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Tech Data Reports First Quarter Fiscal Year 2020 Results

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CLEARWATER, Fla.–(BUSINESS WIRE)–Tech Data (NASDAQ: TECD) (the “Company”) today announced its financial
results for the first quarter ended April 30, 2019.

    First quarter ended April 30,
($ in millions,

except per share amounts)

  2019   2018  

Y/Y
Change

Net Sales   $8,406.4   $8,548.3   -2%
 
Gross profit $509.4 $523.1 -3%
Gross margin 6.06% 6.12% -6 bps
 
SG&A expenses (GAAP) $405.8 $422.4 -4%
% of net sales 4.83% 4.94% -11 bps
 
SG&A expenses (Non-GAAP) $384.6 $399.1 -4%
% of net sales 4.58% 4.67% -9 bps
 
Operating income (GAAP) $97.6 $70.5 38%
Operating margin (GAAP) 1.16% 0.82% 34 bps
 
Operating income (Non-GAAP) $124.8 $124.1 1%
Operating margin (Non-GAAP) 1.48% 1.45% 3 bps
 
Net income (GAAP) $55.4 $33.7 64%
Net income (Non-GAAP) $75.9 $70.8 7%
 
EPS – diluted (GAAP) $1.49 $0.87 71%
EPS – diluted (Non-GAAP)   $2.04   $1.84   11%

A reconciliation of GAAP to non-GAAP financial measures is presented in
the financial tables of this press release.
This information is
also available on the Investor Relations section of Tech Data’s website
at www.techdata.com/investor.

“We are pleased to report a solid start to Tech Data’s fiscal year 20.
In Q1 we delivered double-digit earnings per share growth, generated
positive cash flow and earned an industry-leading return on invested
capital – all while making good progress on our strategy and continuing
to invest for the future. Our worldwide teams executed well in the
quarter, despite market uncertainty,” said Rich Hume, chief executive
officer. “Looking ahead, although IT market growth has slowed somewhat
from the year-ago levels, demand continues to be solid, and we remain
positive on the overall IT spending outlook.”

Regional Financial Highlights for the First Quarter Ended April 30,
2019:

    First quarter ended April 30,
($ in millions)   2019   2018  

Y/Y
Change

AMERICAS

     
Net Sales $3,789.2 $3,618.2 5%
% of WW net sales 45% 42%
 
Operating income (GAAP) $68.6 $61.3 12%
% of net sales 1.81% 1.70% 11 bps
 
Operating income (Non-GAAP) $84.7 $85.9 -1%
% of net sales   2.24%   2.38%   -14 bps

EUROPE

Net Sales $4,309.5 $4,661.7 -8%
% of WW net sales 51% 55%
 
Operating income (GAAP) $36.4 $17.3 110%
% of net sales 0.85% 0.37% 48 bps
 
Operating income (Non-GAAP) $45.6 $43.6 4%
% of net sales   1.06%   0.94%   12 bps

ASIA PACIFIC

Net Sales $307.7 $268.4 15%
% of WW net sales 4% 3%
 
Operating income (loss) (GAAP) $0.9 ($0.6) NM
% of net sales 0.28% -0.21% 49 bps
 
Operating income (Non-GAAP) $2.8 $1.1 161%
% of net sales   0.91%   0.40%   51 bps

Note: NM = not meaningful, WW = worldwide
Stock-based compensation
expense was $8.3 million, an increase of $0.7 million, compared to the
prior-year quarter. These expenses are excluded from the regional
operating results and presented as a separate line item in the company’s
segment reporting (see the GAAP to non-GAAP reconciliation in the
financial tables of this press release).

  • Net sales were $8.4 billion, a decrease of 2 percent compared to the
    prior-year quarter. On a constant currency basis, net sales increased
    3 percent.

    • Americas: Net sales were $3.8 billion, an increase of 5 percent
      compared to the prior-year quarter. On a constant currency basis,
      net sales increased 6 percent.
    • Europe: Net sales were $4.3 billion, a decrease of 8 percent
      compared to the prior-year quarter. On a constant currency basis,
      net sales increased 1 percent.
    • Asia Pacific: Net sales were $0.3 billion, an increase of 15
      percent compared to the prior-year quarter. On a constant currency
      basis, net sales increased 19 percent.
  • Net cash generated by operations during the quarter was $63 million.
  • Return on invested capital for the trailing twelve months was 13
    percent, compared to 4 percent in the prior year. Adjusted return on
    invested capital for the trailing twelve months was 14 percent,
    compared to 11 percent in the prior year.

“During Q1, we generated $63 million in cash from operations, returned
$36 million to our shareholders through share repurchases, and for the
trailing twelve-month period, earned an adjusted return on invested
capital of 14 percent. In addition, we recently improved our liquidity
profile to enhance our financial strength and flexibility – all of which
reflect our disciplined approach to optimizing our business and
commitment to creating shareholder value,” said Chuck Dannewitz,
executive vice president, chief financial officer.

Business Outlook

  • For the quarter ending July 31, 2019, the Company anticipates:

    • Worldwide net sales to be in the range of $8.6 billion to $8.9
      billion
    • EPS to be in the range of $1.53 to $1.83 and non-GAAP EPS to be in
      the range of $2.15 to $2.45
    • An effective tax rate in the range of 24 percent to 26 percent
  • This guidance assumes an average U.S. dollar to euro exchange rate of
    $1.12 to €1.00 which compares to $1.17 to €1.00 in the year-ago period.

Webcast Details

Tech Data will hold a conference call today at 9:00 a.m. (ET) to discuss
its financial results for the first quarter ended April 30, 2019. A
webcast of the call, including supplemental schedules, will be available
to all interested parties and can be obtained at www.techdata.com/investor.
The webcast will be available for replay for three months.

Non-GAAP Financial Information

The non-GAAP financial information contained in this release is included
with the intention of providing investors a more complete understanding
of the Company’s operational results and trends, but should only be used
in conjunction with results reported in accordance with Generally
Accepted Accounting Principles (“GAAP”). Certain non-GAAP measures
presented in this release or other releases, presentations and similar
documents issued by the Company include sales, income or expense items
as adjusted for the impact of changes in foreign currencies (referred to
as “constant currency”), non-GAAP operating income, non-GAAP operating
margin, non-GAAP net income, non-GAAP earnings per diluted share and
Adjusted Return on Invested Capital. Certain non-GAAP measures also
exclude acquisition-related intangible assets amortization expense,
benefits associated with legal settlements, acquisition, integration and
restructuring expenses, value-added tax assessments and related interest
expense, tax indemnifications and changes in deferred tax valuation
allowances. A detailed reconciliation of the adjustments between results
calculated using GAAP and non-GAAP in this release is contained in the
attached financial schedules. This information can also be obtained from
the Company’s Investor Relations website at www.techdata.com/investor.

Forward-Looking Statements

Certain statements in this communication may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements, including statements regarding
Tech Data’s plans, objectives, expectations and intentions, Tech Data’s
financial results and estimates and/or business prospects, involve a
number of risks and uncertainties and actual results could differ
materially from those projected. These forward looking statements are
based on current expectations, estimates, forecasts, and projections
about the operating environment, economies and markets in which Tech
Data operates and the beliefs and assumptions of our management. Words
such as “expects,” “anticipates,” “targets,” “goals,” “projects,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such
words, and similar expressions are intended to identify such forward
looking statements. In addition, any statements that refer to
projections of Tech Data’s future financial performance, our anticipated
growth and trends in our businesses, and other characterizations of
future events or circumstances, are forward looking statements. These
forward looking statements are only predictions and are subject to
risks, uncertainties, and assumptions. Therefore, actual results may
differ materially and adversely from those expressed in any forward
looking statements.

For additional information with respect to risks and other factors which
could occur, see Tech Data’s Annual Report on Form 10-K for the year
ended January 31, 2019, including Part I, Item 1A, “Risk Factors”
therein, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
other securities filings with the Securities and Exchange Commission
(the “SEC”) that are available at the SEC’s website at www.sec.gov
and other securities regulators. Readers are cautioned not to place
undue reliance upon any such forward-looking statements, which speak
only as of the date made. Many of these factors are beyond Tech Data’s
control. Unless otherwise required by applicable securities laws, Tech
Data disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Tech Data undertakes no duty to update any
forward looking statements contained herein to reflect actual results or
changes in Tech Data’s expectations.

About Tech Data

Tech Data connects the world with the power of technology. Our
end-to-end portfolio of products, services and solutions, highly
specialized skills, and expertise in next-generation technologies enable
channel partners to bring to market the products and solutions the world
needs to connect, grow and advance. Tech Data is ranked No. 88 on the
Fortune 500® and has been named one of Fortune’s “World’s
Most Admired Companies” for 10 straight years. To find out more, visit www.techdata.com or
follow us on TwitterLinkedIn,
and Facebook.

TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
Three months ended April 30,
2019   2018
Net sales $ 8,406,424 $ 8,548,319
Cost of products sold   7,897,045   8,025,202
Gross profit 509,379 523,117
Operating expenses:
Selling, general and administrative expenses 405,816 422,361
Acquisition, integration, and restructuring expenses 6,221 33,225
Legal settlements and other, net   (282)   (2,965)
  411,755   452,621
Operating income 97,624 70,496
Interest expense 26,257 25,922
Other (income) expense, net   (693)   1,917
Income before income taxes 72,060 42,657
Provision for income taxes   16,660   8,958
Net income $ 55,400 $ 33,699
 
Earnings per share:
Basic $ 1.50 $ 0.88
Diluted $ 1.49 $ 0.87
Weighted average common shares outstanding:
Basic   37,011   38,281
Diluted   37,247   38,561
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In thousands, except par value and share amounts)
(Unaudited)
   
April 30, January 31,
2019 2019
ASSETS    
 
Current assets:
Cash and cash equivalents $ 797,500 $ 799,123
Accounts receivable, net 5,423,370 6,241,740
Inventories 3,260,840 3,297,385
Prepaid expenses and other assets   367,858   354,601
Total current assets 9,849,568 10,692,849
Property and equipment, net 271,906 274,917
Goodwill 887,175 892,990
Intangible assets, net 924,338 950,858
Other assets, net   378,762   174,938
Total assets $ 12,311,749 $ 12,986,552
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 6,715,555 $ 7,496,466
Accrued expenses and other liabilities 984,366 1,000,126
Revolving credit loans and current maturities of long-term debt, net   123,092   110,368
Total current liabilities 7,823,013 8,606,960
Long-term debt, less current maturities 1,297,943 1,300,554
Other long-term liabilities   274,887   142,315
Total liabilities $ 9,395,843 $ 10,049,829
 
Shareholders’ equity:
Common stock, par value $0.0015; 200,000,000 shares authorized;
59,245,585
$ 89 $ 89
shares issued at April 30, 2019 and January 31, 2019
Additional paid-in capital 836,508 844,206
Treasury stock, at cost (22,483,529 and 22,305,464 shares at April
30, 2019
and January 31, 2019) (1,065,657) (1,037,872)
Retained earnings 3,141,914 3,086,514
Accumulated other comprehensive income   3,052   43,786
Total shareholders’ equity   2,915,906   2,936,723
Total liabilities and shareholders’ equity $ 12,311,749 $ 12,986,552
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
 
Three months ended April 30,
2019   2018
Cash flows from operating activities:  
Cash received from customers $ 11,913,347 $ 11,514,374
Cash paid to vendors and employees (11,800,318 ) (12,038,399 )
Interest paid, net (35,101 ) (33,763 )
Income taxes paid (14,739 ) (8,830 )
Net cash provided by (used in) operating activities 63,189   (566,618 )
Cash flows from investing activities:
Expenditures for property and equipment (7,745 ) (4,894 )
Software and software development costs (7,534 ) (3,561 )
Other (548 ) (267 )
Net cash used in investing activities (15,827 ) (8,722 )
Cash flows from financing activities:
Principal payments on long-term debt (5,224 ) (2,899 )
Cash paid for debt issuance costs (1,028 )
Net borrowings (repayments) on revolving credit loans 14,227 (13,291 )
Payments for employee tax withholdings on equity awards (8,602 ) (6,255 )
Proceeds from the reissuance of treasury stock 495 442
Repurchases of common stock (35,681 )  

Net cash used in financing activities

(35,813 ) (22,003 )
Effect of exchange rate changes on cash and cash equivalents (13,172 ) (12,708 )
Net decrease in cash and cash equivalents (1,623 ) (610,051 )
Cash and cash equivalents at beginning of year 799,123   955,628  
Cash and cash equivalents at end of period $ 797,500   $ 345,577  
Reconciliation of net income to net cash provided by operating
activities:
Net income $ 55,400 $ 33,699
Adjustments to reconcile net income to net cash provided by (used
in) operating activities:

Depreciation and amortization

37,257 40,481
Provision for losses on accounts receivable 1,765 924
Stock-based compensation expense 8,305 7,587
Accretion of debt discount and debt issuance costs 378 378
Changes in operating assets and liabilities:
Accounts receivable 751,836 670,528
Inventories 2,450 (7,387 )
Prepaid expenses and other assets 2,245 (30,344 )
Accounts payable (706,381 ) (1,132,019 )
Accrued expenses and other liabilities (90,066 ) (150,465 )
Total adjustments 7,789   (600,317 )
Net cash provided by (used in) operating activities $ 63,189   $ (566,618 )
TECH DATA CORPORATION AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(In thousands)
     
Three months ended April 30, 2019
Americas (1) Europe (1)   Asia Pacific (1)  

Stock
Compensation
Expense

Consolidated
Net Sales $ 3,789,198 $ 4,309,500 $ 307,726   $ 8,406,424
Operating income (GAAP) (1) $ 68,633 $ 36,420 $ 876 $ (8,305) $ 97,624
Acquisition, integration and restructuring expenses 2,911 3,024 286 6,221
Legal settlements and other, net (282) (282)
Tax indemnifications 320 320
Acquisition-related intangible assets amortization expense 13,440 6,115 1,324   20,879
Total non-GAAP operating income adjustments $ 16,069 $ 9,139 $ 1,930 $ – $ 27,138
Operating income (non-GAAP) $ 84,702 $ 45,559 $ 2,806 $ (8,305) $ 124,762
Operating margin (GAAP) 1.81% 0.85% 0.28% 1.16%
Operating margin (non-GAAP) 2.24% 1.06% 0.91% 1.48%
 
(1) GAAP operating income does not include stock
compensation expense at the regional level.
                 
Three months ended April 30, 2018
Americas (1) Europe (1) Asia Pacific (1)

Stock
Compensation
Expense

Consolidated
Net Sales $ 3,618,206 $ 4,661,702 $ 268,411   $ 8,548,319
Operating income (loss) (GAAP) (1) $ 61,342 $ 17,318 $ (577) $ (7,587) $ 70,496
Acquisition, integration and restructuring expenses 13,916 17,988 321 1,000 33,225
Legal settlements and other, net (2,965) (2,965)
Acquisition-related intangible assets amortization expense 13,643 8,329 1,332   23,304
Total non-GAAP operating income adjustments $ 24,594 $ 26,317 $ 1,653 $ 1,000 $ 53,564
Operating income (non-GAAP) $ 85,936 $ 43,635 $ 1,076 $ (6,587) $ 124,060
Operating margin (GAAP) 1.70% 0.37% -0.21% 0.82%
Operating margin (non-GAAP) 2.38% 0.94% 0.40% 1.45%
 
(1) GAAP operating income does not include stock
compensation expense at the regional level.
TECH DATA CORPORATION AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(In thousands)
 
Selling, general and administrative expenses (“SG&A”) Three months ended April 30,
2019   2018
Net Sales $ 8,406,424 $ 8,548,319
SG&A Expenses (GAAP) $ 405,816 $ 422,361
Tax indemnifications (320)
Acquisition-related intangible assets amortization expense   (20,879)   (23,304)
SG&A Expenses (non-GAAP) $ 384,617 $ 399,057
 
SG&A Expenses (GAAP) % 4.83% 4.94%
SG&A Expenses (non-GAAP) % 4.58% 4.67%
  Three months ended April 30,
2019       2018    
Net Income   Diluted EPS Net Income   Diluted EPS
GAAP Results $55,400 $1.49 $33,699 $0.87
Acquisition, integration and restructuring expenses 6,221 0.17 33,225 0.86
Legal settlements and other, net (282) (0.01) (2,965) (0.08)
Value added tax assessments and related interest expense (928) (0.02)
Tax indemnifications 320 0.01
Acquisition-related intangible assets amortization expense 20,879 0.56 23,304 0.61
Income tax effect of tax indemnifications (320) (0.01)
Income tax effect of other adjustments above (6,321) (0.17) (12,908) (0.33)
Change in deferred tax valuation allowances (2,600) (0.07)
           
Non-GAAP Results $75,897   $2.04 $70,827   $1.84

Return on Invested Capital (ROIC)

 
 
Twelve months ended April 30,
TTM Net Operating Profit After Tax (NOPAT)*: 2019   2018
Operating income $ 520,930 $ 405,497
Income taxes on operating income (1)   (52,272)   (242,229)
NOPAT $ 468,658 $ 163,268
 
Average Invested Capital:
Short-term debt (5-qtr end average) $ 115,018 $ 262,413
Long-term debt (5-qtr end average) 1,361,506 1,683,828
Shareholders’ Equity (5-qtr end average)   2,881,968   2,745,501
Total average capital 4,358,492 4,691,742
Less: Cash (5-qtr end average)   (676,308)   (751,732)
Average invested capital less average cash $ 3,682,184 $ 3,940,010
ROIC 13% 4%
 
* Trailing Twelve Months is abbreviated as TTM.
(1) Income taxes on operating income was calculated using
the trailing twelve months effective tax rate.

Adjusted Return on Invested Capital (ROIC)

Twelve months ended April 30,
TTM Net Operating Profit After Tax (NOPAT), as adjusted*: 2019   2018
Non-GAAP operating income (1) $ 708,588 $ 603,559
Income taxes on non-GAAP operating income (2) (179,283) (178,518)
NOPAT, as adjusted $ 529,305 $ 425,041
 
Average Invested Capital, as adjusted:
Short-term debt (5-qtr end average) $ 115,018 $ 262,413
Long-term debt (5-qtr end average) 1,361,506 1,683,828
Shareholders’ Equity (5-qtr end average) 2,881,968 2,745,501
Tax effected impact of non-GAAP adjustments (3) 44,860 95,713
Total average capital, as adjusted 4,403,352 4,787,455
Less: Cash (5-qtr end average) (676,308) (751,732)
Average invested capital less average cash $ 3,727,044 $ 4,035,723
Adjusted ROIC 14% 11%
*   Trailing Twelve Months is abbreviated as TTM.

(1)

Represents operating income as adjusted to exclude acquisition,
integration and restructuring expenses, legal settlements and other,
net, gain on disposal of subsidiary, value added tax assessments,
acquisition-related intangible assets amortization expense, goodwill
impairment and tax indemnifications.

(2)

Income taxes on non-GAAP operating income was calculated using the
trailing twelve months effective tax rate adjusted for the impact of
non-GAAP adjustments during the respective periods.

(3)

Represents the 5 quarter average of the year-to-date impact of
non-GAAP adjustments.

Guidance Reconciliation

 
 
Three months ending July 31, 2019

Low end of
guidance range

High end of
guidance range

Earnings per share – diluted $1.53 $1.83
Acquisition, integration and restructuring expenses 0.59 0.59
Acquisition-related amortization of intangibles 0.24 0.24
Income tax effect of the above adjustments (0.21) (0.21)
Non-GAAP earnings per share – diluted $2.15 $2.45

Contacts

Investor Contact
Tania Almond
Investor Relations
Director
+1 727.538.7064
tania.almond@techdata.com

Media Contact
Bobby Eagle
Director, External
Communications
+1 727.538.5864
bobby.eagle@techdata.com

Cannabis

Oppenheimer & Co. To Host 19th Annual Consumer Growth and E-Commerce Conference

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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.

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Cannabis

iCAN: Israel-Cannabis CEO and Founder Saul Kaye to Participate at the World Cannabis Congress in Saint John, New Brunswick

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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, EuropeIsrael 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

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Cannabis

Loyalist College to launch Canada’s first Technology Access Centre for natural products and cannabis

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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.

Quotes

“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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