Connect with us

/home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
">
Warning: Undefined array key 0 in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153

Warning: Attempt to read property "cat_name" on null in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153

KEW MEDIA GROUP Reports First Quarter 2019 Financial Results

Published

on

Reading Time: 13 minutes

Reaffirms Full Year 2019 Outlook

TORONTO–(BUSINESS WIRE)–KEW MEDIA GROUP INC. (“KEW MEDIA”, “KEW” or the “Company”) (TSX:KEW and
KEW.WT) today released its financial results for the three month period
ended March 31, 2019 (“Q1 2019”). KEW MEDIA’s audited annual financial
statements along with its Management’s Discussion and Analysis for Q1
2019 are available on the Company’s investor relations website at https://investors.kewmedia.com
and under the Company’s profile at www.sedar.com.
All financial results are reported in Canadian dollars unless otherwise
stated.

Q1 2019 Highlights

  • Revenue of $52.0 million (2018: $39.8 million)
  • Gross Profit1 of $14.1 million (2018: $12.8 million)
  • General and Administrative expenses2 (“G&A”) of $14.0
    million (2018: $10.5 million)
  • Adjusted EBITDA3 of ($0.1) million (2018: $2.5 million)
  • Net Loss of ($7.9) million (2018: ($0.2) million)
  • Adjusted Net Loss4 after tax5 of ($3.2) million
    (2018: $2.5 million)
  • Reaffirmed full year 2019 outlook of mid to high single digit
    percentage organic growth over the annualized Pro forma 2018 Adjusted
    EBITDA of $31.9 million6
   

 

Three months ended

(in millions of Canadian dollars, except
per share
data)

Advertisement
Stake.com

March 31,
2019

 

March 31,
2018

% Chg
Revenue
Production $ 33.5 $ 24.5 36.7 %
Distribution $ 18.5 $ 15.3 20.9 %
Total $ 52.0 $ 39.8 30.7 %
Gross Profit
Production $ 9.0 $ 6.5

38.5

%
Distribution $ 5.0 $ 6.3

(20.1

) %
Total $

14.1

Advertisement
Stake.com
$ 12.8 9.4 %
Gross Profit Margin – Production 26.9 % 26.5 %
Gross Profit Margin – Distribution 27.0 %

41.2

%
Gross Profit Margin Total 26.9 % 32.2 %
Adjusted EBITDA $ (0.1 ) $ 2.5 N.M.
Net Loss $ (7.9 ) $ (0.2 ) N.M.
Adjusted Net Income (Loss) after tax $ (3.2 ) $ 2.5 N.M.
Net Loss Per Share $ (0.64 ) $ (0.06 ) N.M.
Adjusted Earnings (Loss) Per Share $ (0.24 ) $ 0.21 N.M.
 

Steven Silver, Chief Executive Officer of KEW MEDIA, said, “Our first
quarter results were in line with our expectations as the group saw a
meaningful increase in revenues and gross profits, which were offset by
higher levels of budgeted G&A. The difference in profitability in the
first quarter compared to the prior year period is due to timing
differences related to revenue recognition and product mix. Our sales
momentum is strong and we have made excellent progress with our full
year product pipeline. We remain focused on enhancing our quality of
revenues and driving greater margins and profitability across the group.”

Peter Sussman, Executive Chairman of KEW MEDIA, added, “These are
exciting times for KEW with a mountain of content being produced, both
internally and by third party producers which is being sold around the
world by our distribution teams. The demand for content and the
proliferation of streaming players coming to market continues to be a
significant tailwind for our business.”

