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Snow Park Urges Stockholders to Not Be Misled by Front Yard and Focus on its Lack of Any Plan for Realizing NAV



Reading Time: 5 minutes

Believes Front Yard’s Board Only Has Strong Focus and Passion When
It Comes to Attacking Stockholders, Such as Snow Park, Who Simply Seek
Enhanced Oversight and a Strategy to Unlock NAV

Reminds Stockholders the Incumbent Board Has Delivered Nothing But
Value Destruction Over the Past Four Years and Does Not Feel the Current
Directors Have Provided Hope That The Next Four Years Will Be Better

Notes that Front Yard’s May 10th
Press Release Again Attempts to Obfuscate its Own Failings and Despite
Dismal Returns, the Company is Still Yet to Produce a Credible Business
Plan to Realize NAV

Reminds Stockholders That in Contrast to Front Yard, the Snow Park
Slate Has a Vision to Unlock the Tremendous Real Estate Value Trapped
Within the Company’s Shares

Stockholders Have a Clear Choice: Follow the Path
That Has Led to Industry-Worst Total Returns OR Vote the BLUE
Proxy Card to Elect the Full Snow Park Slate, Which Offers True
Independence and Will Push the Company to Finally Realize Management’s
Stated NAV of $17.50 Per Share

NEW YORK–(BUSINESS WIRE)–Snow Park Capital Partners, LP (together with its affiliates, “Snow
Park” or “we”) today responded to the latest attempt by Front Yard
Residential Corporation (NYSE: RESI) (“Front Yard” or the “Company”) to
mislead stockholders about the value-destructive amendments made to the
Company’s external management agreement with Altisource Asset Management
Corporation (“AAMC”). For more information on Snow Park’s assessment of
the agreement and voting resources, please visit

Snow Park, which together with the other participants in its
solicitation beneficially owns approximately 2.1% of Front Yard’s
outstanding shares, urges all stockholders to vote the BLUE
proxy card
today. Our nominees – Leland Abrams, Lazar Nikolic and
Jeffrey Pierce – possess strong real estate pedigrees, robust mortgage
and financial services experience, and deep knowledge of effective
corporate governance practices in the Real Estate Investment Trust
(“REIT”) sector. Our nominees also understand the fundamentals and
operating realities of the single-family residential market due to their
respective experiences analyzing, investing in, and overseeing the
management of individual properties across various markets. These are
the types of qualifications that Front Yard’s current Board of Directors
(the “Board”) lacks, in our view, as evidenced by its approval of the
amended AAMC agreement. If elected, our nominees will be laser-focused
on bringing independent ownership perspectives to the boardroom and
driving a plan to finally realize Net Asset Value (“NAV”).

Jeffrey Pierce, Founder and Managing Partner of Snow Park, commented:

“We believe Front Yard’s defensive, rash response to our assessment of
the Company’s amended agreement with AAMC misrepresents key facts and
continues to reinforce our view that the incumbent Board lacks either
the ability or desire to implement a strategy for finally realizing
management’s stated NAV of $17.50 per share.1 We also feel it
is notable that Front Yard’s latest missive makes no attempt to refute
Snow Park’s view that serious unchecked conflicts exist in Front Yard’s
boardroom – ones that have undeniably contributed to losses in excess of
$500 million for stockholders since 2015. We also contend it is very
telling that Front Yard does not have an answer for a sobering fact that
Snow Park continues to highlight: management’s growth-at-all-costs
strategy, which is perpetuated by the amended agreement with AAMC, has
already led to significant structural issues that include one of the
most highly-leveraged balance sheets of any publicly-traded REIT,
persistently high fixed expenses and poor corporate governance policies
that keep stockholders muted. The amended agreement continues to
incentivize high leverage through asset growth while failing to take
total shareholder returns into account as a performance metric.

Further, despite all of Front Yard’s costly failures, the current
six-member Board – which includes George Ellison, Chairman and CEO of
AAMC, as well as his former colleagues from Bank of America – concluded
this week that AAMC deserves a five-year extension, more
growth-at-all-costs incentives and sweetened financial considerations in
the event the agreement is terminated. We believe this development
represents another setback for the Company’s long-suffering
stockholders. We also feel it is offensive to stockholders to highlight
a one-day share price move – likely driven by a combination of factors –
as “success” after four years of value destruction.

The truth is that Snow Park hoped its efforts to finally add qualified
stockholder representation to the boardroom would at least have prompted
the incumbent Board to produce a credible business plan to disrupt the
dismal status quo, but instead the directors have unfortunately chosen
to fight checks and balances and spend their time attacking independent
stockholders. To this day, the incumbent Board has still not
acknowledged the mistakes of the past four years that have led to a
roughly 50% decline in undepreciated book value per share as well as an
approximately 50% decline in stockholder wealth.

We urge stockholders to see through Front Yard’s
effort to distract from the failures of the past four years, which have
already left the Company in a perilous financial position and destroyed
both stockholder value and NAV.
It should now be clearer than
ever that it is time to add independent ownership perspectives, real
REIT and single-family market experience, and a strategic vision to the

Stockholders Deserve a Real Plan to Realize
NAV: The Snow Park Slate Has a Vision for Helping the Company Finally
Unlock the Tremendous Real Estate Value Trapped Within its Shares

As previously disclosed, our nominees have a plan – in contrast to the
incumbent Board – to evaluate viable paths to realizing management’s
stated NAV of $17.50 per share2 – which represents a sizable
premium relative to Front Yard’s presently underperforming shares. These
paths include:

1. Full Sale of the Company – Given that there has been a
tremendous amount of private capital flowing into real estate investment
vehicles in recent years, we believe now is the time for Front Yard to
consider exploring a sale to a company with the operating efficiencies
and scale to realize the full value of the portfolio. Despite this
week’s development, we still believe this option offers stockholders
significant benefits, including realizing a sizable premium on Front
Yard’s underperforming shares. Management has only offered growth –
despite Front Yard’s valuation gap and no identifiable capital sources –
as a strategy.

2. Asset Sales to De-Lever and Grow Distributions – The
significant amount of private capital that has flowed into real estate
investment vehicles provides a tailwind for Front Yard to explore an
orderly sale process for parcels within its portfolio. We believe this
option – although secondary to an outright sale – still offers
stockholders significant benefits over time, including decreasing Front
Yard’s valuation gap and returning capital to stockholders. To the
contrary, management and the incumbent Board continue to blindly speak
about growth despite the destructive results that its leveraged-fueled
acquisition spree has led to over the past four years.

3. Cost-Cutting Initiatives to Pursue Profitability at 16,000
Home Level
– If necessary, Front Yard can drastically reduce costs
across the board to try to demonstrate to stockholders that 16,000 homes
can be operated profitably. Executing at this scale could possibly
enable the Company to issue more equity at reasonable levels and
increase scale. Simply put, the Company has leveraged nearly every asset
it has – it is not realistic to expect stockholders to fund growth if
management cannot maintain a reasonable fixed cost structure.

We urge Front Yard stockholders to vote FOR all three of Snow Park’s
highly-qualified, independent nominees on the BLUE
Proxy Card and to return it in your postage-paid envelope provided.
you have already voted Front Yard’s proxy card, you can change your vote
by providing a later dated BLUE proxy.

Should you have any questions or need assistance with voting, please
contact Saratoga Proxy Consulting LLC at (888) 368-0379 or (212)
257-1311 or by email at 
[email protected].



About Snow Park

Snow Park Capital Partners, LP is a privately-held investment manager
that specializes in investing in publicly-traded real estate securities
across the capital structure. Based in New York City and founded by
Jeffrey Pierce, the firm focuses on producing strong risk-adjusted
returns for a diverse investor base of public institutions, private
entities and qualified individual clients.

1 A NAV of $17.50 was set forth in Front Yard Residential
Corp.’s February 2019 earnings call transcript.

2 A NAV of $17.50 was set forth in Front Yard Residential
Corp.’s February 2019 earnings call transcript.


For Investors:
Saratoga Proxy Consulting LLC
John Ferguson /
Joe Mills, 212-257-1311
[email protected]
/ [email protected]

Greg Marose / Ashley Areopagita, 347-343-2999
[email protected]
/ [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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Hemp, Inc. Reports: Hemp-Based Foods Market Set to Reach $8.36 Billion by 2028



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