Adjusted EBITDA2 Totaled NIS 197
Net Debt2 Remained Below NIS 1
Billion with Net Debt to Adjusted EBITDA Ratio of 1.3
Partner’s CEO, Isaac Benbenisti, Noted: “Partner’s Fiber Optics
Infrastructure Already Reaches More Than 400 Thousand Households in More
Than Half of Israel’s Cities across the Country, and Partner TV
Continues to Be the Fastest Growing Television Service in Israel with
over 152 Thousand Subscribers.”
First quarter 2019 highlights (compared with first quarter 2018)
Total Revenues: NIS 794 million (US$ 219 million), a
decrease of 4%
Service Revenues: NIS 624 million (US$ 172 million),
Equipment Revenues: NIS 170 million (US$ 47 million), a
decrease of 15%
Total Operating Expenses (OPEX)2:
NIS 472 million (US$ 130 million), a decrease of 5%
Adjusted EBITDA: NIS 197 million (US$ 54 million), an
increase of 11%
Adjusted EBITDA Margin2: 25%
of total revenues compared with 21%
Profit for the Period: NIS 2 million (US$ 1 million) a
decrease of 78%
Net Debt: NIS 977 million (US$ 269 million), an increase of
NIS 58 million
Adjusted Free Cash Flow (before interest)2:
negative NIS 11 million (US$ -3 million), a decrease of NIS 32
- Cellular ARPU: NIS 56 (US$ 15), a decrease of 3%
Cellular Subscriber Base: approximately 2.62 million at
quarter-end, a decrease of 1%
TV Subscriber Base: approximately 141 thousand subscribers
at quarter-end, an increase of 76 thousand subscribers
ROSH HA’AYIN, Israel–(BUSINESS WIRE)–Partner
Communications Company Ltd. (“Partner” or the “Company”)
(NASDAQ and TASE: PTNR), a leading Israeli communications provider,
announced today its results for the quarter ended March 31, 2019.
Commenting on the results for the first quarter of 2019, Mr. Isaac
Benbenisti, CEO of Partner noted:
“In a saturated communications market, Partner succeeded in
starting the year 2019 with positive momentum. Partner’s fiber optics
infrastructure already reaches more than 400 thousand households in more
than half of Israel’s cities across the country, and Partner TV
continues to be the fastest growing television service in Israel with
over 152 thousand subscribers.
In the cellular segment, we continued to maintain a low rate of churn by
focusing on existing customers. This strategy is also reflected in the
moderate decrease in ARPU we recorded compared to the previous quarter
and the corresponding quarter in 2018.
In recent months, we have focused on the strategy of providing value to
Partner’s customers in all areas of the Group’s business: cellular,
internet, television and the business division. This strategy is
expected to bring results both on the revenue side and in increasing
customer loyalty with respect to all lines of products and services.
As part of this strategy, we are establishing a dedicated customer
service division that will handle all of our private customers’ needs,
across cellular and fixed line segments. We believe that this will
further strengthen Partner’s industry-leading level of service, and
differentiate us from all other players in the communications market.
Alongside continued growth in television and accelerated deployment of
the fiber optics infrastructure, we succeeded in maintaining a net debt
level of under NIS 1 billion. Partner’s financial strength offers us
considerable flexibility for making strategic investments and for
expanding activity in new and existing business areas.”
Mr. Tamir Amar, Partner’s Chief Financial Officer, commented on the
“Partner closed another quarter characterized by significant competition
in its operating segments, achieving relative stability in service
revenues compared to the previous quarter, while continuing to grow its
fixed line segment activity, both in the number of subscribers and in
revenues. In the cellular segment, where competition continues to be
high, we continued to maintain a relatively low churn rate, which was
unchanged compared to the previous quarter and declined compared to the
corresponding quarter last year, and relatively low ARPU erosion by,
among other things, strategically focusing on customers that offer value
for the Company.
At the beginning of January 2019, an amendment to the network sharing
agreement between the Company and HOT Mobile was signed, as a result of
which, from the beginning of this year, the accounting treatment for the
jointly owned partnership with HOT mobile, PHI, is as a joint operation
instead of through the equity method. Therefore, the Company’s relative
share (50%) in PHI’s assets and liabilities was added to the Company’s
balance sheet. The change did not materially affect the Company’s
statement of income.
