EVI Industries Sets Records for Revenue and Gross Profit During the Third Quarter
MIAMI–(BUSINESS WIRE)–EVI Industries, Inc. (NYSE American: EVI) announced today its results
for the nine and three-month periods ended March 31, 2019. The results,
including record revenue and gross profit for both the nine and
three-month periods ended March 31, 2019, and record Adjusted EBITDA for
the nine-month period ended March 31, 2019, reflect the Company’s
consistent execution of its buy-and-build growth strategy.
Financial Performance
(compared to the same period of the prior fiscal year)
Three Month Results
- Revenue increased 36% to a record $59 million,
- Gross profit increased 20% to a record $13 million,
- Operating income was $1.1 million compared to $1.9 million,
- Net income was $0.5 million compared to $1.1 million, and
- Adjusted EBITDA was $2.3 million compared to $2.8 million.
Nine Month Results
- Revenue increased 54% to a record $163 million,
- Gross profit increased 45% to a record $37 million,
- Operating income was $4.6 million compared to $5.1 million,
- Net income was $2.5 million compared to $3.2 million, and
- Adjusted EBITDA increased 8.0% to a record $8 million.
Long-Term Growth Strategy
EVI is focused on long-term growth and increasing shareholder value over
time. In furtherance of these goals, EVI continues to thoughtfully
execute its growth strategy, including pursuing investments with respect
to: (1) the acquisition of quality and complementary businesses, (2)
organic growth opportunities, and (3) the realization of improved
efficiency and productivity through investments in advanced technologies.
Henry M. Nahmad, EVI’s CEO, said: “The strength of our Company is the
depth of experience and success among our leaders. Our financial
performance reflects our continued execution of our buy-and-build growth
strategy and the deployment of capital across wide-ranging growth
initiatives undertaken by the entrepreneurs that lead our businesses. We
believe these investments will have a positive impact on achieving our
long-term growth and shareholder value goals.”
Revenues
For the nine and three-month periods ended March 31, 2019, revenues
increased $57.4 million, or 54%, to a record $163 million and increased
$15.6 million, or 36%, to a record $59 million, respectively. The
increase in revenue was primarily due to the results of operations of
acquired businesses that were not consolidated into the Company’s
financial statements for all or part of the prior periods.
Gross Profit and Gross Margin
For the nine and three-month periods ended March 31, 2019, gross profit
increased $11.4 million, or 45%, to a record $37 million and increased
$2.3 million, or 20%, to a record $13 million, respectively. For the
nine and three-month periods ended March 31, 2019, gross margin
decreased from 24.0% to 22.5% and from 25.6% to 22.6%, respectively.
Given EVI’s goal of long-term growth and its investments and initiatives
in furtherance of that goal, the Company believes that its increase in
equipment sales provides a strong foundation for the Company to further
strengthen its customer relationships, including that they should in the
future result in higher gross margin opportunities from the sale of
parts, accessories, supplies, and technical services related to the
equipment. It is important to note, however, that from time to time the
Company enters into longer-term contracts to fulfill large complex
laundry projects for divisions of the federal government where the
nature and structure of such contracts may result in a lower gross
margin as compared to other equipment sales. Despite the potential for a
lower gross margin from such longer-term contracts, the Company believes
that the long-term benefit from the increase in its installed equipment
will outweigh the possible short-term impact to gross margin. As such,
the decrease in gross margin described above was primarily due to the
Company’s increased engagement in longer-term federal government
contracts during the current period. Excluding these longer-term federal
government contracts, gross margin for the nine and three-month periods
ended March 31, 2019 decreased 0.8% to 25.4% and 1.9% to 25.0%,
respectively. This remaining decrease in gross margin is attributable to
typical changes in product mix. Despite these decreases, the Company
generated record gross profit dollars during the current periods.
Operating Expenses
Operating expenses increased $11.9 million, or 58.4%, and $3.0 million,
or 32.6%, for the nine and three-month periods ended March 31, 2019,
respectively. For the current periods, the increase in operating
expenses is largely attributed to expenses incurred by the Company in
connection with its growth strategy: (1) operating expenses related to
the six businesses acquired during the current fiscal year, (2)
additional operating expenses at each of those acquired businesses aimed
to support future growth, (3) an increase in total headcount of 178, of
which 78% were planned increases in sales and service related
professionals, and (4) a 64% increase in operating expenses directly
related to the Company’s growth and acquisition efforts. EVI believes
these expenses will have a positive impact on achieving the Company’s
long-term growth goals.
