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GigCapital, Inc. Announces Contribution to Trust Account and Provides Kaleyra Financial Information
PALO ALTO, Calif.–(BUSINESS WIRE)–GigCapital, Inc. (NYSE: GIG, GIG.U, GIG.RT, and GIG.WS) (“GigCapital”),
a Technology, Media and Telecom (TMT) Private-to-Public Equity (PPE)
corporation, previously announced that it will hold a special meeting of
stockholders (the “Special Meeting”) on June 5, 2019, at 10:00 a.m.,
local time, at the office of GigCapital, located at 2479 E. Bayshore
Rd., Suite 200, Palo Alto, California 94303, to vote on a proposal to
amend (the “Charter Amendment”) the Company’s amended and restated
certificate of incorporation to extend the date (the “Extension”) by
which the Company has to consummate its business combination with
Kaleyra S.p.A. (“Kaleyra”) for an additional six months, from June 12,
2019 to December 12, 2019 (the “Extended Date”).
GigCapital today announced that if the stockholders approve the Charter
Amendment, GigAcquisitions, LLC (the “Sponsor”) and the other founders
of GigCapital (the “Founders”) collectively have agreed to contribute to
GigCapital as a loan $240,000 for each calendar month, or portion
thereof, that is needed by GigCapital to complete the business
combination with Kaleyra (each, a “Contribution”). The Contributions are
conditional upon the implementation of the Extension. The Contributions
will not occur if the Charter Amendment is not approved or the Extension
is not completed for any reason. The Contributions will be deposited
into the trust account established in connection with GigCapital’s
initial public offering (the “Trust Account”). As a result, the amount
in the Trust Account following a Contribution for redemption of shares
of GigCapital’s common stock issued in its initial public offering
(each, a “Public Share”) that are not redeemed in connection with the
stockholder vote to approve the Extension, will be increased. The amount
of the Contributions will not bear interest and will be repayable by
GigCapital upon consummation of the business combination with Kaleyra.
If the Extension is implemented, the Sponsor and Founders will make the
first Contribution on or before June 12, 2019. GigCapital will announce
by the end of each calendar month whether there will be a subsequent
Contribution made, and any subsequent Contributions will be made on or
before the tenth of a subsequent month. The Sponsor will have the sole
discretion to determine whether to continue extending for additional
months until the Extended Date, and if the Sponsor determines not to
continue extending for additional months, the obligation of the Sponsor
and Founders to make additional Contributions will terminate and
GigCapital will dissolve and liquidate in accordance with its amended
and restated certificate of incorporation.
As previously stated by GigCapital in its proxy statement for the
Special Meeting, the sole purpose of the Charter Amendment is to allow
Kaleyra sufficient time to prepare the required financial statements
needed before GigCapital can seek stockholder approval of the business
combination with Kaleyra. Kalerya has been diligently working to prepare
those financial statements, and GigCapital anticipates being able to
move forward with the consummation of the business combination on the
timeline previously announced when the parties announced the
transaction. Kaleyra has provided GigCapital with the following
unaudited pro forma consolidated financial information for fiscal years
2017 and 2018, and consolidated financial information for its first
fiscal quarter of 2019, all based on U.S. GAAP, as approved by the
Kaleyra board of directors:
| 2017 – | Revenues — $77.6 million |
| Adjusted EBITDA — $4.3 million | |
| 2018 – | Revenues — $98.5 million |
| Adjusted EBITDA — $7.4 million | |
| Q1 2019 – |
Revenues — $27.7 million (up more than 35% from Q1 2018 pro forma revenues of $20.4 million) |
Kaleyra is in the process of finalizing its consolidated financial
information for its first fiscal quarter of 2019 based on U.S. GAAP as
one of its final steps of preparing financial statements for inclusion
in the proxy statement being prepared for approval by the GigCapital
stockholders of the business combination, and when completed and filed
as part of that proxy statement, further disclosure will be made
regarding expenses, net income and Adjusted EBITDA for the first fiscal
quarter of 2019.
Reaffirmation of 2019 Outlook
Kaleyra management reaffirms its outlook on U.S. GAAP revenue and
Adjusted EBITDA for the full-year 2019 as previously set forth using
Italian GAAP in the investor presentation related to the business
combination with GigCapital filed with the Securities and Exchange
Commission (SEC) on February 26, 2019. This guidance is subject to the
risks and uncertainties described in the “Forward-Looking Statements”
below.
“We are very pleased to provide this initial presentation of our
financial performance to the public and GigCapital’s stockholders. The
preliminary consolidated and pro forma results that we are reporting
today for fiscal year 2018, which includes strong annual revenue growth
of nearly 30% from the prior fiscal year to approximately $100 million
and accelerating Adjusted EBITDA, as well as growth of approximately 35%
for the first quarter of 2019 from the first quarter year ago to more
than $27 million, demonstrates the strength of our business and
financial model,” said Mr. Dario Calogero, Kaleyra’s Founder and current
Chairman of the Board and Chief Executive Officer. “We believe Kaleyra’s
future is bright. We move in a high growth market space at the
intersection between enterprise interactive services and mobile users,
where our platform is increasingly supporting thousands of enterprises
to smoothly interact with their consumers, using their mobile devices,
taking advantage of our omnichannel communication platform worldwide.
The pending combination with GigCapital will serve as a catalyst for the
next phase of growth within the rapidly expanding Cloud Communications
for Enterprises market. GigCapital’s powerful leadership team of
successful corporate executives with extensive technology public-market
operational and entrepreneurial expertise, along with a deep bench of
industry experts at their disposal, are already helping shape our future
as we prepare to become a publicly traded company. I look forward to
sharing our story with the investment community going forward.”
“I want to congratulate Dario and his team for their swift completion of
the preparation of the U.S. GAAP compliant results. We know this was a
challenging assignment given the many international acquisitions the
company has made in recent years and the stringent reporting
requirements under U.S. GAAP. Their ability to present this preliminary
information to investors in a short time period should give the market
confidence that their team is fully prepared to move forward as a U.S.
GAAP compliant publicly listed company,” said Dr. Avi Katz, Founder,
Executive Chairman of the Board, and Chief Executive Officer of
GigCapital, Inc. and Sole Manager of GigAcquisitions, LLC. “Once this
combination is approved by GigCapital’s stockholders, which we believe
will happen in just a few months, Kaleyra will have a stronger financial
structure to achieve its growth objectives. Furthermore, the combination
is a testament to the GigCapital team’s unique Private-to-Public Equity
(PPE) and Mentor-Investor platforms, which the GigCapital
Group plans to quickly replicate through new PPE enterprises as it looks
to partner with the many late-stage growth technology companies that
have expressed interest in our model to accelerate their path to a U.S.
public listing. We are happy to offer current GigCapital stockholders a
meaningful financial incentive, since we want them to stay as our
stockholders and minimize their redemption so they can continue to
benefit from Kaleyra’s potential long-term fundamental opportunity as we
move closer to consummation of the combination.”
SEC Filing
A Current Report on Form 8-K has been filed today with the SEC,
accompanied by this press release, which can be accessed through the
SEC’s website at www.sec.gov.
Disclaimer
This communication shall neither constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of securities in any jurisdiction in which the offer, solicitation,
or sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction.
Additional Information About the Transaction and Where To Find It
Additional information about the proposed business combination with
Kaleyra and related transactions will be described in GigCapital’s
preliminary proxy statement relating to the proposed business
combination and the respective businesses of GigCapital and Kaleyra,
which GigCapital will file with the SEC. The proposed business
combination and related transactions will be submitted to stockholders
of GigCapital for their consideration. GigCapital’s stockholders and
other interested persons are advised to read, once available, the
preliminary proxy statement and any amendments thereto and, once
available, the definitive proxy statement, in connection with
GigCapital’s solicitation of proxies for its special meeting of
stockholders to be held to approve, among other things, the proposed
business combination and related transactions, because these documents
will contain important information about GigCapital, Kaleyra and the
proposed business combination and related transactions. The definitive
proxy statement will be mailed to stockholders of GigCapital as of a
record date to be established for voting on the proposed business
combination and related transactions.
Stockholders may also obtain a copy of the preliminary or definitive
proxy statement, once available, as well as other documents filed with
the SEC by GigCapital, without charge, at the SEC’s website located at www.sec.gov
or by directing a request to Tara McDonough, Vice President and Chief
Financial Officer, GigCapital, Inc., 2479 E. Bayshore Rd., Suite 200
Palo Alto, CA 94303, or by telephone at (650) 276-7040.
Participants in the Solicitation
Kaleyra, GigCapital and their respective directors and executive
officers and other persons may be deemed to be participants in the
solicitations of proxies from GigCapital’s stockholders in respect of
the proposed business combination and related transactions. Information
regarding GigCapital’s directors and executive officers is available in
its Form 10-K filed with the SEC on December 6, 2018. Additional
information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests will be contained in
the preliminary and definitive proxy statements related to the proposed
business combination and related transactions when it becomes available,
and which can be obtained free of charge from the sources indicated
above.
About GigCapital, Inc.
GigCapital,
Inc. (NYSE: GIG, GIG.U, GIG.RT, and GIG.WS), is a Private-to-Public
Equity (PPE) company, (also known as a Blank-Check or Special Purpose
Acquisition Company (“SPAC”)), sponsored by GigAcquisitions, LLC, and
sole-managed by GigFounders, LLC (www.gigfoundersglobal.com).
All were founded in 2017 by Dr. Avi Katz. The GigCapital Group companies
are led by an affiliated team of technology industry experts, deploying
a unique Mentor-Investors methodology to partner with exceptional
privately-held and non-U.S. public technology companies of dedicated
solid entrepreneurs. The GigCapital Group companies offer financial,
operational and executive mentoring to U.S. and global private, and
non-U.S. public companies, in order to accelerate their path from
inception and as a privately-held entity into the growth-stage as a
publicly traded company in the U.S. The partnership of the GigCapital
Group with these companies continues through an organic and roll-up
strategy growth post the transition to a public company. For more
information, visit www.gigcapitalglobal.com.
“Private-to-Public Equity (PPE)” and “Mentor-Investor” are trademarks of
GigFounders, LLC, used pursuant to agreement.
About Kaleyra
Kaleyra is a global group specializing in providing mobile messaging
services for financial institutions and multiple other types of
enterprises of all sizes. Through its proprietary platform, Kaleyra
manages multi-channel integrated communication services on a global
scale, comprising messages, push notifications, e-mail, instant
messaging, voice services and chatbots. Kaleyra’s technology today makes
it possible to manage huge volumes of messages, with some 2 billion
notifications a month. For more information: www.kaleyra.com
Non-GAAP Financial Measure and Related Information
This communication includes reference to adjusted EBITDA, a financial
measure that is not prepared in accordance with U.S. generally accepted
accounting principles (“GAAP”). Adjusted EBITDA is defined as of any
date of calculation, the consolidated pro forma earnings of Kaleyra and
its subsidiaries, before finance income and finance cost (including bank
charges), tax, depreciation and amortization calculated from the audited
consolidated financial statements of such party and its subsidiaries
(prepared in accordance with local GAAP), plus (i) transaction expenses
of Kaleyra and GigCapital, (ii) without duplication of clause (i),
severance or change of control payments, (iii) any expenses related to
company restructuring, (iv) any compensation expenses relating to stock
options, restricted stock units, restricted stock or similar equity
interests as may be issued by the post-combination company or any of its
subsidiaries to their employees and (v) any provision for the write down
of assets. The pro forma earnings of Kaleyra, which is an Italian
company, and its subsidiaries, which include subsidiaries outside of the
U.S., may not be prepared in conformance with Article 11 of Regulation
S-X of the SEC. Adjusted EBITDA is being used to determine whether
conditions have been achieved that would result in the issuance of the
earn-out and the vesting of the Deferred Shares. GigCapital management
believes that this non-GAAP measure of Kaleyra’s financial results will
provide useful information to management and investors regarding certain
financial and business trends relating to Kaleyra’s anticipated
financial condition and results of operations. Investors should not rely
on any single financial measure to evaluate Kaleyra’s anticipated
business.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of U.S. federal securities laws regarding the proposed
transactions with Kaleyra, the Charter Amendment, Extension,
Contributions and GigCapital. Such forward-looking statements include,
but are not limited to, statements regarding the approval of the Charter
Amendment, implementation of the Extension, payment of the
Contributions, closing of the combination and the expectations, hopes,
beliefs, intentions, plans, prospects or strategies regarding the
business combination and future business plans of the Kaleyra and
GigCapital management teams. Any statements contained herein that are
not statements of historical fact may be deemed to be forward-looking
statements. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking statements.
The words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would” and similar expressions may
identify forward-looking statements, but the absence of these words does
not mean that a statement is not forward-looking. The forward-looking
statements contained in this press release are based on certain
assumptions and analyses made by the management of GigCapital and/or
Kaleyra in light of their respective experience and their perception of
historical trends, current conditions and expected future developments
and their potential effects on Kaleyra and GigCapital as well as other
factors they believe are appropriate in the circumstances. There can be
no assurance that future developments affecting Kaleyra or GigCapital
will be those anticipated. These forward-looking statements involve a
number of risks, uncertainties (some of which are beyond the control of
the parties) or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied
by these forward-looking statements, including that the GigCapital
stockholders will approve the Charter Amendment and the transaction, the
ability of the post-combination company to meet the NYSE listing
standards, and that Kaleyra will have sufficient capital upon the
approval of the transaction to operate as anticipated. Should one or
more of these risks or uncertainties materialize, or should any of the
assumptions being made prove incorrect, actual results may vary in
material respects from those projected in these forward-looking
statements. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under applicable
securities laws.
|
KALEYRA S.PA. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) |
|||||||||
| Years Ended December 31, | |||||||||
| 2018 | 2017 | ||||||||
| Revenue (1) | $ | 77,949 | $ | 43,214 | |||||
| Revenue – Solutions Infini prior to acquisition | 16,919 | 29,297 | |||||||
| Revenue – Buc Mobile prior to acquisition | 3,650 | 5,052 | |||||||
| Total Non-GAAP Revenue | $ | 98,518 | $ | 77,563 | |||||
| Net Income (loss) (1) | $ | (7,219 | ) | $ | 509 | ||||
| Adjustments to net Income (loss): | |||||||||
| Income tax expense (benefit) | 1,341 | 493 | |||||||
| Other income, net | (371 | ) | (334 | ) | |||||
| Interest expense, net | 442 | 219 | |||||||
| Foreign currency loss | 32 | 640 | |||||||
| Depreciation and amortization | 1,581 | 347 | |||||||
| Non-GAAP EBITDA | $ | (4,194 | ) | $ | 1,874 | ||||
| Loss on equity investments prior to acquisitions | $ | 1,053 | $ | 36 | |||||
| EBITDA for pre-acquisition period of subsidiaries | 1,207 | 1,374 | |||||||
| Non-cash compensation expense | 1,170 | 550 | |||||||
| Non-cash stock option expense | 6,638 | 135 | |||||||
| Acquisition transaction costs | 1,537 | 306 | |||||||
| Non-GAAP adjusted EBITDA | $ | 7,411 | $ | 4,275 | |||||
|
(1) Per unaudited US GAAP financial statements as of December 31, 2018 and 2017 |
|||||||||
Contacts
GigCapital:
Darrow Associates, Inc.
Jim Fanucchi
+1
(408) 404-5400
ir@gigcapitalglobal.com
Additional Investor Contact:
MacKenzie Partners, Inc.
Bob
Marese/Dan Sullivan
+1 (212) 929-5500
proxy@mackenziepartners.com
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Innocan
Innocan Pharma Submits Investigational New Animal Drug Application to FDA’s Veterinary Center
HERZLIYA, Israel and CALGARY, AB, July 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 that the FDA’s Center for Veterinary Medicine (CVM) has granted the Company a sponsor fee waiver and assigned an Investigational New Animal Drug (INAD) number for its LPT-CBD (Liposome Platform Technology-Cannabidiol) product. This represents a significant step for the Company, as an INAD designation facilitates correspondence and data exchange with CVM to support LPT-CBD development as a new veterinary drug.
The Company further announced that following the assessment of LPT-CBD’s scientific package, the CVM recognized Innocan’s contribution to pursuing innovative animal drug products and technology and granted the company a sponsor fee waiver for fiscal year 2024.
Innocan’s LPT-CBD is a proprietary drug delivery platform designed to provide prolonged-release CBD for chronic pain and well-being management in animals. Over the past year, repeated administration of LPT-CBD in dogs and other animals has demonstrated both efficacy and tolerability, providing sufficient evidence for the INAD application.
“We are thrilled by CVM’s response,” said Prof. Chezy Barenholz, CSO of Innocan Pharma. “The granted INAD will allow us to advance the investigational studies of LPT-CBD and share knowledge to support future discussions with CVM on LPT-CBD’s development plan. Moreover, the fee waiver, granted by CVM, supports our development and pursuit of innovative animal drug products and technology, further validating our approach and potential impact in veterinary medicine.”
Dr. Eyal Kalo, R&D Director at Innocan, added, “LPT-CBD is a unique technology that has proven itself worthy of the INAD fee waiver granted by CVM. This will streamline our efforts to deliver a unique solution for chronic pain management to the animal market.”
About Innocan Pharma:
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/
Contact Information:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
info@innocanpharma.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution Regarding Forward-Looking Information
Certain information set forth in this news release, including, without limitation, the Company’s plans for human trials of its LPT-CBD platform, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. . The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties that could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: global and local (national) economic, political, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and potential disruption of relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import/export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. A comprehensive discussion of other risks that impact Innocan can be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedarplus.ca.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
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Cannabis
Verano Announces the Opening of Zen Leaf Fairless Hills, the Company’s Newest Affiliated Dispensary in Pennsylvania, in Prime New Location
- Zen Leaf Fairless Hills, the Company’s newest affiliated dispensary in Pennsylvania, relocated from its former home in Chester to 203 Lincoln Highway, a busy thoroughfare with daily traffic of over 17,000 vehicles per day1
- As the first medical cannabis dispensary in the city, Zen Leaf Fairless Hills will offer an elevated experience for area patients, including increased convenience and accessibility with numerous point-of-sale stations and kiosks for seamless in-store browsing and ordering
- Verano’s active operations span 13 states, comprised of 142 dispensaries and 13 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
CHICAGO, July 26, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the opening of Zen Leaf Fairless Hills in Pennsylvania on Friday, July 26th, following a ceremonial ribbon cutting at 11 a.m. local time. Zen Leaf Fairless Hills is located at 203 Lincoln Highway and will be open Monday through Saturday from 9 a.m. to 8 p.m. and Sunday from 10 a.m. to 6 p.m. local time.
The dispensary is located in Bucks County, the fourth largest county in the Commonwealth with a total population of over 630,0002 residents. To increase accessibility and convenience, Zen Leaf Fairless Hills features large in-store kiosks and numerous point-of-sale stations to enhance the browsing and ordering experience for patients. To celebrate the grand opening of Zen Leaf Fairless Hills and following a ceremonial ribbon cutting, patients will be greeted with complimentary deals and doorbusters on featured branded products.
“We are excited to bring the Zen Leaf experience to local patients in Fairless Hills, where our talented team members will continue to deliver hospitality-driven care and top-quality products for local patients,” said George Archos, Verano Founder and Chief Executive Officer. “As the Pennsylvania medical cannabis patient population continues to grow, we are grateful for the opportunity to deepen our roots in Bucks County at our newest Zen Leaf location in the Commonwealth, and look forward to providing a warm and welcoming environment for current and future patients.”
Zen Leaf Fairless Hills adds another convenient outlet for Philadelphia area patients, and solidifies Verano’s footprint in the state as one of the Company’s 18 affiliated Pennsylvania dispensaries. Verano’s Pennsylvania operations also include a state-of-the-art 62,000 square foot cultivation and processing facility in Chester, where the Company produces its signature Verano Reserve flower and Troches, concentrates and vapes; (the) Essence and Savvy flower and extracts; and Avexia RSO cannabis oil and topicals. For additional convenience and accessibility, patients can choose to order ahead at ZenLeafDispensaries.com for express in-store pickup.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 13 U.S. states, comprised of 13 production facilities with over 1,000,000 square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Media
Verano
Steve Mazeika
VP, Communications
Steve.Mazeika@verano.com
Investors
Verano
Julianna Paterra, CFA
VP, Investor Relations
Julianna.Paterra@verano.com
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023, its quarterly report on Form 10-Q for the quarter ended March 31, 2024 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at www.sec.gov. The Company makes no assurances and cannot predict the outcome of all or any part of the on-going litigation with Goodness Growth referenced in this press release, including whether the Company will prevail on its Notice of Application and its counterclaim, or whether Goodness Growth will prevail on its claim for damages against the Company. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
###
1 Pennsylvania Department of Transportation
2 United States Census Bureau
Cannabis
Unlocking New Horizons in Health: TNR, The Niche Research Reveals the Transformative Power of Minor Cannabinoids
Wilmington, Delaware, July 25, 2024 (GLOBE NEWSWIRE) — Minor cannabinoids refer to the lesser-known compounds found in the cannabis plant, distinct from the well-known THC (tetrahydrocannabinol) and CBD (cannabidiol). While THC and CBD dominate the market, minor cannabinoids such as CBG (cannabigerol), CBC (cannabichromene), and CBN (cannabinol) are gaining attention for their potential therapeutic benefits. These compounds are extracted from both marijuana and hemp plants, with varying legal restrictions depending on their THC content. The minor cannabinoids market is poised for significant growth, driven by increasing consumer awareness and demand for alternative health and wellness products. As regulatory environments around cannabis products evolve, companies are exploring the potential of minor cannabinoids in various applications, including pharmaceuticals, nutraceuticals, cosmetics, and food and beverages.
Minor cannabinoids are being researched for their potential therapeutic effects, including anti-inflammatory, analgesic, and neuroprotective properties. This versatility facilitates product diversification in various industries. Companies are investing in research and development to create novel formulations and delivery methods for minor cannabinoids. This includes nano-emulsions, encapsulation technologies, and controlled-release systems to enhance bioavailability and efficacy. For example, in January 2022, CBDA + CBGA Tincture a new product was launched by Hometown Hero CBD. This 30ml tincture contains 600mg each of CBGA, CBDA, CBG, and CBD. Derived from hemp, the cannabinoids in this tincture comply with legal requirements across all 50 states in the USA. There is an increasing consumer preference for natural as well as plant-based remedies, which in turn is driving the demand for cannabinoid-infused products. This trend is particularly strong among younger demographics seeking alternatives to traditional pharmaceuticals. Evolving regulatory frameworks, particularly in regions like North America and Europe, are creating opportunities for legal market expansion. Regulatory clarity is crucial for market participants to navigate compliance and market entry.
Global Minor Cannabinoids Market: Key Datapoints
|
Market Value in 2023 |
US$ 17.8 Bn |
|
Market Value Forecast by 2034 |
US$ 42.3 Bn |
|
Growth Rate
|
8.2% |
|
Historical Data
|
2016 – 2022 |
|
Base Year
|
2023 |
|
Forecast Data
|
2024 – 2034 |
Increasing consumer interest in health and wellness products, coupled with the perceived therapeutic benefits of cannabinoids, is a major driver of market growth. Progressive cannabis legalization in various parts of the world, including the United States and parts of Europe, is expanding the addressable market for minor cannabinoids. Significant investments in research and development by pharmaceutical and biotechnology companies are accelerating product innovation and clinical trials. The market remains fragmented with opportunities for new entrants and niche players to introduce specialized products catering to specific consumer needs.
The COVID-19 pandemic initially disrupted supply chains and retail channels for minor cannabinoids products. However, the crisis also underscored the importance of health and wellness, leading to increased interest in natural remedies, including cannabinoids. As economies recover, the market is expected to rebound stronger.
The geopolitical tensions, such as the Russia-Ukraine conflict, have also affected global markets, including the minor cannabinoids sector. Fluctuating currency values, supply chain disruptions, and geopolitical uncertainty have impacted production and distribution channels. However, the long-term impact will depend on geopolitical developments and their influence on global trade and regulatory environments.
The minor cannabinoids market presents significant opportunities for growth and innovation, driven by evolving consumer preferences, regulatory advancements, and expanding research initiatives. Companies that can navigate regulatory complexities, invest in research and development, and respond to shifting consumer trends are well-positioned to capitalize on this emerging market. As the market matures, collaboration across sectors and regions will be crucial in unlocking the full potential of minor cannabinoids in various industries worldwide.
Global Minor Cannabinoids Market: Key Takeaways of the Report
- Cannabigerol (CBG) segment by product type is expected to grow at a CAGR of 6.7% in the minor cannabinoids market due to increasing research highlighting its potential therapeutic benefits, including anti-inflammatory, antimicrobial, and neuroprotective properties. As consumer awareness grows and regulatory environments become more favorable, there is heightened interest in CBG-based products for their diverse health applications, ranging from skincare to pharmaceutical formulations, driving sustained market demand and expansion.
- Pharmaceutical segment by application, leads the minor cannabinoids market with a significant revenue share of 35.8% owing to growing recognition of cannabinoids’ potential in therapeutic applications. Cannabinoids like CBD, CBG, and others show promise in treating conditions such as epilepsy, chronic pain, and anxiety disorders, backed by increasing clinical research and favorable regulatory developments. Pharmaceutical companies are investing heavily in cannabinoid-based drug development, driving market growth as they seek to capitalize on these compounds’ efficacy and market potential in addressing unmet medical needs.
- In 2023, Latin America is anticipated as fastest growing region in the global minor cannabinoids market due to evolving regulatory landscapes favoring cannabis legalization and cultivation. This shift is fostering a burgeoning industry infrastructure for cannabis extraction and product development. Additionally, increasing consumer acceptance of cannabinoid-based products for medicinal and wellness purposes is driving market expansion. With a vast potential consumer base and supportive regulatory frameworks, Latin America presents significant growth opportunities for companies seeking to enter or expand within the minor cannabinoids market.
Key Development:
- In December 2023, Rare Cannabinoid Company introduced Uplift Gummies infused with THC and THCV. These gummies combine the relaxing properties of Delta-9-THC with the energizing and appetite-controlling effects of CBD and THCV.
- In October 2022, High Tide Inc., a cannabis retailer, announced that its Colorado-based subsidiary, NuLeaf Naturals, had launched plant-based softgels and full-spectrum multicannabinoid oil in Manitoba. The products feature CBC, CBD, CBG, Delta-9 tetrahydrocannabinol (Delta 9), and CBN.
Browse Related Category Reports
Global Minor Cannabinoids Market:
- Aurora Europe GmbH
- BulKanna
- CBD. INC.
- Fresh Bros Hemp Company
- GCM Holdings, LLC (Global Cannabinoids)
- GenCanna.
- High Purity Natural Products.
- Laurelcrest
- Mile High Labs
- PBG Global
- Rhizo Sciences
- ZERO POINT EXTRACTION, LLC
- Other Industry Participants
Global Minor Cannabinoids Market
By Product Type
- Cannabigerol (CBG)
- Cannabichromene (CBC)
- Cannabinol (CBN)
- Cannabidivarin (CBDV)
- Tetrahydrocannabutol (THCB)
- Tetrahydrocannabivarin (THCV)
- Tetrahydrocannabiphorol (THCP)
- Others
By Application
- Pharmaceutical
- Pain Management
- Mental Health
- Sleep Disorders
- Anti-inflammatory
- Others
- Nutraceuticals
- Cosmetics and Personal Care
- Food and Beverages
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
Consult with Our Expert:
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The Niche Research
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