Starting with the first quarter of 2019, the Company adopted the new
accounting standard IFRS 16 – Leases, as required under IFRS. IFRS 16
requires the recognition of lease liability for lease payments and a
right-of-use asset, with respect to contracts that were previously
accounted for as operating leases. In the first quarter of 2019, the
impact of adopting IFRS 16 was an increase in Adjusted EBITDA for the
quarter by NIS 39 million.
We concluded the quarter with Adjusted Free Cash Flow (before interest
payments) of negative NIS 11 million. Cash flows from operating
activities totaled NIS 213 million. Lease payments, presented in cash
flows from financing activities, totaled NIS 39 million. CAPEX payments
totaled NIS 185 million, reflecting the Company’s strategy to continue
its leadership in telecommunications technologies with continued
significant investment in the Company’s fiber optics infrastructure.
This investment is only made possible by Partner’s strong balance sheet.
In addition, in recent months we have continued our preparations for our
future debt recycling with the private placement of untradeable option
warrants exercisable for the Company’s Series G debentures, thereby
arranging a significant portion of the Company’s expected funding
requirements for the years through 2021.”
Q1 2019 compared to Q4 2018
The decrease resulted from decreases in cellular service revenues as
a result of seasonality and price erosion, partially offset by an
increase in fixed-line segment service revenues
|Equipment Revenues||189||170||The decrease mainly reflected a lower volume of equipment sales|
|Gross profit from equipment sales||42||39|
Excluding the impact of IFRS 16, OPEX would have totaled NIS 511
Excluding the impact of IFRS 16, Adjusted EBITDA would have
|Profit for the Period||19||2||
The decrease in profit was mainly a result of the decrease in
Adjusted EBITDA excluding the impact of IFRS 16 (this also reflects
the fact that the increase in depreciation expenses and in finance
costs, net, due to IFRS 16 was of similar magnitude to the increase
in Adjusted EBITDA due to IFRS 16)
|Capital Expenditures (additions)||177||157|
|Adjusted free cash flow (before interest payments)||
Adjusted free cash flow increased mainly as a result of the increase
in operating assets and liabilities partially offset by the decrease
in Adjusted EBITDA (excluding the impact of IFRS 16)
|Cellular Post-Paid Subscribers (end of period, thousands)||2,361||2,340||Decrease of 21 thousand subscribers|
Cellular Pre-Paid Subscribers (end of period, thousands)
Decrease of 5 thousand subscribers
|Monthly Average Revenue per Cellular User (ARPU) (NIS)||57||56|
|Quarterly Cellular Churn Rate (%)||8.5%||8.5%|
Key Financial Results Q1 2019
compared to Q1 2018
|NIS MILLION (except EPS)||Q1’18||Q1’19||% Change|
|Cost of revenues||688||677||-2%|
|Profit for the period||9||2||-78%|
|Earnings per share (basic, NIS)||0.05||0.01|
|Adjusted free cash flow (before interest)||21||(11)|
Key Operating Indicators
|Adjusted EBITDA (NIS million)||177||197||+11%|
|Adjusted EBITDA margin (as a % of total revenues)||21%||25%||+4|
|Cellular Subscribers (end of period, thousands)||2,649||2,620||-29|
|Quarterly Cellular Churn Rate (%)||8.9%||8.5%||-0.4|
|Monthly Average Revenue per Cellular User (ARPU) (NIS)||58||56||-2|
Partner Consolidated Results
|Cellular Segment||Fixed-Line Segment||Elimination||Consolidated|
|NIS Million||Q1’18||Q1’19||Change %||Q1’18||Q1’19||Change %||Q1’18||Q1’19||Q1’18||Q1’19||Change %|
In Q1 2019, total revenues were NIS 794 million (US$ 219
million), a decrease of 4% from NIS 826 million in Q1 2018.
Service revenues in Q1 2019 totaled NIS 624 million (US$ 172
million), a decrease of NIS 1 million from NIS 625 million in Q1 2018.
Service revenues for the cellular segment in Q1 2019 totaled NIS
441 million (US$ 121 million), a decrease of 5% from NIS 466 million in
Q1 2018. The decrease was mainly the result of the continued price
erosion of cellular services (both Post-Paid and Pre-Paid) due to the
continued competitive market conditions.
Service revenues for the fixed-line segment in Q1 2019 totaled
NIS 224 million (US$ 62 million), an increase of 11% from NIS 202
million in Q1 2018. The increase reflected revenues from TV services and
internet services, which were partially offset principally by the
decline in revenues from international calling services.
Equipment revenues in Q1 2019 totaled NIS 170 million (US$ 47
million), a decrease of 15% from NIS 201 million in Q1 2018, mainly
reflecting a lower volume of equipment sales and a change in product mix.
Gross profit from equipment sales in Q1 2019 was NIS 39
million (US$ 11 million), compared with NIS 43 million in Q1 2018, a
decrease of 9%, mainly reflecting the decline in sales volumes,
partially offset by higher profit margins from sales due to a change in
the product mix.
Total operating expenses (‘OPEX’) totaled NIS 472 million (US$
130 million) in Q1 2019, a decrease of 5% or NIS 26 million from Q1
2018. The decrease mainly reflected the effect of the implementation of
IFRS 16 which totaled NIS 39 million, a decrease in credit losses, and a
decrease in costs related to international calls. These decreases were
partially offset by an increase in expenses relating to the growth in TV
and internet services. Including depreciation and amortization expenses
and other expenses (mainly amortization of employee share based
compensation), OPEX in Q1 2019 increased by 3% compared with Q1 2018.
Operating profit for Q1 2019 was NIS 9 million (US$ 2 million), a
decrease of 72% compared with operating profit of NIS 32 million in Q1
2018. Excluding the adoption of IFRS 16, operating profit in Q1 2019
would have been NIS 4 million. See Adjusted EBITDA analysis for each
Adjusted EBITDA in Q1 2019 totaled NIS 197 million (US$ 54
million), an increase of 11% from NIS 177 million in Q1 2018. The impact
of the adoption of IFRS 16 on Adjusted EBITDA in Q1 2019 was an increase
of NIS 39 million and, therefore, excluding the impact of IFRS 16,
Adjusted EBITDA would have been NIS 158 million. As a percentage of
total revenues, Adjusted EBITDA in Q1 2019 was 25% compared with 21% in
Adjusted EBITDA for the cellular segment was NIS 150 million (US$
41 million) in Q1 2019, an increase of 12% from NIS 134 million in Q1
2018, mainly reflecting the impact of the adoption of IFRS 16 which
increased cellular segment Adjusted EBITDA by NIS 34 million, and a
decrease in cellular operating expenses (OPEX), which were partially
offset by decreases in service revenues and in gross profit from
cellular equipment sales. As a percentage of total cellular segment
revenues, Adjusted EBITDA for the cellular segment in Q1 2019 was 26%
compared with 21% in Q1 2018.
Adjusted EBITDA for the fixed-line segment was NIS 47 million
(US$ 13 million) in Q1 2019, an increase of 9% from NIS 43 million in Q1
2018, reflecting the increases in fixed-line service revenues and in
gross profit from equipment sales, partially offset by the increase in
OPEX. The impact of the adoption of IFRS 16 in Q1 2019 on the Adjusted
EBITDA for the fixed-line segment was an increase of NIS 5 million. As a
percentage of total fixed-line segment revenues, Adjusted EBITDA for the
fixed-line segment in Q1 2019 was 19%, unchanged from Q1 2018.
Finance costs, net in Q1 2019 were NIS 14 million (US$ 4
million), a decrease of 22% compared with NIS 18 million in Q1 2018. The
decrease largely reflected the early loan repayment fee recorded in Q1
2018, partially offset by the impact of the adoption of IFRS 16 in Q1
2019, which resulted in an increase of NIS 5 million in finance costs.
Income tax expenses for Q1 2019 were an income of NIS 7 million
(US$ 2 million), compared with expenses of NIS 5 million in Q1 2018,
largely reflecting the loss before tax of NIS 5 million in Q1 2019
compared with profit before tax of NIS 14 million in Q1 2018.
Profit in Q1 2019 was NIS 2 million (US$ 1 million), compared
with a profit of NIS 9 million in Q1 2018, a decrease of 78%. The
impact of the adoption of IFRS 16 in Q1 2019 on profit was an immaterial
decrease of NIS 1 million.
Based on the weighted average number of shares outstanding during Q1
2019, basic earnings per share or ADS, was NIS 0.01 (US$ 0.003),
compared with basic earnings per share of NIS 0.05 in Q1 2018.
Cellular Segment Operational Review
At the end of Q1 2019, the Company’s cellular subscriber base
(including mobile data, 012 Mobile subscribers and M2M subscriptions)
was approximately 2.62 million, including approximately 2.34 million
Post-Paid subscribers or 89% of the base, and approximately 280 thousand
Pre-Paid subscribers, or 11% of the subscriber base.
During the first quarter of 2019, the cellular subscriber base decreased
by approximately 26 thousand. The Pre-Paid subscriber base decreased by
approximately 5 thousand, and the Post-Paid subscriber base decreased by
approximately 21 thousand.
The quarterly churn rate for cellular subscribers in Q1 2019 was
8.5%, compared with 8.9% in Q1 2018.
Total cellular market share (based on the number of subscribers)
at the end of Q1 2019 was estimated to be approximately 25%, unchanged
from Q1 2018.
The monthly Average Revenue per User (“ARPU”) for cellular
subscribers in Q1 2019 was NIS 56 (US$ 15), a decrease of 3% from NIS 58
in Q1 2018. The decrease mainly reflected the continued price erosion in
key cellular services due to the competition in the cellular market.
Funding and Investing Review
In Q1 2019, Adjusted Free Cash Flow (including lease payments) totaled
negative NIS 11 million (US$ -3 million), a decrease in Adjusted Free
Cash Flow of NIS 32 from positive NIS 21 million in Q1 2018.
Cash generated from operating activities increased by 36% from
NIS 157 million in Q1 2018 to NIS 213 million (US$ 59 million) in Q1
2019, mainly as a result of the adoption in Q1 2019 of IFRS 16, under
which lease payments are recorded in cash flows from financing
activities instead of in cash flows from operating activities, as well
as the impact of the change in the accounting treatment of PHI,
following the change in PHI’s governance (see below), where payments to
PHI for Right of Use of PHI’s assets which previously were recorded as
cash flows from operating activities under “Increase in deferred
expenses – right of use” are, as from Q1 2019, recorded as cash flows
from investing activities under “Acquisition of property and equipment”
and “Acquisition of intangible and other assets”.
Lease payments, recorded in cash flows from financing activities
under IFRS 16, totaled NIS 39 million in Q1 2019.
Cash capital expenditures (‘CAPEX payments’), as represented by
cash flows used for the acquisition of property and equipment and
intangible assets, were NIS 185 million (US$ 51 million) in Q1 2019, an
increase of 34% from NIS 138 million in Q1 2018, mainly reflecting the
impact of the change in the accounting treatment of PHI, as described
above, as well as increased investments in the fiber optics
The level of Net Debt at the end of Q1 2019 amounted to NIS 977
million (US$ 269 million), compared with NIS 919 million at the end of
Q1 2018, an increase of NIS 58 million.
Change in PHI’s governance from the beginning
At the beginning of January 2019, an amendment to the network sharing
agreement between the Company and HOT Mobile was signed, as a result of
which, control over the partnership, PHI, is now borne 50-50 by the
Company and HOT Mobile, and each nominates an equal number of directors
(three directors). Since, thereafter, decisions about the Relevant
Activities of PHI require the unanimous consent of both the Company and
HOT Mobile, PHI is considered a joint arrangement controlled by the
Company and HOT Mobile (joint operation). Therefore, from the beginning
of this year, PHI is accounted for as a joint operation by the Company,
and the Company recognizes its share (50%) in the assets, liabilities,
and expenses of PHI, instead of using the equity method for its PHI
This change was mainly reflected in the Company’s statement of financial
position at the beginning of 2019, with increases in non-current
right-of-use in leased assets of NIS 355 million, in current maturities
of lease liabilities of NIS 65 million, and in non-current lease
liabilities of NIS 290 million, and a recognition of property and
equipment and intangible assets of NIS 142 million, instead of deferred
expenses – right of use in PHI’s assets. The change was also reflected
in cash flows, where payments to PHI for Right of Use of PHI’s assets
which previously were recorded as cash flows from operating activities
under “Increase in deferred expenses – right of use” are now recorded as
cash flows from investing activities under “Acquisition of property and
equipment” and “Acquisition of intangible and other assets”. The change
did not materially affect the Company’s statement of income.
For additional details and implications, see note 9 to our consolidated
financial statements for the year ended December 31, 2018 and Item 5A.1d
in the Company’s Annual Report on Form 20-F for the year ended December
31, 2018, filed with the SEC on March 27, 2019.
The new leases standard, IFRS 16, came into effect on January 1, 2019.
The standard primarily affects the accounting for the Group’s operating
leases. The Company applied the simplified transition approach and did
not restate comparative amounts. As at January 1, 2019, the Company
recognized in the statement of financial position (including Partner’s
share in PHI’s lease contracts) a Lease – right of use asset of NIS 656
million and a lease liability of NIS 683 million (current and
non-current). The accumulated retained earnings decreased by NIS 21
million and the deferred income tax asset has changed in an immaterial
In the first quarter of 2019, the impact of adopting IFRS 16 on the
consolidated statement of income amounted to a decrease of NIS 39
million in operating expenses (OPEX), an increase of NIS 35 million in
depreciation and amortization expenses and an increase of NIS 5 million
in finance costs, net, which resulted in an immaterial increase in
operating profit and an immaterial decrease in profit for the quarter.
Adjusted EBITDA for the quarter increased by NIS 39 million, with
Adjusted EBITDA for the cellular segment increasing by NIS 34 million
and Adjusted EBITDA for the fixed-line segment increasing by NIS 5
Lease payments made in the first quarter of 2019 in an amount of NIS 39
million were recorded in the statement of cash flows under the cash
flows from financing activities instead of under cash flows from
Conference Call Details
Partner will hold a conference call on Thursday, May 30, 2019 at 10.00AM
Eastern Time / 5.00PM Israel Time.
To join the call, please dial the following numbers (at least 10 minutes
before the scheduled time):
North America toll-free: +1.866.860.9642
A live webcast of the call will also be available on Partner’s Investors
Relations website at: www.partner.co.il/en/Investors-Relations/lobby/
If you are unavailable to join live, the replay of the call will be
available from May 30, 2019 until June 14, 2019, at the following
North America toll-free: +1.888.254.7270
In addition, the archived webcast of the call will be available on
Partner’s Investor Relations website at the above address for
approximately three months.
press release includes forward-looking statements within the meaning of
Section 27A of the US Securities Act of 1933, as amended, Section 21E of
the US Securities Exchange Act of 1934, as amended, and the safe harbor
provisions of the US Private Securities Litigation Reform Act of 1995.
Words such as “estimate”, “believe”, “anticipate”, “expect”, “intend”,
“seek”, “will”, “plan”, “could”, “may”, “project”, “goal”, “target” and
similar expressions often identify forward-looking statements but are
not the only way we identify these statements. Specific statements have
been made regarding the expected benefits of the Company’s strategy to
provide value to its customers in all areas of its business; the
expectation to increase the Company’s differentiation and competitive
advantage by establishing a private customer service division; the
Company’s strategy to continue its leadership in telecommunication
technologies with continued significant investments in the Company’s
fiber optics infrastructure; and the Company’s preparations regarding
its future debt recycling in anticipation of the Company’s expected
funding requirements for the years through 2021. In addition, all
statements other than statements of historical fact included in this
press release regarding our future performance are forward-looking
statements. We have based these forward-looking statements on our
current knowledge and our present beliefs and expectations regarding
possible future events. These forward-looking statements are subject to
risks, uncertainties and assumptions, including, whether quality offers,
attractive service bundles or low prices offered by the Company’s
competitors might prevent the Company from attracting and retaining
customers; whether market conditions will support the Company’s goal to
create differentiation and a competitive advantage by establishing a
private customer service division; whether the Company’s financial
resources and technological capabilities in fiber optics will enable it
to continue to lead in telecommunication technology, and whether such
leadership might be challenged by capabilities developed by competitors
or by changes occurring in the regulatory environment; and whether
unanticipated demands on the Company’s financial resources might cause
the preparations for future debt recycling to fall short of the
Chief Financial Officer
Oppenheimer & Co. To Host 19th Annual Consumer Growth and E-Commerce Conference
Oppenheimer & Co. Inc. (“Oppenheimer”) – a leading investment bank, wealth manager, and a subsidiary of Oppenheimer Holdings (NYSE: OPY) – will host its 19th Annual Consumer Growth and E-Commerce Conference on June 18-19 in Boston, MA. This year’s event features companies from prominent consumer brands such as Autozone, Domino’s Pizza, Express, Home Depot, Lowe’s, Six Flags Theme Parks, Tiffany & Company, Ulta, Walmart, Weight Watchers, and Yum Brands.
Of particular note, Oppenheimer is pleased to host nine of the market-leading companies involved with emerging trends in the Cannabis space this year. The event will also feature seven panel discussions, moderated by Oppenheimer Consumer Research Analysts, addressing emerging and disruptive trends in the consumer marketplace as follows:
- Evolving Role of Technology in the Consumer Sector with Cooler Screens and Lindsay Goldberg LLC, moderated by Brian Nagel
- A Discussion with Emerging Restaurant Brands with Aurify and B. Good, moderated by Brian Bittner
- A Discussion on the Evolving US Food & Beverage Landscape with Lifeway, New Age Beverage, and United Natural Foods, moderated by Rupesh Parikh
- Next Gen Brands Re-Shaping Landscape for Women’s Fashion with CARAA and Rothy’s, moderated by Brian Nagel
- Exciting New Brands Shaking Up Home Products Space with Burkelman, LoveSac and Resident/Nectar, moderated by Brian Nagel
- A Discussion on the Emerging CBD Landscape with Curaleaf and CV Sciences, moderated by Rupesh Parikh
- Leveraging the Power of Digital to Connect with Consumers with Eight and FlexShopper, moderated by Brian Nagel
The conference features Oppenheimer’s Consumer Senior Research Analysts:
- Brian Bittner, Managing Director Senior Analyst covering Restaurants
- Brian Nagel, Managing Director and Senior Analyst covering Retail and E-Commerce
- Rupesh Parikh, Managing Director and Senior Analyst covering Food, Grocery and Consumer Products
- Ian Zaffino, Managing Director and Senior Analyst covering event-driven Special Situations
“Long-established business models are being upended by disruptive brands and technology, affecting consumer preferences and buying behaviors throughout the consumer industry. This year’s event aims to showcase the mix of market-leading and emerging companies driving and navigating these changes,” said Erica L. Moffett, Managing Director and Associate Director of Research at Oppenheimer. “From effortless payment methods to accelerated delivery times and customized products, consumers want a seamless experience. In order to succeed, companies must stay current on the evolving consumer and we are pleased to host a conference to explore this new landscape.”
Oppenheimer’s next conference will be the Montauk Emerging Life Sciences Summit, which will be held on June 26-28in Montauk, NY. The 22nd Annual Technology, Internet & Communications Conference will follow on August 6-7 in Boston, MA, followed by the Midwest Corporate Access Day in Chicago on August 15.
Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), and its affiliates provide a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions.
SOURCE Oppenheimer & Co. Inc.
iCAN: Israel-Cannabis CEO and Founder Saul Kaye to Participate at the World Cannabis Congress in Saint John, New Brunswick
iCAN: Israel Cannabis Founder and CEO Saul Kaye will participate at the World Cannabis Conference being held in Saint John, New Brunswick, Canada from June 16-18, 2019.
Kaye, a leader in the global cannabis ecosystem will moderate a session entitled, “Innovative Methodologies and Emerging Topics in Global Cannabis Research.” Panelists are Dr. Suzanne Sisley MD President and Principal Investigator, Scottsdale Research Institute and, Dr. Jerry King, R&D Consultant, CFS. The session will take place at the Saint John Trade & Convention Centre on June 18.
The World Cannabis Congress (WCC) is an exclusive, invite-only event for international cannabis leaders, influencers and trend setters. The event will have hundreds of attendees from around the world from business, government and medicine.
In addition to his leadership of iCAN: Israel Cannabis, Kaye is an industry advisor to the Medical Cannabis Caucus of the Israeli Parliament, as well as an advisor to the Ministries of Economy and Health in Israel. He is a licensed pharmacist and a successful entrepreneur with both retail and e-commerce experience. Saul has founded multiple companies spanning six countries across the US, Europe, Israel and Australia.
“Canada has truly been a global trailblazer in the cannabis industry. Canadian cannabis companies and its stock market are influential and forward looking and we in Israel, the R&D capital of cannabis, collaborate with our Canadian friends on many different levels. I look forward to participating at the WCC as the medicine and business of cannabis develops at breathtaking speed both in Israel and beyond,” said Kaye.
SOURCE iCAN: Israel Cannabis
Loyalist College to launch Canada’s first Technology Access Centre for natural products and cannabis
Loyalist College is the recipient of a $1,750,000 Natural Sciences and Engineering Research Council of Canada (NSERC) College and Community Innovation (CCI) Program grant over five years to launch Canada’s first Technology Access Centre (TAC) for natural products and cannabis. In addition, Loyalist received $1Mthrough the Canada Foundation for Innovation’s (CFI) College-Industry Innovation Fund (CIIF) to add specialized equipment to the TAC.
Loyalist was one of 90 recipients at colleges, cégeps and polytechnics across the country to receive part of the $73M in funding, announced today by the Honourable Kirsty Duncan, Minister of Science and Sport, at Georgian College in Barrie, Ontario. Through the CCI Program and the CIIF, this investment will help post-secondary institutions partner directly with local employers to facilitate commercialization and transform the results of research and development into new technologies to help businesses expand and grow.
The rapid growth of Canada’s cannabis, hops and natural products sectors positions Loyalist’s Applied Research Centre for Natural Products and Medical Cannabis (ARC) as a national innovation hub for small- to medium-sized enterprises. As a TAC, Loyalist will build on the ARC’s 15 years of natural product extraction expertise and analysis-based applied research. In transitioning to a TAC, Loyalist’s ARC will significantly increase the College’s capacity to lead applied research of commercially relevant natural products and cannabis, and to support innovation by enhancing industries’ access to sector-relevant expertise and technology.
The TAC initiative will cultivate an environment for College-industry partnerships to thrive while providing students with unparalleled opportunities for work-integrated learning; investigating extraction, isolation, and formulation; and product development. In partnership with the Quinte Economic Development Commission (QEDC), Loyalist will support the Bay of Quinte’s burgeoning natural products and cannabis sectors to generate regional socioeconomic benefits, and to provide opportunities for a new generation of innovators. Loyalist will also offer companies across Canada a supportive, community-oriented platform from which to enhance their productivity, expand their reach and augment their competitiveness in the global market.
“We are very grateful for NSERC’s continued support and proud to be Canada’s first TAC for natural products and cannabis. Loyalist currently has more than 25 companies interested in applied research, and as our ARC transitions into a TAC, we will be able to meet their requirements while significantly extending our network to help more companies to innovate. Our Biosciences and Cannabis Applied Science students will have the advantage of being involved in ground-breaking research that propels Canada forward as the world leader in cannabis and natural product developments.” – Dr. Ann Marie Vaughan, Loyalist College President & CEO
“It’s great to see this NSERC and CFI funding come through for Loyalist College’s launch of Canada’s first TAC for research in natural products and cannabis. Being able to conduct research in a state-of-the-art facility means that students working in the College’s ARC will be able to build up their expertise in product analysis; which can then be applied directly to commercial development. This is just the beginning of seeing a new series of natural products being designed, assessed, made and delivered from our region.” – Neil R. Ellis, Member of Parliament for Bay of Quinte
“I am so proud to see the innovation that is driving research and economic development in our rural community through Loyalist College’s ARC. Innovation is key to Rural Sustainability and this investment will ensure that we are training the next generation in the latest technological advances. I congratulate them on their NSERC and CFI grant, and wish them all the best of success.” – Mike Bossio, Member of Parliament for Hastings—Lennox and Addington
“The Quinte Economic Development Commission is proud to be a supporting partner with Loyalist College on this important initiative that is aligned with economic development opportunities and priorities in the region. The TAC will support industry research and innovation for companies in key industry sectors as well as helping students develop in-demand skills and experience. Congratulations to the team at Loyalist on launching this important project.” – Chris King, Chief Executive Officer, Quinte Economic Development Commission
SOURCE Loyalist College
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