Acquisition Growth
During the nine-month period ended March 31, 2019, the Company continued
the execution of its long-term buy-and-build growth strategy with the
acquisition of six businesses in the commercial laundry industry. The
acquired businesses increased the Company’s presence and market share in
Florida (2 businesses), Texas (2 businesses), and the Northwest (1
business). Additionally, EVI expanded into the Northeast with the
acquisition of PAC Industries during the three-month period ended March
31, 2019. PAC is a distributor and service provider to the commercial,
industrial, and vended laundry industry based in Harrisburg,
Pennsylvania. PAC employs 60 professionals, of which 44 are dedicated to
sales and service functions serving thousands of customers by offering a
comprehensive suite of products as well as installation and maintenance
services.
Mr. Nahmad commented: “PAC has a longstanding history of providing
world-class laundry solutions and we are honored to be a part of their
family. Their success is the result of quality relationships, a broad
product range, and great service. Consistent with our approach to
maintain business continuity, PAC will operate as a subsidiary of EVI
under its present name and leadership team, while we will provide them
the human, financial, and technological resources to assist them in
achieving their growth plans.”
Special Cash Dividend
During the three-month period ended March 31, 2019, the Company paid a
special cash dividend of $0.13 per share on EVI’s common stock, an 8.3%
increase over EVI’s special cash dividend paid in January 2018. The
dividend was paid on January 8, 2019 to stockholders of record at the
close of business on December 26, 2018.
EVI to Attend Baird 2019 Global Consumer, Technology, and Services
Conference on June 4-6, 2019
The Company will attend and host one-on-one meetings with interested
investors during the conference dates. Conference participation is by
invitation only and registration is mandatory. Additional information
will be provided.
Use of Non-GAAP Financial Information
In this press release, EVI discloses the non-GAAP financial measure of
Adjusted EBITDA, which EVI defines as earnings before interest, taxes,
depreciation, amortization, and amortization of share-based
compensation. Adjusted EBITDA is determined by adding interest expense,
income taxes, depreciation, amortization, and amortization of
share-based compensation to net income as shown in the attached
Condensed Consolidated Earnings before Interest, Taxes, Depreciation,
Amortization, and Amortization of Share-based Compensation. EVI
considers Adjusted EBITDA to be an important indicator of its operating
performance. Adjusted EBITDA is also used by companies, lenders,
investors and others because it excludes certain items that can vary
widely across different industries or among companies within the same
industry. For example, interest expense can be dependent on a company’s
capital structure, debt levels and credit ratings, and the tax positions
of companies can vary because of their differing abilities to take
advantage of tax benefits and because of the tax policies of the
jurisdictions in which they operate. Adjusted EBITDA should not be
considered as an alternative to net income or any other measure of
financial performance or liquidity, including cash flow, derived in
accordance with GAAP, or to any other method of analyzing EVI’s results
as reported under GAAP. In addition, EVI’s definition of Adjusted EBITDA
may not be comparable to definitions of Adjusted EBITDA or other
similarly titled measures used by other companies.
About EVI Industries
EVI Industries, Inc., through its wholly-owned subsidiaries, is a
distributor that generates revenues by selling, leasing or renting,
through its extensive sales organization, commercial, industrial and
vended laundry, dry-cleaning, and material handling equipment, steam and
hot water boilers, water reuse and filtration systems, and related
replacement parts and accessories. Additionally, the Company designs,
plans, and installs turn-key laundry, dry cleaning, boiler, and water
filtration systems and provides maintenance services through its robust
technical service organization.
The Company’s customers include retail, commercial, industrial,
institutional, and government customers. Purchases made by customers
range from parts and accessories, to single or multiple units of
equipment, to large complex systems, as well as installation and
maintenance services. The Company believes that the increase in
equipment sales provides a strong foundation for the Company to further
strengthen its customer relationships, including that they may in the
future result in higher gross margin opportunities from the sale of
parts, accessories, supplies, and technical services related to the
equipment.
Safe Harbor Statement
Except for the historical matters contained herein, statements in this
press release are forward-looking and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are subject to a number of known and
unknown risks and uncertainties that may cause actual results, trends,
performance or achievements of EVI, or industry trends and results, to
differ from the future results, trends, performance or achievements
expressed or implied by such forward-looking statements. These risks and
uncertainties include, among others, the risks related to EVI’s
business, results (including revenues, gross profit, gross margin and
operating expenses), financial condition, prospects, and growth strategy
and plans, risks associated with EVI’s buy-and-build growth strategy,
including that EVI may not be successful in identifying or consummating
acquisitions or other strategic opportunities where or when expected, or
at all, that acquisition and other strategic opportunities may not be
available to EVI to the extent anticipated or at all, that the potential
benefits of transactions may not be realized to the extent anticipated
or at all, integration risks, risks related to indebtedness incurred in
connection with transactions, dilution experienced by EVI’s stockholders
as a result of shares issued in connection with transactions, risks
related to the business, operations and prospects of acquired
businesses, their ability to achieve growth and EVI’s ability to support
growth efforts, risks related to EVI’s and its acquired businesses’
relationships with principal suppliers and customers and the impact that
the loss of any principal supplier or customer could have on EVI’s
results and financial condition, risks related to EVI’s ability to
successfully build its existing operations, risks related to organic
growth initiatives, risks that investments and expenses may not result
in the benefits anticipated, including long-term growth and increases in
shareholder value, risks that investments in advanced technologies may
not result in the realization of improved efficiency and productivity,
risks that equipment sales may not result in the ancillary benefits
anticipated, including that they not lead to increases in higher gross
margin sale of parts, accessories, supplies, and technical services
related to the equipment, and the risk that the benefit of lower gross
margin equipment sales under longer-term federal government contracts
will not outweigh the possible short-term impact to gross margin, and
other economic, competitive, governmental, technological and other risks
and factors, including those discussed in the Company’s filings with the
Securities and Exchange Commission, including, without limitation, the
Company’s Annual Report on Form 10-K for the fiscal year ended June 30,
2018. Many of these risks and factors are beyond EVI’s control. In
addition, dividends are subject to declaration by EVI’s Board of
Directors based on factors deemed relevant by it from time to time, may
be restricted by the terms of EVI’s indebtedness, and may not be paid in
the future, whether with the frequency or in the amounts previously paid
or at all. Further, past performance of EVI and its acquired businesses
and perceived trends may not be indicative of future results. EVI
cautions that the foregoing factors are not exclusive. The reader should
not place undue reliance on any forward-looking statement, which speaks
only as of the date made. EVI does not undertake to, and specifically
disclaims any obligation to, update or supplement any forward-looking
statement, whether as a result of changes in circumstances, new
information, subsequent events or otherwise, except as may be required
by law.
|
EVI Industries, Inc. |
|||||||||
|
Condensed Consolidated Results of Operations (in thousands, except per share data) (Unaudited) |
|||||||||
|
9-Months Ended |
9-Months Ended |
3-Months Ended |
3-Months Ended |
||||||
| 3/31/19 | 3/31/18 | 3/31/19 | 3/31/18 | ||||||
| Revenues | $163,436 | $105,995 | $59,290 | $43,673 | |||||
| Cost of Sales | 126,615 | 80,604 | 45,867 | 32,500 | |||||
| Gross Profit | 36,821 | 25,391 | 13,423 | 11,173 | |||||
| SG&A | 32,180 | 20,313 | 12,316 | 9,286 | |||||
| Operating Income | 4,641 | 5,078 | 1,107 | 1,887 | |||||
| Interest Expense, net | 942 | 376 | 403 | 193 | |||||
| Income before Income Taxes | 3,699 | 4,702 | 704 | 1,694 | |||||
| Provision for Income Taxes | 1,172 | 1,493 | 238 | 558 | |||||
| Net Income | $2,527 | $3,209 | $466 | $1,136 | |||||
| Net Income per Share | |||||||||
| Basic | $0.20 | $0.28 | $0.04 | $0.10 | |||||
| Diluted | $0.20 | $0.27 | $0.04 | $0.09 | |||||
| Weighted Average Shares Outstanding | |||||||||
| Basic | 11,463 | 10,728 | 11,666 | 11,020 | |||||
| Diluted | 11,960 | 11,145 | 12,145 | 11,519 | |||||
The following table reconciles net income, the most comparable GAAP
financial measure, to Adjusted EBITDA.