Financial Highlights for the Three Months Ended
March 31, 2019

KEW MEDIA’s results in any given quarter or year can be affected by
seasonality and/or specific product mix timing. Typically, production
occurs over the summer and starts delivering in the fall and winter
months. Q1 2019’s revenue of $52.0 million was comprised of $33.5
million from Production and $18.5 million from Distribution. Gross
Profit of $14.1 million included $9.0 million from Production and $5.0
million from Distribution. Gross Profit Margin was 26.9%, with segmented
Gross Profit Margin of 26.9% for Production and 27.0% for Distribution.
Overall margins met management’s expectations for the quarter. Inside
the Production segment, Gross Profit Margins were higher due to improved
margins in the quarter, including the introduction of Essential. Inside
the Distribution segment, margin percentages met management’s
expectations and were lower than in previous periods due to product mix
and revenue recognition timing. Adjusted EBITDA was ($0.1 million), the
Net Loss was ($7.9 million), or ($0.64) per share and Adjusted Net Loss
after tax was ($3.2 million), or ($0.24) per share.

Advertisement
Stake.com

Segment Information

Production

During the first quarter, Revenues were $33.5 million, an increase of
36.7%, Gross Profit was $9.0 million, an increase of 38.5%, and the
Gross Margin percentage was 26.9% (2018: 26.5%). G&A increased by 38.7%
to $7.2 million. All of these increases were predominantly due to the
inclusion of Essential in the quarter. Adjusted EBITDA increased by $0.2
million to $1.0 million. The titles that were produced across the
segment included: Texas Flip and Move 12-13, Death Row Stories
4 for CNN in the US, Dance Moms 8 for A&E in the US, Dirty
Money
2 for Netflix, Stats of Life 2 for CBC, Backyard
Builds
2 for Corus, Fire Masters for Corus, and The Brigade
for Outdoor Network.

Distribution

During the first quarter, Revenues were $18.5 million, an increase of
20.6%, Gross Profit was $5.0 million, a decrease of 20.1%, and the Gross
Margin percentage was 27.0% (2018: 41.3%). G&A increased by 32.4% to
$4.5 million. Adjusted EBITDA decreased by $2.4 million to $0.5 million.
The segment’s revenues benefitted from the delivery in the quarter of
some high revenue/low margin titles. Consequently, whilst revenues
increased, gross profit decreased compared to Q1 last year, which had a
product mix with comparatively higher margin titles. Additionally, we
have budgeted for higher G&A in this segment this year to drive its
growth. The titles that were distributed across the segment included: Slasher
3
, Paranormal 911, Republic of Doyle, Leaving
Neverland
, Egypt’s Unexplained Files, and Abandoned
Engineering
.

Advertisement
Stake.com

Gross Profit and G&A

KEW MEDIA focuses on Gross Profit as a performance indicator given that
the Company has a diverse product range with some low revenue items
attracting 100% Gross Profit Margins and other high revenue items having
Gross Profit Margins as low as 5%. Gross Profit for Q1 2019 was $14.1
million compared to $12.8 million last year, an overall increase of 9.4%.

G&A was in line with our expectations, with an increase of $3.5 million
in the quarter compared to last year. This was predominantly due to the
inclusion of Essential in this year’s Q1 results, together with an
increased investment in our distribution platform and the addition of
centralized infrastructure costs.

Developments in the Quarter

Across the Group there have been a number of positive developments in Q1
that have contributed to our confidence in the full year result. These
include:

Advertisement
Stake.com
  • Leaving Neverland became one of the industry’s most prominent
    documentaries attracting front page coverage and some of the highest
    ratings seen for a documentary in particular territories. Some of the
    revenues for this title were recognized in Q1 and will continue in Q2
    and throughout the year
  • The highly awaited reboot of Dance Moms, one of the largest
    series in the Group, went into full production and will start
    delivering in Q2 with a forecast first broadcast date in June. Several
    specials in relation to the series have been ordered and ongoing
    revenues are anticipated throughout the year
  • Jigsaw delivered The Inventor: Out for Blood in Silicon Valley,
    the highly anticipated documentary on Elizabeth Holmes and the
    Theranos scandal for HBO in the US
  • Several major series have been renewed in the Distribution segment,
    including Frankie Drake Mysteries 3 and Abandoned Engineering
    4
  • In the Production segment, there have been renewals for Best Cake
    Wins
    2, Paranormal Survivor 5 and Haunted Hospitals
    2, and new series were commissioned including Backyard Beats as
    well as several new documentaries from Jigsaw

Balance Sheet and Net Debt

As of March 31, 2019, the Company had cash and cash equivalents of $23.6
million, approximately $3.6 million in loan availability and Net Debt7
of $103.9 million.

Adjusted Net Debt8 as of March 31, 2019 was $84.7 million.
This figure takes into account material foreign exchange movements since
the beginning of the year and amounts expended by KEW MEDIA’s treasury
on interim production financing.

The Adjusted Net Debt of $84.7 million to Pro forma 2018 Adjusted EBITDA
of $31.9 million is 2.7:1. The Company continues to anticipate that this
ratio will reduce further into 2019 with an overall target of 2:1 or
below, reflecting the projected growth in our Adjusted EBITDA for the
year, together with the expected benefits from positive cash flow
generation.

Free Cash Flow (FCF)91

FCF before movements in working capital and before movements in film and
television rights was ($3.0 million) compared to $1.1 million last year.
FCF after movements in working capital but before investments in film
and television rights was $6.2 million compared to ($2.0 million) last
year. After movements in both working capital and investments in film
and television rights, FCF was ($2.0 million) compared to ($2.2 million)
last year.

Advertisement
Stake.com

At the segment level, Production FCF before movements in working capital
and investments in film and television rights was $0.6 million. FCF
after movements in working capital but before movements in investments
in film and television rights was $5.4 million. After movements in both
working capital and investments in film and television rights, FCF was
($1.1 million).

Distribution FCF before movements in working capital and movements in
investments in film and television rights was $0.5 million. FCF after
movements in working capital but before movements in investments in film
and television rights was $3.9 million. After movements in both working
capital and investments in film and television rights, FCF was $2.2
million.

7Net Debt is debt less any cash and cash equivalent balances. 8Adjusted
Net Debt is Net Debt less interim production loans provided by KEW MEDIA
treasury less effect of foreign exchange movements. See “Non-IFRS
Measures” and “Forward-Looking Statements” below in this press release.9Free
Cash Flow is Adjusted EBITDA adjusted for additions to Property and
Equipment, Interest and cash taxes. 10The statements set out
in this Outlook section are based on management’s assumptions, current
strategies and assessment of the outlook for the business. Given the
seasonal and other fluctuations in KEW MEDIA’s business, the Company may
not be in a position to provide periodic updates on its progress in
meeting its expectations. These statements constitute forward looking
information for purposes of applicable Canadian securities legislation
and readers are cautioned that KEW MEDIA’s actual result may vary from
these forward looking statements and that variation could be material.
See “Forward Looking Statements” for a description of the assumptions
and risks associated with these forward looking statements.

Outlook9

For the full year 2019, KEW MEDIA continues to expect a range of mid to
high single digit growth on full year 2018 Pro forma Adjusted EBITDA of
$31.9 million. KEW MEDIA’s results in any given quarter or year can be
affected by seasonality and/or specific product delivery timing.
Typically, production occurs over the summer and starts delivering in
the fall and winter months. As reflected in our 2018 performance, our
2019 results are expected to be heavily weighted in the fourth quarter.

Advertisement
Stake.com

Conference Call

KEW MEDIA will host a conference call to discuss the first quarter 2019
financial results on Wednesday, May 15, 2019 at 9:00 a.m. ET. The
conference call can be accessed live over the phone by dialing
877-407-0784 (USA and Canada) or 201-689-8560 (International). A replay
will be available from 12:00 p.m. ET on May 15, 2019 through May 22,
2019, and can be accessed by dialing 844-512-2921 (USA and Canada) or
412-317-6671 (International). The replay passcode will be 13689714.

The call will also be webcast live from KEW MEDIA’s investor relations
website at https://investors.kewmedia.com.
Following completion of the call, a recorded replay of the webcast will
be available on the website.

About KEW MEDIA GROUP INC.

KEW MEDIA GROUP is a leading publicly-listed content company that
produces and distributes multi-genre content worldwide. Companies
included in the KEW family are the production companies: Architect
Films, Awesome Media & Entertainment, Bristow Global Media, Collins
Avenue Productions, Essential Media Group, 4East Media, Frantic Films,
Jigsaw Productions, Media Headquarters, Our House Media, Sienna Films,
Spirit Digital Media, and Two Rivers Media; and the distribution
companies: KEW Media Distribution and TCB Media Rights.

Advertisement
Stake.com

With primary offices in London, Los Angeles, New York, Sydney and
Toronto, the KEW MEDIA GROUP companies develop, produce and distribute
more than 2,000 hours of content every year, as well as manage a library
of more than 14,000 hours of content, for almost every available viewing
platform worldwide. KEW aspires to offer great content from all over the
world to viewers of all ages and tastes. KEW promotes transparency,
equality, respect, and inclusiveness and plans to grow with the benefit
of people from a wide range of perspectives and backgrounds.

Forward-Looking Statements

This news release may include forward-looking statements. All such
statements constitute forward looking information within the meaning of
securities law and are made pursuant to the “safe harbour” provisions of
applicable securities laws. Forward-looking statements may include, but
are not limited to, statements about anticipated future events or
results including comments with respect to the Company’s objectives and
priorities for 2019 and beyond, and strategies or further actions with
respect to the Company, its business operations, financial performance
and condition. Forward-looking statements are statements that are
predictive in nature, depend upon or refer to future events or
conditions and are identified by words such as “will”, “expects”,
“anticipates”, “intends”, “plans”, “believes”, “estimates” or similar
expressions concerning matters that are not historical facts. Such
statements are based on current expectations of the Company’s management
and inherently involve numerous risks and uncertainties, known and
unknown, including economic factors.

In particular, the statements set out in the Outlook section of this
press release regarding our expected Adjusted EBITDA for the year ending
December 31, 2019, our expected financial performance for the remainder
of 2019 and our expectations regarding the performance of our production
and distribution segments for the remainder of 2019, constitute
forward-looking statements. These statements are based on management’s
current strategies, assumptions concerning growth and assessment of the
outlook for the business. In particular, such statements assume that:
(i) our production companies will continue to develop, produce and
deliver successful productions in a manner consistent with past
experience and on expected delivery schedules as outlined under
“Outlook” in the press release; (ii) the product mix of the Company’s
revenues will continue to be skewed towards higher margin titles; (iii)
we will continue to acquire and distribute content in a manner
consistent with past experience; (iv) our operating and overhead costs
will be within budget; and (v) that the companies we have acquired will
meet or exceed our performance expectations. We consider the foregoing
assumptions to be reasonable in the circumstances given the time period
for such outlook.
However, readers are cautioned that KEW’s
actual results may vary from these forward-looking statements and that
variation could be material. The forward-looking information contained
in this news release is presented for the purpose of assisting readers
in understanding the Company’s business and strategic priorities and
objectives as at the periods indicated and may not be appropriate for
other purposes. A number of risks, uncertainties and other factors may
cause actual results to differ materially from the forward-looking
statements contained in this news release, including, among other
factors, those referenced in the section entitled “Risk Factors” in the
Company’s annual information form for the year ended December 31, 2018,
a copy of which is available on the SEDAR website at
www.sedar.com
under the Company’s profile. In particular, KEW’s results of operations
fluctuate significantly quarter to quarter depending on the number and
timing of content delivered or made available to various media. As in
past years, KEW anticipates that its 2019 financial results will be
heavily weighted in the fourth quarter and as a result, KEW may not have
visibility on its ability to meet the 2019 guidance until the end of the
fourth quarter of 2019.

Forward-looking statements contained in this news release are not
guarantees of future performance and, while forward-looking statements
are based on certain assumptions that the Company considers reasonable,
actual events and results could differ materially from those expressed
or implied by forward-looking statements. Readers are cautioned to
consider these and other factors carefully when making decisions with
respect to the Company and not place undue reliance on forward-looking
statements. Circumstances affecting the Company may change rapidly.
Except as may be expressly required by applicable law, KEW does not
undertake any obligation to update publicly or revise any such
forward-looking statements, and as a result of new information, future
events or otherwise.

Advertisement
Stake.com

Non-IFRS Measures

This news release contains references to certain measures that do not
have a standardized meaning under International Financial Reporting
Standards (“IFRS”) as prescribed by the International Accounting
Standards Board and are therefore unlikely to be comparable to similar
measures presented by other companies. Rather, these measures are
provided as additional information to complement IFRS measures by
providing a further understanding of operations from management’s
perspective. Accordingly, non-IFRS measures should not be considered in
isolation nor as a substitute for analysis of financial information
reported under IFRS. This news release makes reference to Gross Profit,
Gross Profit Margin, Adjusted Net Income, Adjusted EBITDA, Free Cash
Flow, Net debt, and Adjusted Net Debt, each of which is a non-IFRS
financial measure. The Company believes these non-IFRS financial
measures are frequently used by securities analysts, investors and other
interested parties as measures of financial performance and it is
therefore helpful to provide supplemental measures of operating
performance and thus highlight trends that may not otherwise be apparent
when relying solely on IFRS financial measures.

The Company’s definitions of non-IFRS financial measures are as
follows:

  • Gross Profit is revenue less cost of sales.
  • Gross Profit Margin is gross profit as a percentage of revenue.
  • Adjusted Net Income is Income (Loss) before income tax recovery
    then includes add-back adjustments for items such as transaction
    costs, reorganization and exceptional costs, share-based compensation,
    deferred compensation, other intangibles amortization, gain on change
    in fair value of financial liabilities, and (gain) loss on sale of
    subsidiary.
  • Adjusted EBITDA is also provided to better analyze trends in
    performance and present a truer economic representation on a
    comparative basis. Adjusted EBITDA is Adjusted Net Income including
    additional add-back adjustments for Interest Expense, net of Interest
    Income, Depreciation and any non-cash amortization (to the extent not
    added back to Adjusted Net Income).
  • Free Cash Flow is Adjusted EBITDA adjusted for additions to
    Property and Equipment, Interest and cash taxes.
  • Adjusted Free Cash Flow is Free Cash Flow adjusted for additions to
    film and television rights, net of amortization.
  • Adjusted Net Income after tax is adjusted net income less income
    tax recovery.
  • Adjusted Net Debt is Net Debt less intra-group interim production
    financing and adjusted for the impact of foreign exchange
  • Adjusted Earnings Per Share is Adjusted Net Income divided by
    weighted average number of common shares in the capital of the Company

Please see the Company’s management’s discussion and analysis for the
three months ended March 31, 2019 for a detailed description of these
measures and a reconciliation of these measures to the nearest IFRS
measure.

Selected Comparative Information

Below is selected information from the consolidated statements of loss
for the three months ended March 31, 2019 and the three months ended
March 31, 2018.

Advertisement
Stake.com
       

Three months
ended
March 31, 2019

   

Three months
ended
March 31, 2018

Revenue          
Production and distribution revenue 52,001 39,782
Cost of sales       37,995     26,982
Gross profit (1) 14,006 12,800
Expenses
General and administrative expenses 14,056 10,544
Amortization of other intangible assets 2,157 2,168
Amortization of right-of-use asset 1,322
Transaction costs 932
Deferred compensation 902
Share-based compensation 923 45
Interest expense, net of interest income, on long term borrowings 2,175 1,158
Interest expense on lease obligations 326
Depreciation 375 190
(Gain) loss on change in fair value of financial liabilities 34 (1,897)
Foreign exchange on financial liabilities       (39)     451
Total expenses       22,231     13,591
Loss before income tax recovery (8,225) (791)
Income tax recovery       341     612
Net loss for the period       (7,884)     (179)
               
Net income (loss) attributable to:
Equity holders of the parent (8,562) (690)
Non-controlling interest       678     511
        (7,884)     (179)
Loss per share attributable to equity holders of the parent:
Loss per share
– basic and diluted (0.64) (0.06)
Weighted average number of Common Shares outstanding
– basic and diluted 13,438,866 11,818,646
 
Calculation of Adjusted net income (loss) (1)
and Adjusted EBITDA:
(1)
Loss before income tax recovery (8,225) (791)
Amortization of other intangible assets 2,157 2,168
Transaction costs 932
Deferred compensation 902
Share-based compensation 923 45
(Gain) loss on change in fair value of financial liabilities 34 (1,897)
Foreign exchange on financial liabilities (39) 451
Corporate reorganization costs (2) 315
Exceptional costs (2)       664     639
Adjusted net income (loss) for the period (3,584) 1,862
Depreciation 375 190
Amortization of right-of-use asset 1,322
Interest expense, net of interest income, on long-term borrowings 2,175 1,158
Interest expense on lease obligations       326    
Adjusted EBITDA before NCI 614 3,210
Non-controlling interest       (760)     (733)
Adjusted EBITDA after NCI       (146)     2,477
 
(1)   Refer to the “Use of Non-IFRS Financial Measures” section of the MD&A
(2) Included in general and administrative expenses
(3) On January 1, 2019, Kew adopted IFRS 16, Leases. No adjustment was
made to the three-month period ended March 31, 2018. The amounts
reflected in the three months ended March 31, 2019 reflect the
relevant changes under the standard. As noted in the interim
condensed consolidated financial statements, payments made under
lease obligations were $1,185 in the quarter.
 

Revenue, Cost of Sales, Gross Profit and Segmental Analysis

       

Three months
ended
March 31, 2019

   

Three months
ended
March 31, 2018

Advertisement
Stake.com
Revenue          
Production and distribution revenue 52,001 39,782
Cost of sales       37,995     26,982
Gross profit(1) 14,006 12,800
 

The Company’s business activities are conducted through two segments.

Three months ended March 31, 2019       Production     Distribution     Corporate     Consolidated
Revenues       33,542     18,459         52,001
Cost of sales       24,514     13,481         37,995
Gross profit(1) 9,028 4,978 14,006
General and administrative expenses       7,243     4,501     2,312     14,056
Segment profit (loss) 1,785 477 (2,312) (50)
Exceptionals           68     596     664
NCI       (760)             (760)
Adjusted EBITDA(1)       1,025     545     (1,716)     (146)
 

Contacts

Investor Relations:
Steven Silver
Chief Executive
Officer
647-957-2194
[email protected]

Read full story here

Advertisement
Stake.com

Warning: Undefined array key 0 in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493

Warning: Attempt to read property "cat_ID" on null in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493

Cannabis

Rodedawg (OTC: RWGI) Launches TikTok Shop to Expand into Global E-Commerce Market

Published

on

Continue Reading

Billion

Industrial Hemp Market Soars from $6.6 Billion to $25.7 Billion by 2034, Fueled by Sustainable Innovation

Published

on

industrial-hemp-market-soars-from-$66-billion-to-$25.7-billion-by-2034,-fueled-by-sustainable-innovation

Industrial Hemp Playing Key Role in Carbon Sequestration and Soil Remediation Aligning with Sustainable Farming Practices

ROCKVILLE, Md., June 12, 2024 /PRNewswire/ — Based on a new research report by Fact.MR, worldwide sales of Industrial Hemp Market are estimated to reach US$ 6.6 billion in 2024. By 2034, this market is anticipated to skyrocket to a staggering US$ 25.7 billion, driven by a steady CAGR of 14.5% from 2024 onward.

Demand for industrial hemp is skyrocketing as more and more industries recognize its versatile and sustainable properties. Once overlooked, this remarkable crop is now being embraced for its myriad uses across various sectors. From textiles and construction materials to biofuels and nutritional supplements, hemp’s applications are seemingly endless.

Environmentally conscious consumers are driving much of this demand, as hemp requires minimal pesticides and herbicides, making it an eco-friendly choice for sustainable farming. Its ability to sequester carbon dioxide and remediate contaminated soil further adds to its appeal. Moreover, hemp’s durability, lightweight nature, and renewable qualities make it an attractive alternative to traditional materials in manufacturing.

Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=3989

Advertisement
Stake.com

As awareness of hemp’s benefits continues to spread, industries are investing in research and development to unlock its full potential. With its multi-faceted applications and sustainable credentials, industrial hemp is poised to become a cornerstone of the green economy, meeting the growing demand for environmentally responsible products and practices.

Key Takeaways from the Market Study:

  • Based on nature, sales of organic hemp are estimated to reach a valuation of $3.2 billion in 2024.
  • The market in Mexico is evaluated to expand at a CAGR of 13.6% from 2024 to 2034.
  • Revenue from sales of industrial hemp in East Asia is projected to reach $5.9 billion by the end of 2034.
  • The South Korean market is evaluated to reach a valuation of $1.4 billion by the end of 2034.
  • North America is analyzed to hold a global market share of 24.3% by 2034.

“Use of industrial hemp in textiles, medicines, and food, coupled with global sustainability trends, is creating opportunities for suppliers. Governments worldwide are collaborating to boost global hemp distribution,” says a Fact.MR analyst.

Increasing Awareness of Therapeutic Potential of Hemp in Medical Applications

Once relegated to the fringes, industrial hemp is rapidly emerging as a sustainable wonder crop, fueling a wave of cutting-edge innovations across diverse industries. As researchers and entrepreneurs unlock its vast potential, hemp is proving to be a versatile and eco-friendly resource, paving the way for exciting new products and applications.

The automotive industry is also exploring the use of hemp fibers as a reinforcement material for lighter, stronger, and more sustainable car parts. These natural fiber composites could reduce vehicle weight, improving fuel efficiency and reducing emissions.

Advertisement
Stake.com

In the field of biotechnology, scientists are harnessing the unique properties of hemp to develop innovative products. For instance, researchers are exploring the use of hemp-derived compounds, such as cannabidiol (CBD), for their potential therapeutic applications in various medical conditions.

Japan’s Industrial Hemp Market Poised for Rapid Growth

The industrial hemp market in Japan is projected to grow at a compound annual growth rate (CAGR) of 15.1% from 2024 to 2034, with the country expected to hold a 29.4% market share by the end of the period.

Increased investment in research is crucial for unlocking the full potential of industrial hemp. Research efforts may focus on improving hemp genetics for higher yield and quality, optimizing cultivation practices, and exploring innovative applications such as advanced nanomaterials or pharmaceuticals. This investment fosters innovation and establishes a foundation for the hemp industry’s long-term growth and competitiveness in an ever-evolving market.

Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=3989

Advertisement
Stake.com

Expanding Opportunities in the United States Industrial Hemp Market

The industrial hemp market in the United States offers abundant opportunities for stakeholders to broaden their product portfolios. Beyond traditional uses like textiles and oils, there is significant potential for hemp-based products to evolve into biodegradable polymers, eco-friendly packaging, and even biofuels. This diversification, a prominent trend in the industrial hemp market, not only targets emerging markets but also positions hemp as a versatile and sustainable resource with applications across various industries.

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the industrial hemp market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on nature (organic, conventional), product type (fiber, seeds), and end use (food & beverages, consumer textiles, personal products, industrial applications, hemp CBD, supplements, other consumer products), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).

Advertisement
Stake.com

Check out More Related Studies Published by Fact.MR Research:

Hemp-Based Products Market is expected to reach $1.8 billion in 2023 and jump to a size of $16.2 billion by 2033.

Cannabis Infused Drinks Market is predicted to race ahead and end up at US$ 8.7 billion by 2032.

Ready-to-use Therapeutic Food Market to surge from $459.9M in 2024 to $800.6M by 2034, driven by 5.7% CAGR, marking substantial growth.

Specialty Fat and Oil Market will hit $85.94 billion by 2034 with a 4.6% Annual Growth Rate.

Advertisement
Stake.com

Baking Ingredient Market is set to reach $41.48 billion by 2034, Driven by 6.5% Annual Growth Rate.

Infant Milk Formula Market: From Growth Spurts to Baby Boom – Projected Surge to $22.35 Billion by 2034.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape. 

Advertisement
Stake.com

Contact:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team[email protected]
Follow Us: LinkedIn | Twitter | Blog

 

View original content:https://www.prnewswire.co.uk/news-releases/industrial-hemp-market-soars-from-6-6-billion-to-25-7-billion-by-2034–fueled-by-sustainable-innovation-302170602.html

Continue Reading

Innocan

Innocan Pharma Announces Successful Preliminary Safety Evaluation of LPT-CBD in Minipigs

Published

on

innocan-pharma-announces-successful-preliminary-safety-evaluation-of-lpt-cbd-in-minipigs

HERZLIYA, Israel and CALGARY, AB, June 11, 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 success and conclusion of a preliminary safety evaluation of Innocan’s single injection and sustained-release LPT-CBD conducted on minipigs. The animals demonstrated excellent drug tolerance and did not exhibit any drug-related adverse events.

 

 

Recognized by the FDA as an excellent model for toxicology, small breeds of miniature domestic pigs known as minipigs share strong similarities with humans in crucial aspects such as drug metabolism, skin structure, genetics, and physiological mechanisms. In this preliminary safety study, minipigs received a single subcutaneous injection of LPT-CBD and were closely monitored for pharmacokinetics and basic safety parameters over one month. Encouragingly, the animals all exhibited good drug tolerance and did not manifest any drug-related adverse reactions.

“We are thrilled with these findings, which further underpin the safety profile of LPT-CBD following a single injection,” commented Dr. Eyal Kalo, the R&D Director of Innocan Pharma. “With each new data point collected for LPT-CBD, we make significant strides in our quest to revolutionize patient care through sustained-release therapy. Our efforts to continuously gather data to fully characterize LPT-CBD are paramount in our journey towards its ultimate approval.”

Advertisement
Stake.com

Professor Chezy Barenholz the CSO of Innocan Pharma added, “These results are immensely gratifying and hold significant promise as they highlight the characteristics of LPT-CBD in a physiological setting similar to humans.”

The study involved administering three ascending doses of LPT-CBD via subcutaneous injection in minipigs, followed by comprehensive monitoring of pharmacokinetics and safety parameters for 28 days. Throughout the study, the minipigs demonstrated excellent drug tolerance, as evidenced by blood clinical parameters whithin normal range, healthy appetite, and normal behavior. These findings are consistent with prior safety evaluations conducted with LPT-CBD on diverse animal models including goats and dogs, affirming the drug’s favorable tolerability profile following both single and repeated use.

Grant of Restricted Share Units                                                                                                 

The Company has granted an aggregate of 290,000 restricted share units (each, an “RSU“) to consultants. Each RSU entitles the recipient to receive one common share of the Company (a “Common Share“) on vesting. A total of 150,000 RSUs vest on May 30, 2024, and 140,000 RSUs vest on September 30, 2024. The RSUs and the underlying Common Shares are subject to a statutory hold period of four months and one day expiring on October 1, 2024.

Innocan also announces that it granted 2,380,000 stock options to employees and consultants to the Company. These options have a strike price of $0.28, with various vesting periods up to 12 months. All options expire on May 30, 2029.

Advertisement
Stake.com

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.

Advertisement
Stake.com

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.

Logo: https://mma.prnewswire.com/media/2046271/3968398/Innocan_Pharma_Corporation_Logo.jpg

Advertisement
Stake.com

Cision View original content:https://www.prnewswire.co.uk/news-releases/innocan-pharma-announces-successful-preliminary-safety-evaluation-of-lpt-cbd-in-minipigs-302169232.html

Continue Reading
Advertisement
Stake.com

Latest news

Trending on Grassnews

GrassNews.net: Your premier portal for the latest developments in the cannabis industry. We provide timely news, insightful analysis, and in-depth features on everything from legislation changes and business trends, to scientific research and lifestyle topics. Stay informed and navigate the rapidly evolving cannabis landscape with GrassNews.net..

Contact us: [email protected]

Editorial / PR Submissions

Copyright © 2007 - 2024 Hipther Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania