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2019 BIO International Convention Exhibitor Profiles
PHILADELPHIA–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/BIO2019?src=hash” target=”_blank”gt;#BIO2019lt;/agt;–The 2019 BIO International Convention runs June 3 – 6, 2019 at the
Pennsylvania Convention Center in Philadelphia, PA.
Business Wire is the official
news distribution partner for BIO 2019. Exhibitor profiles from
the convention are listed below.
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Company: | Acumen Analytics |
Booth: | 1301 |
Web: | http://www.acumen-analytics.com/ |
Acumen Analytics is an information management and analytics |
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Company: | AlloMek |
Booth: | 649 |
Web: | http://www.allomek.com/ |
AlloMek strives to develop innovative therapeutics to patients with rare and debilitating diseases. Targeting orphan diseases using macrocycles. |
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AlloMek was formed to develop, and out-license, a novel class of MEK inhibitors represented by the lead compound CIP-137401. |
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CIP-1374 was discovered by Cheminpharma, LLC team. All intellectual property and rights related to CIP-1374 were transferred from Cheminpharma to AlloMek Therapeutics. |
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Company: | Amarex Clinical Research |
Booth: | Maryland Pavilion |
Web: | www.amarexcro.com |
Amarex is a CRO headquartered in Maryland (USA) providing complete, worldwide clinical product safety & efficacy testing and FDA regulatory services. Amarex helps companies from the pre-clinical stage through the marketing approval application. Our custom regulatory approval plan serves to guide efficient pre-clinical and clinical testing and is helpful for fund raising. |
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If your management is new to the regulatory approval process, Amarex can guide you through to success, serving as your virtual Clinical, Medical Safety, Biometrics, and Regulatory departments to create and execute the regulatory approval plan. |
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Company: | American Gene Technologies |
Booth: | 3627 |
Web: | www.americangene.com |
AGT is a gene and cell therapy company with a gene-delivery platform designed to rapidly develop cures to infectious diseases, cancers, and monogenic disorders. AGT’s mission is to transform people’s lives through genetic medicines that rid the body of disease. AGT’s lead candidate for an HIV cure is expected to enter the clinic in 2019. In parallel, AGT has a patented immuno-oncology approach to stimulate the body’s immune system to destroy solid tumors. AGT has also developed a synthetic gene it expects to cure Phenylketonuria (PKU) which is anticipated to reach the clinic in 2020. |
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Company: | American Laboratory Trading |
Booth: | 1114 |
Web: | www.ALT.bio |
American Laboratory Trading, a BIO Business Solutions® provider and Agilent Channel Partner, specializes in Asset Recovery, Refurbish and Resale services of secondary lab equipment in the life sciences industry. |
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Our asset recovery program goes beyond a ‘one-size-fits-all’ approach. Whether you need to monetize one instrument, liquidate an entire lab or require ongoing program management, we can help. |
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Our refurbish and resale services offer our customers a lower point of entry to high-quality, brand name instrumentation. We carry more than 12,000 instruments in-stock, ranging from benchtop accessories to triple quad mass spectrometers. |
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Learn more at www.ALT.bio. | |
Company: | Ardigen |
Booth: | 4133 |
Web: | www.ardigen.com |
Ardigen is a life science computational partner in the era of Artificial Intelligence. We provide comprehensive technology and custom services that leverage our domain knowledge and expertise in bioinformatics, machine learning and software engineering together with our proprietary technology. Ardigen platforms for neoepitope, biomarker, and microbiome research facilitate the improvement of the response rates in immuno-oncology. |
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Company: | Asta Pharmaceuticals Co., Ltd. |
Booth: | 4000 |
Web: | https://www.astapharma.co.jp/en/ |
We are a privately held company based in Toyama, Japan with |
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Company: | Avacta Life Sciences |
Booth: | 3559 |
Ticker Symbol & Exchange: | AVCT:LON |
Web: | www.avacta.com |
At Avacta Life Sciences, our mission is to create a high quality, powerful set of tools to help Life Scientists accelerate the understanding of biology and disease and to help them apply these advances to diagnosis and treatment. Affimer® reagents are engineered affinity proteins that are set to revolutionise the reagents market. They are based on a small protein scaffold that can be engineered to bind with high specificity and affinity to a wide range of protein targets. With a ground-breaking rapid custom service and a growing online catalogue, Affimer reagents can be used for a wide range of applications in diagnostics, drug/biomarker discovery, biotech research & development and as therapeutic agents. |
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Company: | Axiom Real-Time Metrics |
Booth: | 408 |
Web: | www.axiommetrics.com |
Headquartered in Toronto, Canada, Axiom delivers intuitive, powerful and cost-effective eClinical solutions and services focused around small to medium biotech, medical device and CROs. Services include: Data Management, Data Analytics, Biostatistics and Pharmacovigilance. Axiom’s eClinical suite, Fusion, delivers a powerful range of innovative end-user focused, unified functionality and 15 modules. Axiom serves as the Connected Hub for your entire clinical study data and operational needs. Fusion Delivers: EDC, DM, IWRS, CTMS, Inventory Management, IVR, Patient Portal, AE/SAE Tracking, Safety Database, Central Lab, Imaging, eTMF, and 24/7 Project and Clinical Data Reporting. |
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For more information, please visit http://www.axiommetrics.com/. | |
Company: | BIO Asia-Taiwan 2019 (Taiwan BIO) |
Booth: | 2609-A |
Web: | https://www.bioasiataiwan.com/ |
Co-organized by the global Biotechnology Innovation Organization (BIO) and the Taiwan Bio Industry Organization (Taiwan BIO), the inaugural BIO Asia-Taiwan 2019 Conference and Exhibition will be held in Taipei, Taiwan 24-28 July, 2019. A week-long festival of biotech-themed conferences, meetings, and presentations, BIO Asia-Taiwan is poised to become Asia’s most important gathering of the biotechnology community. Join 1,500 participants from 25 countries at the 3-day conference for sessions on AI for healthcare, advances in precision medicine, cell and gene therapies, M&A in the healthcare sector, and more. Participate in BIO One-on-One Partnering, and take in the latest products and technologies from more than 600 companies at the four-day exhibition. |
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Company: | BioCT |
Booth: | 649 |
Web: | https://bioct.org |
BioCT is dedicated to growing the vibrant bioscience ecosystem in Connecticut by supporting innovation, collaboration, networking, education, talent engagement and advocacy. We bring together companies, institutions, entrepreneurs, investors, government, service providers, and other passionate, dedicated people, to create a thriving community to improve patients’ lives and public health and drive economic growth. |
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Company: | Bioquell |
Booth: | 3417 |
Web: | www.bioquell.com |
A global leader in providing risk reduction solutions, Bioquell’s wide range of bio-decontamination systems and services help facilities establish a safe and productive working environment. With Bioquell’s proprietary and EPA registered 35% Hydrogen Peroxide Vapor technology, you can eliminate bioburden within lab spaces and rooms, manufacturing areas, equipment, pass-throughs, and more. Backed by numerous peer-reviewed studies and trusted around the world, the process is rapid, effective, and residue-free. Bioquell’s technology distributes Hydrogen Peroxide Vapor on all exposed surfaces, providing a 6-log kill. We also offer uniquely designed, modular isolators integrated with Bioquell bio-decontamination technology. Visit www.bioquell.com for more information. |
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Company: | Bio-Rad Laboratories |
Booth: | 2249 |
Ticker Symbol & Exchange: | NYSE:BIO |
Web: | http://www.bio-rad.com/ |
Bio-Rad is a global leader in developing, manufacturing, and marketing a broad range of innovative products for the life science research and clinical diagnostic markets. With a focus on quality and customer service for over 65 years, our products advance the discovery process and improve healthcare. Our customers include university and research institutions, hospitals, biotech and pharma. Bio-Rad is among the top five life science companies in the world, providing instruments, software, consumables, reagents, and content for the areas of cell biology, gene expression, protein purification, protein quantitation, drug discovery and manufacture, food safety, and science education. |
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Company: | BioTalent Canada |
Booth: | 2427 |
Web: | www.biotalent.ca |
BioTalent Canada is the HR partner of and a catalyst for growth in Canada’s bio-economy. Our engagement with employers, associations, post-secondary institutions, immigrant serving agencies and service providers has built a dynamic network that is strengthening skills, connecting job-ready talent to industry and creating opportunities. Please visit biotalent.ca for more information. |
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Company: | Biotech Primer Inc. |
Booth: | 3814 |
Web: | https://biotechprimer.com/ |
Biotech Primer develops and delivers customized training on the science and regulatory processes driving the biotechnology, pharmaceutical, and medical device industries. With continuously updated materials and industry expert instructors, Biotech Primer provides the most relevant life science courses worldwide. |
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Company: | BRG Regulatory Consulting |
Booth: | 2331 |
Web: | www.biotechresearchgroup.com |
BRG Regulatory Consulting is a full service regulatory and product development consulting firm. BRG has an excellent reputation as a leading NDA, 510k, and IND consulting firm, which has clients and consultants in over 60 countries across the globe. The primary aim of BRG is to provide efficient and expeditious services and give the best solutions for our clients’ products that include drugs, medical devices, biologics, cosmetics, cGMP, quality assurance, and scientific services. BRG has the expertise you need to increase your chances of initial FDA approval, saving you both time and resources. |
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Company: | Cayman Chemical Company |
Booth: | 4239 |
Web: | www.caymanchem.com/Services |
Cayman provides pre-clinical discovery and development services to the global pharmaceutical, biotechnology, and academic research markets. Our diverse suite of services leverages a team of over 150 highly skilled scientists with expertise in medicinal chemistry, structure-based drug design, complex multi-step organic synthesis, analytical chemistry, sample analysis and custom assay development. We offer a personalized, flexible approach that enables our clients to accelerate their drug discovery and development through a single-source partner, from novel drug design and synthesis to target identification and validation. Visit us at BIO 2019 Exhibitor Booth #4239. |
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Company: | Celeritas Solutions, LLC |
Booth: | 2641 |
Web: | www.celeritassolutions.com |
Celeritas Solutions is a clinical financial management company |
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Company: | Cell Microsystems, Inc. |
Booth: | 4270 |
Web: | www.cellmicrosystems.com |
Cell Microsystems develops, manufactures, and markets innovative products for single cell research that provide flexibility in imaging, sorting, and isolation. The CellRaft AIR System and CytoSort Array enables high-efficiency sorting and isolation of single cells under standard culture conditions resulting in unperturbed phenotypes and high viability. A user can select a cell in real-time and ‘track and trace’ that cell through imaging, collection and downstream analysis, even for small, precious samples. The AIR System is uniquely applicable to a broad range of applications including genomics, cancer research, T-cell screening in search of immunotherapies, CRISPR gene editing, and stem cell research. |
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Company: | Clinlogix |
Booth: | 1301 |
Web: | www.clinlogix.com |
Clinlogix is a Global Clinical Research Organization working to improve human quality of life by supporting and accelerating innovation in the life science industry. Its full suite of clinical research services supports the regulatory and clinical development pathway of medical devices, pharmaceuticals, biologics and diagnostics from proof of concept/discovery, early feasibility/first-in-human, through pivotal and the post-marketing/safety surveillance of client products. The company delivers this global expertise by way of its regional office locations in the US – Lower Gwynedd, Pennsylvania, Europe – Mainz, Germany, South America – Medellin, Colombia and Asia – Tokyo, Japan. |
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Company: |
Clinvet + Hodei Tech |
Booth: |
4262 |
Web: |
www.clinvet.com; www.hodeitech.com |
It is only in the last few years that the Animal Health sector has |
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We invite you to stop by Booth 4262 (opposite the |
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Company: | Connecticut Innovations |
Booth: | 649 |
Web: | https://ctinnovations.com |
CI is Connecticut’s strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. By offering equity investments, strategic guidance and introductions to valuable partners, we enable promising businesses to thrive. |
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How we help: | |
•Investment: Venture capital and strategic support for early-stage technology companies. |
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•Connections: Introductions to our vast network of small and big businesses, talent, university researchers, service providers, suppliers and more. |
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•Business Advisers: Mentors who specialize in your sector or the skills you need, including executives in residence. |
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Company: | CoreRx, Inc |
Booth: | 3154 |
Web: | www.corerxpharma.com |
CoreRx, a Contract Development Manufacturing Organization (CDMO) with capabilities to support clinical – niche commercial manufacturing, offering state of the art facilities to support your supply chain needs. Our integrated offerings provide comprehensive services for the development, manufacturing, and testing of solid, liquid and semi-solid dosage forms. |
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Company: | Crowell & Moring LLP |
Booth: | Belgian Pavilion |
Web: | www.crowell.com |
Crowell & Moring LLP is an international law firm with approximately 550 lawyers representing clients in litigation and arbitration, regulatory, and transactional matters. Our experienced life sciences team helps businesses and individuals explore and exploit new opportunities and markets for their products and ideas, ensure compliance with regulatory requirements, and resolve disputes through litigation, mediation, and settlement. Our clients include individual inventors, research labs, privately owned start-ups, small to large biotech product and platform companies, and multinational pharmaceutical, and bioagricultural companies. The firm has offices in Washington, D.C., New York, Los Angeles, San Francisco, Orange County, London, and Brussels. |
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Company: | Daicel Corporation |
Booth: | 4342 |
Web: | www.daicelpharmaservices.com |
Daicel Corporation, a leader in analysis, manufacturing, and celebrating 100 years of service to the scientific community, is expanding its Life Science portfolio to meet the challenges of a rapidly evolving pharmaceutical industry. Daicel Pharma Services offers innovative analytical solutions to support timely, safe drug development with improved cost efficiency. Our GMP facilities are FDA compliant and offer a full range of analytical method development, validation, and transfer on formulation products and drug substances. Daicel Pharma Standards offers a wide range of high-quality pharmaceutical standards of >95%. Our experienced chemists employ strict manufacturing protocols to produce effective, high-purity and high-quality products. |
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Company: | DataArt |
Booth: | 2754 |
Web: | https://www.dataart.com/industry/healthcare-and-life-sciences |
DataArt is a global technology consultancy that designs, develops and supports unique software solutions, helping clients take their businesses forward. Recognized for their deep domain expertise and superior technical talent, DataArt teams create new products and modernize complex legacy systems that affect technology transformation in select industries. |
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DataArt has earned the trust of some of the world’s leading brands and most discerning clients, including Nasdaq, Travelport, Ocado, Centrica/Hive, BetfairPaddyPower, IWG, Univision, Meetup and Apple Leisure Group among others. DataArt brings together expertise of over 2,800 professionals in 22 locations in the US, Europe, and Latin America. |
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Company: | DeltaTrak, Inc. |
Booth: | 3415 |
Web: | www.deltatrak.com |
DeltaTrak®, Inc., is a leading innovator of food safety and cold chain management and temperature monitoring solutions. |
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Company: | DelveInsight Business Research |
Booth: | 4141 |
Web: | www.delveinsight.com |
DelveInsight is a Business Consulting and Market research company, |
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Company: | Eurofins BioPharma Services |
Booth: | 2949 |
Ticker Symbol & Exchange: | ERFSF : Euronext 100 |
Web: | https://eurofinscentrallaboratory.com/ |
Eurofins BioPharma Services is a full-service global organization with dedicated testing facilities for Early Clinical Development, Central Laboratory Services, Bioanalytical Services, Virology and Immunology Testing Services, Anatomic Pathology and Genomics Services. As a division of the Eurofins Scientific Group, our sole and only focus is clinical laboratory analysis. With €3,781.1 million in annual revenues [2018], over 45,000 employees in 800 laboratories across 47 countries, a portfolio of over 200,000 analytical methods and over 400,000,000 tests performed annually, Eurofins Scientific is a world leader in laboratory science, providing a unique range of analytical testing services to the pharmaceutical, food, environment, and consumer product industries and to governments. |
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Company: | Fina Biosolutions LLC |
Booth: | 3427 |
Web: | https://www.finabio.net/ |
Fina Biosolutions LLC (Rockville, MD) is a conjugate vaccine research and development company. Our mission is to promote conjugate vaccines. We are a leading provider of conjugate vaccine technology, including conjugation chemistry, laboratory services and consulting. Chemistry developed by FinaBio scientists is used in licensed vaccines world-wide. FinaBio is also a source for affordable CRM197 vaccine carrier protein. We express CRM197 as a soluble, properly-folded intracellular protein in E. coli, with high expression levels and a simple purification process. The protein is marketed as EcoCRM®. With EcoCRM® and our conjugate vaccine expertise, we can help turn your antigens into vaccines. |
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Company: | G-CON Manufacturing, Inc. |
Booth: | 4009 |
Web: | www.gconbio.com |
G-CON Manufacturing designs, builds and installs prefabricated G-CON POD® cleanrooms. G-CON’s POD portfolio provides cleanrooms in a number of dimensions for a variety of uses, from laboratory environments to personalized medicine and production process platforms. G-CON POD® cleanroom units surpass traditional cleanroom structures in scalability, mobility and the possibility of repurposing the PODs once the production process reaches its lifecycle end. |
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Company: | GVK BIO | Aragen Bioscience |
Booth: | 3513 |
Web: | www.gvkbio.com |
Established in 2001, GVK BIO is a global Contract Research & |
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Company: | Hesperos, Inc. |
Booth: | IZ-32 |
Web: | www.hesperosinc.com |
Hesperos Inc. provides insights into novel drug candidates at the preclinical stage by evaluating their efficacy and safety using sensitive, functional readouts in human-on-a-chip multi-organ models to reduce and eventually eliminate use of animal models. This innovative new technology is helping pharmaceutical researchers, large and small, make more informed decisions on which drugs to move forward with, ultimately bringing patients new therapeutics cheaper and quicker than ever possible before and enabling patient specific treatments. |
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Company: |
Hodei Tech |
Booth: |
4262 |
Web: |
www.hodeitech.com |
Telepresence: the next best thing to being there. |
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Hodei’s GEMINI and IKASI Telepresence programs simplify live |
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Trusted by scientists and medical professionals globally, Hodei |
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Schedule a meeting or stop by Booth 4262 (opposite the |
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Company: | IIAM |
Booth: | 4215 |
Web: | www.iiam.org |
The International Institute for the Advancement of Medicine (IIAM) is at the forefront of providing non-transplantable, healthy and diseased human organs and tissues to the medical research community. Working with every organ procurement organization in the U.S., IIAM receives over 15,000 organ referrals for research each year. We assist with unprecedented collaborations by sourcing livers and other organs for therapeutic applications and pre-clinical investigations targeting a multitude of debilitating disorders. IIAM’s breadth of services also includes a Neonatal Donor Program that provides neonatal organs and tissues for medical research, education and development. Please visit our website at www.iiam.org. |
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Company: | ILLUSTRATUM |
Booth: | 551 |
Web: | www.ILLUSTRATUM.net |
We are ILLUSTRATUM, a British biotechnology company who are commercialising DARC Technology, developed by Professor M Francesca Cordeiro through Wellcome Trust funding. |
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DARC technology is a new exploratory biomarker for use in glaucoma & AMD clinical studies. |
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DARC combines an innovative patented biologic with a state-of-the-art AI algorithm. For the first time in humans, using standard imaging equipment, DARC is able to identify cellular level disease activity. |
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DARC can de-risk clinical development, improving study outcomes whilst reducing time to market and costs for glaucoma and AMD therapeutics. |
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Company: | InveniAI Corp |
Booth: | 649 |
Web: | https://www.inveniai.com |
InveniAI is a technology company that has pioneered the application of artificial intelligence (AI) and machine learning (ML) to transform innovation across healthcare and other industries. |
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Our flagship platform, AlphaMeld, was designed on the premise that every innovation begins with a core discovery or invention that gathers momentum. |
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Numerous industry collaborations with big pharma, specialty pharma, biopharma, and consumer healthcare showcase the value of our platform in recognizing complex patterns and associations that represent the earliest signals of innovation. |
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Company: | JoVE |
Booth: | 3854 |
Web: | www.jove.com/biopharma |
JoVE is a productivity and training platform for pharmaceutical and biotechnology companies creating innovative new medicines and cures. With JoVE’s clearly visualized cutting-edge experiments with peer-reviewed video articles, corporate scientists will: |
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– Increase productivity in the lab, | |
– Streamline training processes, |
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– Learn emerging techniques and technologies, | |
– Skip avoidable experimental errors, | |
– Get results faster and beat R&D deadlines. | |
Headquartered in Cambridge, Massachusetts, JoVE also maintains offices in the United States, Europe, India, and Australia. Please visit www.jove.com/biopharma to learn more. |
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Company: | KaloCyte, Inc. |
Booth: | IZ-57 |
Web: | www.kalocyte.com |
Blood loss is the leading cause of preventable death after trauma. KaloCyte, Inc., a preclinical biotech startup, has demonstrated proof of concept for ErythroMer, a dried, bio-inspired artificial red blood cell, to treat life-threatening hemorrhage when stored blood is not an available option. This nano-encapsulated human hemoglobin mimics RBC physiology and is a highly efficient oxygen carrier. Its synthetic polymer shell makes it a universal option for all blood types. It can be freeze-dried for long-term storage without refrigeration, and quickly reconstituted for rapid administration when needed – potentially saving thousands of lives in pre-hospital settings. |
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Company: | ktMINE |
Booth: | 3558 |
Web: | www.ktmine.com |
ktMINE collects, organizes, and connects transactional and Intellectual Property (patents, trademarks, agreements, royalty rates, etc.) data to help you quickly and confidently perform research. ktMINE then takes that data and turns it into real, actionable insights. |
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With ktMINE, quickly develop, value and create tactics to execute an IP transaction strategy using a single tool. We support your IP research, analysis and decision-making process with the ability to investigate competitors, technologies, patents and other intelligence to foster your IP transaction strategy, maximize your IP asset strategy by leveraging data to drive commercialization & monetization agreements and much more. |
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Company: | Latham BioPharm Group |
Booth: | 3309 |
Web: | https://www.lathambiopharm.com/ |
Latham BioPharm Group provides the insight, knowledge, and network to unite teams and technologies in the Life Sciences. We provide the depth of expertise necessary to advance programs, by offering a range of life science services including business development, program management, functional subject matter expertise and strategic consulting; with proven experience in biodefense/pandemic response and strategic product development. |
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We assist clients in evaluating critical business decisions and connecting with the target markets to assess opportunities. We assist in finding and securing funding. We then drive successful advancement to a targeted value-inflection point and help monetize the results. |
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Company: | LAT RESEARCH |
Booth: | 3727 |
Web: | www.latresearch.com |
LAT Research is a privately-owned full-service CRO company which operates in Latin American countries with staff dedicated to all aspects of Regulatory Affairs, Strategic Planning, Clinical Research, Medical Writing, Biostatistics and Pharmacovigilance. LAT was created in 2010 to conduct the first full-scale clinical trial in the setting of Chagas Disease in pediatric population. Since then, our staff have been involved in 50 different studies, 26 of them fully conducted enrolling more than 6,600 patients in different therapeutic areas. Particularly in neglected diseases, LAT is the more experienced organization in conducting clinical trials in LATAM. Solid experience in helping companies to reach the goals for priority review vouchers in neglected or tropical diseases, rare disease or pediatric indications based on qualified staff and access to target population. |
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Company: | LBT Innovations |
Booth: | #2349 |
Ticker Symbol & Exchange: | ASX: LBT |
Web: | www.lbtinnovations.com |
LBT Innovations is an Australian medical technology company using AI to deliver automation in healthcare. The company has developed a patent protected, machine learning and intelligent imaging platform technology to deliver the only FDA Class II cleared instrument utilizing AI technology in clinical microbiology. |
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The APAS® Independence automates the imaging, image analysis, |
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LBT Innovations is exploring opportunities to extend our platform technology towards new healthcare applications requiring cutting-edge computer vision and analysis. |
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Company: | Leuven MindGate |
Booth: | 526 |
Web: | http://www.leuvenmindgate.be |
Leuven MindGate represents the ecosystem of Leuven, a knowledge region at the pinnacle of Health, High-Tech and Creativity, an ideal place for companies and talented people. |
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Company: | LifeNet Health |
Booth: | 3649 |
Web: | https://www.lifenethealth.org/ |
LifeNet Health is a leading global provider of human transplant, tissue allografts, and regenerative medicine solutions, driven by our mission of saving lives, restoring health and giving hope. The LifeSciences Division is dedicated to providing researchers with a broad spectrum of services to drive human tissue and cell-based discovery. Our resources and services include: |
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Human primary cells including hepatocytes and islets, biospecimens for research, and a fully human 3D microtumor oncology assay system. |
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To learn more, contact us by email at [email protected] or by phone at 757-464-4761. |
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Company: | LMK Clinical Research Consulting |
Booth: | 4253 |
Web: | https://lmkclinicalresearch.com/ |
Inspection Readiness. Two words that can ignite worry, fear, and stress. At LMK, we work with our clients to alleviate those concerns and ensure that you are inspection ready from Day One. We believe that the clinical trial content is the foundation of every clinical trial, and a strong foundation is key to the overall health and stability of any clinical program. We offer our clients a combination of expertise, tools, processes, and extensive knowledge of the clinical drug development process. Our experts will assess your study requirements and processes and create a plan customized to meet your specific needs. |
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Company: | ManagedLab Services |
Booth: | 3658 |
Web: | www.managedlab.com |
ManagedLab Services is a Certified Women Owned Small Business, leading the life science industry in Lab Support, Vendor Managed Inventory, and Project Management for U.S. based labs of all sizes, from startup through large pharma. |
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We combine top-notch customer service with our expertise in best practices for Laboratory Operations and overlay that with cutting-edge automation to give you the most efficient lab available. |
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Our unique combination of highly trained PEOPLE, documented PROCESSes, and reportable DATA ensures your lab is always science-ready. |
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Our vendor agnostic approach allows us to support all products, from all suppliers, giving you the FREEDOM OF CHOICE. |
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Company: | Mazars USA LLP |
Booth: | 4217 |
Web: | https://mazarsusa.com/ |
Mazars USA LLP is a high-performing accounting, tax and consulting firm with significant national presence in strategic US geographies. Since 1921, our dedicated professionals have leveraged technical industry expertise to develop customized solutions for clients, create value, and optimize their performance. We offer a broad array of industry specialists providing services to growth-oriented enterprises and individuals. As the independent US member firm of Mazars Group, we deliver seamless access to the expertise of 23,000 professionals in 89 countries. At local and global levels, we are proud of our value-added services, building lasting relationships with our clients and communities. For more information, visit us at www.mazarsusa.com. |
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Company: | Meridian BioGroup LLC |
Booth: | 3627 |
Web: | www.meridianbiogroup.com |
Meridian BioGroup is a Maryland-based service provider and consultancy to FDA-regulated pharmaceutical and biopharmaceutical companies, government institutes and academic institutions in the areas of Quality, Validation and Regulatory Affairs. Established in 2007, Meridian currently employs 30 skilled professionals and eight subcontracted partners, with a combined 400+ years of experience in GXP (cGMP, GLP, GTP), CLIA and ISO and backgrounds in manufacturing, quality control, quality assurance, regulatory affairs, engineering, validation, and document control. We have experience in pharmaceuticals, biologics, medical devices, biosimilars, and combination products and extensive expertise with multi-product and contract manufacturing facilities, contract testing operations, and third-party auditing. |
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Company: | National Taiwan Ocean University GLORIA |
Booth: | 2549 |
Web: | http://www.gloria.ntou.edu.tw/index2.php |
The NTOU GLORIA serves as a platform further bridging the academia and industry sectors through forming a strong alliance with resources from both sectors and assets from NTOU’s resourceful alumni and partner research institutes. The GLORIA provides customized services to the industrial partners to meet their specific needs to grow business. GLORIA focuses on advanced aquaculture technology fields. |
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We build Industry-University-Institute platforms in order to link Taiwan with the global market. |
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We also provide industry consultant and scientific research services. | |
Company: | Nuventra, Inc. |
Booth: | 337 |
Web: | https://www.nuventra.com/ |
Nuventra is a group of pharmaceutical scientists that partner as virtual extensions of our clients’ teams. We focus on helping companies avoid costly missteps in their development programs and can increase their chances for regulatory authorization. |
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Specializing in nonclinical and clinical pharmacology, pharmacokinetics, pharmacodynamics and modeling and simulation, our consultants bring their 10-30 years of experience to advise on next steps. |
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We can come on board as early as candidate selection and work alongside through clinical studies. Our team can help identify risks and the strategies to mitigate them. |
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We enable drug developers and investors to make better strategic decisions. Our ability to translate complex PK/PD data into actionable insights to inform development and investment decisions is what makes us unique. |
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Company: | Oligomerix, Inc. |
Booth: | 4270 – IZ-29 |
Web: | www.oligomerix.com |
Oligomerix is an early-stage biotechnology company focused on discovering and developing novel, small-molecule tau oligomer inhibitors for Alzheimer’s disease (AD) and related neurodegenerative diseases with tau pathology. Oligomerix’ drug discovery platform has identified a pipeline of novel, central nervous system (CNS) small molecule lead compounds designed to inhibit tau oligomer formation at the beginning of the aggregation process. The company’s lead program targeting AD has initiated IND-enabling studies. The NYC based company is located at the Ullmann Research Center for Health Sciences within the Albert Einstein College of Medicine and has received considerable support from the National Institute of Health (NIH). Oligomerix is seeking strategic partners to support the acceleration and advancement of these important programs. For more information about Oligomerix, please visit www.oligomerix.com. |
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Company: | Ology Bioservices, Inc. |
Booth: | 3749 |
Web: | www.ologybio.com |
Ology Bioservices is a biologics-focused Contract Development Manufacturing Organization (CDMO) serving both government and commercial clients from early stage through commercial product. The company has 183,000 square feet of manufacturing, process development, and quality assurance/quality control space in its state-of-the-art facility in Alachua, FL; and an analytical, bioanalytical, & cell-line development and testing laboratory in Berkeley, CA. The experienced team at Ology Bio provides support in upstream & downstream process development, formulation & analytical development, and cGMP manufacturing of mAbs, recombinant proteins, live viral products, nucleic acids, and cell & gene therapies up to BioSafety Level 3 (BSL-3). The company also offers full regulatory support from preclinical through licensure from its Frederick, MD office. |
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Company: | Ompi – Stevanato Group |
Booth: | 237 |
Web: | https://www.stevanatogroup.com/ |
Founded in 1949, Stevanato Group is committed to creating systems, processes, and services that guarantee the integrity of parenteral medicines. |
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It comprises two operational divisions dedicated to serving the pharmaceutical and healthcare industry: The Pharmaceutical Systems Division, specialized in glass primary packaging, – through Ompi – specialty plastics and delivery devices, and the Engineering Systems Division dedicated to assembly and packaging solutions, as well as reliable inspection systems. The Group also benefits from SG Lab activity that provides technical and analytical services to ensure drug’s integrity and device’s injection performance. |
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Company: | Oxford Brain Diagnostics Ltd. |
Booth: | 3227 |
Web: | www.oxfordbraindiagnostics.com |
Oxford Brain Diagnostics, a spinout from the University of Oxford, has developed a novel approach (Cortical Disarray Measurement – CDM) for extracting correlates of micro-anatomy from standard MRI brain images, providing valuable information about Alzheimer’s disease (paper under review). The past eight years has seen the collaboration of two world class specialists – Dr Steven Chance (CEO), Neuroscience and Pathology and Professor Mark Jenkinson (Co-Founder), Neuroimaging. |
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In unpublished tests, CDM has been used to classify which patients will develop Alzheimer’s and other forms of dementia within 2 – 3 years. Early results indicate promising outcomes for differential diagnosis between dementias. |
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Company: | PARAS BIOPHARMACEUTICALS FINLAND OY |
Booth: | 3353 |
Web: | WWW.PARASBIOPHARMA.COM |
Paras Biopharmaceuticals is a Finland-based Biopharmaceutical company. We offer Microbial CDMO services, Biosimilars & Biologics, and Bioprocess enzymes. |
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-Microbial CDMO for the production of Fusion Proteins scFv, Complex Biologics, Nanobodies, Diabodies |
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-Biologics & Biosimilars – Recombinant Teriparatide, Recombinant Anakinra (Kineret® Biosimilar), Recombinant Rasburicase and Recombinant Romiplostim (N-plate® Biosimilar). |
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-Bioprocess Enzymes – Recombinant TEV and Enterokinase. | |
Paras Biopharmaceuticals has a fully equipped microbial production facility in Finland, for the production of recombinant therapeutic products. |
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Please refer to our website www.parasbiopharma.com for further information. |
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Company: | PharmaEssentia Corp. |
Booth: | 2609 |
Web: | www.pharmaessentia.com |
PharmaEssentia Corp. is a fully integrated global biopharmaceutical company headquartered in Taipei, Taiwan. It was established by a group of highly accomplished scientists from leading pharmaceutical companies, and led by seasoned executives with 100+ years of experience at biotechnology and regulatory agencies. The company aims to deliver efficacious, safe, and cost-effective therapeutic products to treat human disease, while bringing long lasting value to stakeholders. |
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Ropeginterferon alfa-2b is a novel, mono-pegylated proline interferon alfa-2b invented by PharmaEssentia and manufactured at its own biologics facility in Taichung, Taiwan. The biologics facility had been certified by Taiwan Food and Drug Administration and European Medicines Agency, and is also designed and operated to be compliant with US FDA requirements. |
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Company: | PMI BioPharma Solutions |
Booth: | 3261 |
Web: | www.pmibio.com |
Located in Nashville, TN, PMI Bio provides high throughput library screens and designs, develops and tests drugs in vitro and in vivo using relevant cell lines and murine models. Our research scientist also express and purify proteins and develop assays around protein targets using NMR, SPR, crystallography, ITC, TR-FRET, and DSF to name a few. We even have a vivarium with mice and rats bred specifically for search supporting immunology, wound healing, cancer research, genetics, diabetes and toxicology. PMI can also provide you with aseptic and non-aseptic clinical trial materials. |
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Company: | Quanterix |
Booth: | 2852 |
Ticker Symbol & Exchange: | QTRX NASDAQ |
Web: | www.quanterix.com |
Quanterix is a company that is digitizing biomarker analysis with the goal of advancing the science of precision health and dramatically changing the way healthcare is provided. Our two ultra-sensitive technology platforms, Simoa® Bead and Simoa Planar Array, give researchers the ability to quantify biomarkers for a range of diseases at lower levels than ever before, in most common sample types. Simoa’s ultra-sensitivity, multiplex detection capability and flexibility in custom assay development are advancing academic research and helping to accelerate drug development and approval, both in our customers’ own facilities and by contract in our CLIA-certified Quanterix Accelerator Laboratory. |
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Company: | Queensland University of Technology |
Booth: | 2349 |
Web: | www.qut.edu.au |
Queensland University of Technology (QUT) is a major Australian university internationally recognised as a provider of high-impact medical and agricultural biotechnology research delivered through: |
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The Institute of Health and Biomedical Innovation (IHBI), a multidisciplinary research institute devoted to improving the health of individuals and communities through research innovation. IHBI has world leading expertise in areas of prostate cancer, infectious diseases, burns and wound management, genomics, orthopaedics and trauma, vision, medical robotics and devices and biofabrication. |
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The Centre for Tropical Crops and Biocommodities, brings together |
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Company: | Random42 Scientific Communication |
Booth: | 2454 |
Web: | www.random42.com |
Random42 is the global leader in providing digital scientific communication solutions to the pharmaceutical and biotechnology industry. We bring challenging medical and scientific concepts to life, making them simple, beautiful and easy to digest. |
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Our services: | |
• Medical Animation | |
• Scientific Virtual Reality | |
• Augmented Reality | |
• Interactive Touchscreens | |
• Interactive Experiences and Applications | |
• Booth Design and Exhibition Experiences | |
• Web and Print | |
With over 27 years’ experience, we have grown into the largest company within the industry and have won over 175 awards for our high-quality medical animation and scientific storytelling – a clear industry leader. |
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Company: | Recro Gainesville |