| EVI Industries, Inc. | |||||||||
|
Condensed Consolidated Earnings before Interest, Taxes, |
|||||||||
|
Share-based Compensation (in thousands) (Unaudited) |
|||||||||
|
9-Months Ended |
9-Months Ended |
3-Months Ended |
3-Months Ended |
||||||
| 3/31/19 | 3/31/18 | 3/31/19 | 3/31/18 | ||||||
| Net Income | $2,527 | $3,209 | $466 | $1,136 | |||||
| Provision for Income Taxes | 1,172 | 1,493 | 238 | 558 | |||||
| Interest Expense | 942 | 376 | 403 | 193 | |||||
| Depreciation and Amortization | 1,894 | 1,023 | 739 | 476 | |||||
| Amortization of Share-based Compensation | 1,287 | 1,164 | 449 | 391 | |||||
| Adjusted EBITDA | $7,822 | $7,265 | $2,295 | $2,754 | |||||
Contacts
EVI Industries, Inc.
Henry M. Nahmad (305) 754-8676
Michael Steiner (305) 754-8676
Indivior
Indivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).
- Primary and Secondary End Points of the Study were Not Met
- Indivior Does Not Currently Expect to Exercise AEF0117 Option
SLOUGH, United Kingdom and RICHMOND, Va., Sept. 4, 2024 /PRNewswire/ — Indivior PLC (Nasdaq/LSE: INDV) is today providing an update following Aelis Farma’s announcement of the results from its clinical Phase 2B trial with AEF01171, evaluating the efficacy and safety in treatment-seeking participants with moderate to severe Cannabis Use Disorder (CUD). The purpose of this trial was twofold: (1) to show that AEF0117 (0.1, 0.3, 1 mg once a day for 12 weeks) lowers cannabis use and (2) to determine the endpoints and optimal dosage of AEF0117 for use in future studies. In this phase 2B study, patients were treatment-seeking participants, 84% of whom had severe CUD.
The results of the study demonstrated that the primary endpoint, the proportion of participants who reduced their cannabis use to ≤1 day per week, as well as secondary endpoints measuring the proportion of participants reaching either complete abstinence or who used ≤2 day per week, were not met. Although these results are disappointing, they indicate that significant work remains to be done to understand subpopulations of patients with CUD, specifically those with severe CUD.
This clinical Phase 2B study is part of the strategic collaboration between Aelis Farma and Indivior, which includes an exclusive option for Indivior to license the global rights to AEF0117. Given the lack of separation from placebo on primary and secondary endpoints and before seeing further additional favorable clinical data, Indivior does not currently expect to exercise its option.
Important Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding whether: we will be able to ultimately demonstrate the safety and efficacy of AEF0117, which is a prerequisite to filing any New Drug Application; we might ever exercise our option for AEF0117 and, if so, when; and other statements containing the words “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “forecast,” “strategy,” “target,” “guidance,” “outlook,” “potential,” “project,” “priority,” “may,” “will,” “should,” “would,” “could,” “can,” “outlook,” “guidance,” the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future.
Actual results may differ materially from those because they relate to future events. Various factors may cause differences between Indivior’s expectations and actual results, including, among others, the risks described in our most recent annual report on Form 20-F beginning on page 9 as filed with the U.S. SEC and in subsequent releases; legal and market restrictions that may limit how quickly we can repurchaser our shares; the substantial litigation and ongoing investigations to which we are or may become a party; our reliance on third parties to manufacture commercial supplies of most of our products, conduct our clinical trials and at times to collaborate on products in our pipeline; our ability to comply with legal and regulatory settlements, healthcare laws and regulations, requirements imposed by regulatory agencies and payment and reporting obligations under government pricing programs; risks related to the manufacture and distribution of our products, most of which contain controlled substances; market acceptance of our products as well as our ability to commercialize our products and compete with other market participants; competition; the uncertainties related to the development of new products, including through acquisitions, and the related regulatory approval process; our dependence on third-party payors for the reimbursement of our products and the increasing focus on pricing and competition in our industry; unintended side effects caused by the clinical study or commercial use of our products; our ability to successfully execute acquisitions, partnerships, joint ventures, dispositions or other strategic acquisitions; our ability to protect our intellectual property rights and the substantial cost of litigation or other proceedings related to intellectual property rights; the risks related to product liability claims or product recalls; the significant amount of laws and regulations that we are subject to, including due to the international nature of our business; macroeconomic trends and other global developments such as armed conflicts and pandemics; the terms of our debt instruments, changes in our credit ratings and our ability to service our indebtedness and other obligations as they come due; changes in applicable tax rate or tax rules, regulations or interpretations and our ability to realize our deferred tax assets; and volatility in our share price due to factors unrelated to our operating performance or that may result from the potential move of our primary listing to the U.S.
Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events.
This release is being made by Kathryn Hudson, Company Secretary Indivior PLC.
About Indivior
Indivior is a global pharmaceutical company working to help change patients’ lives by developing medicines to treat substance use disorders (SUD), overdose and serious mental illnesses. Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD. Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease.
Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to both expand on its heritage in this category and potentially address other chronic conditions and co-occurring disorders of SUD. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/indivior.
References:
- National Library of Medicine (U.S.) (2022, April). Effect of AEF0117 on treatment-seeking patients with cannabis use disorder (CUD) (SICA2). Identifier
NCT05322941 https://www.clinicaltrials.gov/study/NCT05322941
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View original content:https://www.prnewswire.co.uk/news-releases/indivior-provides-update-on-aelis-farmas-clinical-phase-2b-study-results-with-aef0117-in-participants-with-cannabis-use-disorder-302237355.html
HERZLIYA, Israel and CALGARY, Alberta, Aug. 29, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce that it has completed its previously announced non-brokered private placement offering of 5,025,725 units of the Company (the “Units”) at a price of C$0.22 per Unit for gross proceeds of C$1,105,659.50 (the “Offering”).
Each Unit is comprised of: (i) one (1) common share in the capital of the Company (each a “Common Share”); and (ii) one (1) common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.32 for a period of four (4) years from the date of issuance.
Innocan intends to use the proceeds of the Offering for working capital and general corporate purposes.
The securities issued to Canadian subscribers in connection with the Offering are subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.
Iris Bincovich, Chief Executive Officer of the Company, stated “we are very pleased with our successful offering. I would like to extend my sincere gratitude to our investors for their unwavering support. We see this as a strong vote of confidence by both existing and new investors which demonstrates investor support of our vision and strategic direction. These new funds will provide us with additional working capital to enable us to capitalize on new opportunities and allow us to advance strongly on our growth plans.”
The Company is also pleased to announce that it has granted an aggregate of 300,000 stock options (each an “Option“) to certain consultants of the Company pursuant to the Company’s stock option plan (the “Plan“). Each Option may be exercised for one (1) common share in the capital of the Company (each, a “Share“) at a price of $0.25 per Share. The Options expire on August 27, 2029.
All Options granted vest in accordance with the following vesting schedule: (i) 1/3rd of the Options vested immediately at grant; (ii) 1/3rd of the Options will vest on February 28, 2025; and (iii) 1/3rd will vest on August 27, 2025; all subject to the terms and conditions of the Plan.
About Innocan Pharma:
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/
Contact Information:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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View original content:https://www.prnewswire.co.uk/news-releases/innocan-pharma-announces-closing-of-private-placement-and-grant-of-stock-options-302234455.html
Cannabis
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) — The “Europe Medical Cannabis Oil Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2032.” report has been added to ResearchAndMarkets.com’s offering.
The Europe Medical Cannabis Oil market is poised for significant growth, projected to escalate from US$ 0.91 billion in 2023 to US$ 2.40 billion by 2032, advancing at a CAGR of 12.08%. In this comprehensive research report, the market is analyzed by:
- Derivatives;
- Source;
- Application;
- Route of Administration;
- End-user;
- Distribution Channel; and
- Country.
Market Highlights Identified in the Report
- Progressive legalization across Europe is creating a favorable regulatory environment, enhancing market expansion for medical cannabis oil products.
- Germany leads the market with a robust infrastructure and supportive regulations, while other countries like the UK, Italy, and Spain show significant growth potential based on evolving regulatory landscapes and market dynamics.
- Key players such as Tilray, Aurora Cannabis Inc., and GW Pharmaceuticals dominate the market, emphasizing research, strategic partnerships, and innovation to maintain competitive edge amidst evolving industry dynamics.
The medical cannabis oil market has experienced substantial growth as legalization and acceptance of cannabis-based treatments expand globally. Cannabis oil, derived from the cannabis plant through extraction methods, contains cannabinoids such as THC and CBD, known for their therapeutic properties. Increasing recognition of cannabis oil’s potential in alleviating symptoms of various medical conditions, including chronic pain, epilepsy, and anxiety disorders, has driven its adoption in medical settings.
Governments in several countries are progressively legalizing medical cannabis, creating a conducive regulatory environment for market expansion. Additionally, growing consumer awareness about alternative and natural therapies has fueled the demand for cannabis oil products. The market is characterized by diverse product offerings, including full-spectrum and CBD-isolate oils, catering to different therapeutic needs and preferences.
Despite regulatory challenges and stigma associated with cannabis, the medical cannabis oil market continues to evolve, driven by ongoing research, favorable legislative changes, and shifting attitudes toward cannabis-based therapies in healthcare.
Regional Insights
Germany is likely to maintain its leadership position in the European medical cannabis oil market due to its established infrastructure, supportive regulations, and strong healthcare system. Germany legalized medical cannabis in 2017, giving the market a head start compared to many other European countries. This established infrastructure and experience position Germany as a leader in the field. As awareness and acceptance of medical cannabis increase, the number of patients seeking treatment in Germany is steadily rising. This fuels market growth and incentivizes further investment in research and development.
Germany’s regulatory framework for medical cannabis is considered relatively patient-friendly compared to some other European countries. This facilitates access for patients with qualifying conditions. The UK legalized medical cannabis in 2018 and is experiencing an increase in patient access programs. This, coupled with ongoing research, could lead to significant market growth. Italy legalized medical cannabis in 2006 but has faced challenges with availability. As regulations become more streamlined and patient access expands, the Italian market holds significant growth potential. Spain has a well-established medical cannabis industry with a focus on domestic production. As regulations evolve and export opportunities increase, the Spanish market could see a boost.
Competitive Landscape
The Medical Cannabis Oil market is characterized by a vigorous competitive landscape, with prominent entities like Tilray, Aurora Cannabis Inc., GW Pharmaceuticals, Almiral, Bedrocan, and others at the forefront, collectively accounting for approximately 41 % of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings.
The primary competitive factors include pricing, product caliber, and technological innovation. As the Medical Cannabis Oil industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry’s fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector’s comprehensive growth and transformation.
Key Topics Covered
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Europe Medical Cannabis Oil Market
Chapter 4. Europe Medical Cannabis Oil Market Overview
Chapter 5. Europe Medical Cannabis Oil Market Analysis, by Derivatives
Chapter 6. Europe Medical Cannabis Oil Market Analysis, by Source
Chapter 7. Europe Medical Cannabis Oil Market Analysis, by Application
Chapter 8. Europe Medical Cannabis Oil Market Analysis, by Route of Administration
Chapter 9. Europe Medical Cannabis Oil Market Analysis, by End-user
Chapter 10. Europe Medical Cannabis Oil Market Analysis, by Distribution Channel
Chapter 11. Europe Medical Cannabis Oil Market Analysis, by Country
Chapter 12. The UK Medical Cannabis Oil Market Analysis
Chapter 13. Germany Medical Cannabis Oil Market Analysis
Chapter 14. The Netherlands Medical Cannabis Oil Market Analysis
Chapter 15. Italy Medical Cannabis Oil Market Analysis
Chapter 16. Spain Medical Cannabis Oil Market Analysis
Chapter 17. Poland Medical Cannabis Oil Market Analysis
Chapter 18. Rest of Europe Medical Cannabis Oil Market Analysis
Chapter 19. Company Profiles (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
A selection of companies mentioned in this report includes, but is not limited to:
- Aurora Cannabis Inc.
- Bedrocan
- Biocann
- BIOTA Biosciences LLC
- Cannamedical
- Mary Jane CBD
- Sanity Group GmbH
- Tilray
- Valcon Medical
For more information about this report visit https://www.researchandmarkets.com/r/dh7q46
About ResearchAndMarkets.com
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Cannabis2 weeks agoSilly Nice Announces Launch of New 1G 510 Vape Cartridge and 2G All-In-One Vape in New York Dispensaries This September
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Cannabis2 weeks agoCannabis Cultivation Market – Global Food Additives, Oils, Tinctures, Cannabis Indica, Cannabis Sativa Forecast 2024-2030
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Cannabis1 week ago
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
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Cannabis2 weeks ago
Global Hemp Based Food Market Size To Worth USD 4.87 Billion By 2033 | CAGR Of 13.12%
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Innocan1 week agoInnocan Pharma Announces Closing of Private Placement and Grant of Stock Options
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Indivior4 days agoIndivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder
