Non-GAAP
diluted EPS

70,692   71,406   77,607   72,036   79,228  

Use of Non-GAAP Financial Information

To supplement our condensed consolidated financial results prepared
under generally accepted accounting principles, or GAAP, we use non-GAAP
measures of net income and earnings per diluted share that are adjusted
to exclude certain costs, expenses and gains such as stock-based
compensation expense, net tax benefits related to equity awards
exercises and vesting, unusual litigation settlements, SEC related
matters, Tax Reform Transition Tax and the tax effects of these non-GAAP

Reconciliations of the adjustments to GAAP results for the periods
presented are provided above. In addition, an explanation of the ways in
which management uses non-GAAP financial information to evaluate its
business, the substance behind management’s decision to use this
non-GAAP financial information, material limitations associated with the
use of non-GAAP financial information, the manner in which management
compensates for those limitations, and the substantive reasons
management believes that this non-GAAP financial information provides
useful information to investors is included under the paragraphs below.

A reconciliation of non-GAAP guidance measures to corresponding GAAP
measures is not available on a forward-looking basis due to the high
variability and low visibility with respect to the charges which are
excluded from these non-GAAP measures. For example, share-based
compensation expense is impacted by the Company’s future price at which
the Company’s stock will trade in those future periods. The items that
are being excluded are difficult to predict and a reconciliation could
result in disclosure that would be imprecise or potentially misleading.
Material changes to any one of these items could have a significant
effect on our guidance and future GAAP results. Certain exclusions, such
as share-based compensation expenses, are generally incurred each
quarter, but the amounts have historically and may continue to vary
significantly from quarter to quarter.

Usefulness of Non-GAAP Financial Information to

We believe that the presentation of non-GAAP net income and non-GAAP
earnings per diluted share provides important supplemental information
regarding non-cash expenses, significant items that we believe are
important to understanding our financial, and business trends relating
to our financial condition and results of operations. Non-GAAP net
income and non-GAAP earnings per diluted share are among the primary
indicators used by management as a basis for planning and forecasting
future periods and by management and our board of directors to determine
whether our operating performance has met specified targets and
thresholds. Management uses non-GAAP net income and non-GAAP earnings
per diluted share when evaluating operating performance because it
believes that the exclusion of the items described below, for which the
amounts or timing may vary significantly depending upon the Company’s
activities and other factors, facilitates comparability of the Company’s
operating performance from period to period. We have chosen to provide
this information to investors so they can analyze our operating results
in the same way that management does and use this information in their
assessment of our business and the valuation of our Company.

About our Non-GAAP Net Income and Non-GAAP
Earnings per Diluted Share

We compute non-GAAP net income and non-GAAP earnings per diluted share
by adjusting GAAP net income and GAAP earnings per diluted share to
remove the impact of certain adjustments and the tax effect of those
adjustments. Items excluded from net income are:

  • Stock-based compensation expense
  • Net Tax Benefits related to Equity Awards Exercises and Vesting
  • Litigation settlement
  • Tax Reform Transition Tax
  • SEC Related matters
  • Tax effect of non-GAAP adjustments, applying the principles of ASC 740

These non-GAAP measures are not in accordance with, or an alternative
to, GAAP and may be materially different from other non-GAAP measures,
including similarly titled non-GAAP measures used by other companies.
The presentation of this additional information should not be considered
in isolation from, as a substitute for, or superior to, net income or
earnings per diluted share prepared in accordance with GAAP. Non-GAAP
financial measures have limitations in that they do not reflect certain
items that may have a material impact upon our reported financial

For more information on the non-GAAP adjustments, please see the table
captioned “Reconciliation of GAAP Net Income to Non-GAAP Net Income”
included in this press release.


Ubiquiti Networks, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)


  March 31, 2019   June 30, 2018 (1)
Current assets:
Cash and cash equivalents $ 310,264 $ 666,681
Investments — short-term 61,325
Accounts receivable, net 159,867 174,521
Inventories 279,924 102,220
Vendor deposits 23,721 39,029
Prepaid income taxes 3,533
Prepaid expenses and other current assets 22,513 18,901
Total current assets 861,147 1,001,352
Property and equipment, net 13,412 14,328
Deferred tax assets — long-term 3,106 3,106
Investments — long-term 40,668
Other long-term assets 12,216 3,791
Total assets $ 930,549 $ 1,022,577
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 91,437 $ 14,098
Income taxes payable 14,751 5,780
Debt — short-term 27,550 24,425
Other current liabilities 37,331   68,613
Total current liabilities 171,069 112,916
Income taxes payable — long-term 123,034 127,719
Debt — long-term 438,926 460,352
Other long-term liabilities 9,420 5,842
Total liabilities 742,449 706,829
Stockholders’ equity:
Common Stock 71 74
Additional paid–in capital 769 393
Accumulated other comprehensive income 177
Retained earnings 187,083 315,281
Total stockholders’ equity 188,100 315,748
Total liabilities and stockholders’ equity $ 930,549 $ 1,022,577

(1) Derived from audited consolidated financial statements as of and
for the fiscal year ended June 30, 2018.


Ubiquiti Networks, Inc.

Condensed Consolidated Cash Flows

(In thousands)


Nine Months Ended March 31,
2019 2018
Cash Flows from Operating Activities:
Net income $ 251,799 $ 126,204
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 5,474 5,069
Amortization of debt issuance costs 836 473
Premium amortization and (discount accretion), net (555 )
Write off unamortized debt issuance costs 489
Provision for inventory obsolescence 2,995 2,447
Provision/(recovery) for loss on vendor deposits 2,333 15,050
Stock-based compensation 2,306 2,423
Deferred Taxes 2,300
Other, net (399 ) 148
Changes in operating assets and liabilities:
Accounts receivable 14,888 (17,902 )
Inventories (180,749 ) 46,462
Vendor deposits 16,170 (4,076 )
Prepaid income taxes (3,533 ) (10,332 )
Prepaid expenses and other assets (4,576 ) (6,850 )
Accounts payable 77,362 23,012
Income taxes payable 4,286 102,293
Deferred revenues 8,687 1,531
Accrued and other liabilities (39,070 ) (3,632 )
Net cash provided by operating activities 158,254   285,109  
Cash Flows from Investing Activities:
Purchase of property and equipment and other long-term assets (7,701 ) (7,318 )
Private equity investment (5,000 )
Purchase of investments (200,791 )
Proceeds from sale of investments 69,670
Proceeds from maturities of investments 29,831    
Net cash (used in) investing activities (113,991 ) (7,318 )
Cash Flows from Financing Activities:
Proceeds from borrowing under the Second Amended & Restated Facility
– Term
Proceeds from borrowing under the Amended Credit Facility- Revolver 218,500
Repayment against Amended Credit Facility- Revolver (399,500 )
Repayment against Credit Facility (18,750 ) (82,500 )
Debt Issuance Costs (5,186 )
Repurchases of common stock (328,078 ) (381,883 )
Payment of common stock cash dividends (53,770 )
Proceeds from exercise of stock options 810 1,118
Tax withholdings related to net share settlements of stock options (40,622 )
Tax withholdings related to net share settlements of restricted
stock units
(892 ) (1,110 )
Net cash (used in) provided by financing activities (400,680 ) (191,183 )
Net (decrease) increase in cash and cash equivalents (356,417 ) 86,608
Cash and cash equivalents at beginning of period 666,681   604,198  
Cash and cash equivalents at end of period $ 310,264   $ 690,806  
Supplemental Disclosure of Cash Flow Information:
Income taxes paid, net of refunds $ 31,284 $ 18,944
Interest paid $ 18,228 $ 9,955
Non-Cash Investing and Financing Activities:
Unpaid stock repurchases $ $ 21,984
Unpaid property and equipment and other long-term assets $ 120 $ 180
Net unsettled investment purchases, sales and maturities $ (29 ) $


Investor Relations
Laura Kiernan
Touch Investor Relations
[email protected]

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




HERZLIYA, Israel and CALGARY, AB, Feb. 26, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce the latest findings from the Company’s pharmacokinetic study of its LPT-CBD platform in rabbits.

The fundamentals of LPT-CBD lay in its ability to slowly release CBD into the blood stream. Studies conducted in various animal models including mice, dogs, goats, and sheep showed long pharmacokinetics of CBD that persisted up to several weeks. In the Company’s latest study conducted on rabbits, the results showed additional supportive data for the long exposure of CBD obtained following a single subcutaneous LPT-CBD injection.   

The Company is encouraged by these study results as they confirm the approach the Company is taking with its LPT platform. The results from studies of several organisms injected with the Company’s liposomal CBD –have consistently demonstrated that a detectable CBD level could be maintained for weeks following one injection. The Company will continue with human trials in the near future.

Pharmacokinetics (PK) is an important tool that helps evaluate the bioavailability and exposure level of a specific drug. Parameters such as maximal blood drug concentration (cMax), time to reach cMax (Tmax) and half-life of the drug are calculated based on data collected from blood analysis of the drug across a determined time. The collected PK parameters along with other tests help to define the required dose of a drug to achieve a maximal therapeutic effect. In the study conducted on rabbits, the animals were collected for blood analysis of the drug for up to 11 days. As expected, the animals presented a persistent CBD concentration in their blood that maintained through the entire testing period. This correlates to PK results obtained from other species, supporting the long CBD exposure and the necessity of only a single LPT-CBD injection to obtain a long and wide therapeutic window for CBD.   

About Innocan Pharma:

Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales.

Contact Information:

For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025


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

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 Appoints Forrest Hoffmaster as Interim Chief Executive Officer




DENVER, Feb. 23, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) (“Schwazze” or the “Company”), today announced that Forrest Hoffmaster, the Company’s Chief Financial Officer, has been appointed to the additional role of interim Chief Executive Officer (“CEO”). This follows Nirup Krishnamurthy’s resignation as CEO and as a member of the Board of Directors (“Board”), effective February 20, 2024, due to personal reasons.

Mr. Hoffmaster, who joined the Company in January 2023, brings over 30 years of executive experience in finance and operations for both public and private companies. Prior to Schwazze, Mr. Hoffmaster served as CEO of New Seasons Market, a specialty gourmet food retailer, where he navigated the company through one of the most disruptive periods in the retail grocery industry. Under his leadership, Mr. Hoffmaster implemented a focused growth and cost optimization program, enabling the company to grow EBITDA by over 30% in two years. Prior to New Seasons Market, Forrest held leadership positions with other leading grocers including Whole Foods Market and H-E-B.

“Forrest is well-positioned to seamlessly step in and lead the Company’s day-to-day operations as we conduct our search for a permanent successor,” said Justin Dye, Chairman of the Board. “With Forrest’s proven track record and deep retail expertise, we plan to continue leveraging our operating playbook to drive strong Adjusted EBITDA margins and consistent cash flow generation. On behalf of the Board, I’d like to wish Nirup the best in his future endeavors.”

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

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 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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