Booth: | 801 |
Web: | www.recrogainesville.com |
Recro Gainesville provides oral solid dosage form development, clinical and commercial manufacturing, and packaging services to the global pharmaceutical market. Specializing in modified release formulations and DEA controlled substances, Recro has the experts to deliver clients’ most complex pharmaceutical development and manufacturing projects in its best-in-class, 120,000 square feet of manufacturing space. For more information about Recro’s flexible CDMO solutions, visit www.recrogainesville.com. |
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Company: |
Rockville Economic Development, Inc. |
Booth: |
3427-J |
Web: |
www.rockvilleredi.org |
Rockville Economic Development, Inc. (REDI) assists businesses locate and grow in the City of Rockville, Maryland, which is part of the larger Washington DC Metro area. Rockville offers a family friendly community, top schools, and lower real estate prices than many neighboring communities in the Washington DC area. The area is one of the strongest BioHealth ecosystems in the United States, with proximity to the National Institutes of Health, Federal Drug Administration, John Hopkins University and the University of Maryland. For more information contact us at [email protected]. |
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Company: | Sekisui |
Booth: | 3201 |
Ticker Symbol & Exchange: | 4201, Tokyo Stock Exchange |
Web: | www.bioproduction-sekisui.com |
BioProduction by Sekisui offers contract development and manufacturing services for the biopharmaceutical industry. Our facility in the UK has over 40 years of large scale fermentation and purification experience. We offer expertise in bioprocess development, scale up and manufacturing of enzymes, plasmids, and other proteins for use in the production of biopharmaceuticals. We offer GLP, ISO 13485 and GMP manufacturing. |
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Company: | SINOPEG BIOTECH CO., LTD |
Booth: | 4138 |
Web: | www.sinopeg.com |
SINOPEG makes high-quality PEG products for therapeutic protein drugs, medical devices (hydrogel and coatings). Our company serves pharmaceutical and medical device companies around the globe, with product presence in various pharmaceutical/device development pipelines (pre-clinical, clinical, and post authorization large scale supply). |
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Our facility is ISO9001 and ISO13485 certified (primarily for GMP requirement of medical devices), and operates according to ICH GMP guidelines to produce products for pharmaceutical companies. |
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Since its inception, SINOPEG has partnered with different stage pharmaceutical companies and provided pegylation products, PEG hydrogels, block polymers and liposomes. |
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Company: | Site Selection Magazine/Conway Inc. |
Booth: | 4238 |
Web: | www.SiteSelection.com |
For over 65 years Site Selection magazine has been the top-rated and most respected publication covering foreign direct investment (FDI), airport cities and global corporate real estate. Site Selection – winner of the MAGS/GAMMA Gold Award for Best Business to Business Publication – provides exclusive insight into strategies, real estate markets, relocation costs and available incentive programs – in short, the key factors involved in corporate facility planning. Site Selection’s parent company, Conway Data, offers a host of lead generation services across the world. |
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Company: | Spheryx, Inc. |
Booth: | IZ-44 |
Web: | www.spheryx.solutions |
The FDA has advised in its 2014 Guidance for Industry that “It is |
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Company: | Synova Health |
Booth: | 2927 |
Web: |
http://www.synovahealth.com/ |
Synova is a Full Service Contract Research Organization based out of Brazil, stemming from the country’s population pool of 200 million. We are the largest CRO in Latin America, born out of the Brazilian Bioequivalence Center CAEP, and have become the “Go To” solution in the Pharma/Biotech and devices Industries. |
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Company: | Thetis Pharmaceuticals |
Booth: | 649 |
Web: | http://thetispharma.com/ |
Thetis is developing a potential first-in-class, safe, oral therapy for the treatment of inflammatory bowel disease (IBD), a set of chronic, relapsing gastrointestinal inflammatory disorders that includes ulcerative colitis and Crohn’s Disease. |
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Company: | Two Labs – Pennside Partners |
Booth: | 4063 |
Web: | https://www.pennside.com/partnering |
For over 25 years Two Labs – Pennside Partners has assisted pharmaceutical companies and investors to identify promising candidates for in-license/investment. Using this experience, we have developed a service for emerging biotechnology companies to optimize positioning and messaging when seeking partnerships and investment. |
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Pennside Partners uses primary research along with robust proprietary databases to ensure our clients are up to date on the current and future treatment landscapes. Utilizing experts such as former BD&L Managers from Major Pharma/Biotech companies, we provide best-in-class partnering support for small pharma/biotech and emerging companies. |
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Stop by booth 4063 to learn more at BIO 2019. | |
Company: | Validation & Engineering Group |
Booth: | 3537 |
Web: | www.veg-group.com |
Validation & Engineering Group (V&EG) provides world-class service to the Biotechnology, Pharmaceutical, Medical Devices, Chemicals (API), Food, and Cosmetics industries. |
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For more than 20 years V&EG has placed talented professionals in a position to make a difference in our customer’s success. The technical experience and expertise of our staff, comprised of more than 140 professionals from the engineering and sciences fields, keeps us among the top firms in the industries we serve. |
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Our services platform is split into: Regulatory Compliance, Validation and Qualification, Laboratory (Validation, Audits), and Engineering (Design Qualification Services), that ensure adherence to Federal and European regulatory agencies. |
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Company: | VGXI, Inc. |
Booth: | 3349 |
Web: | www.vgxii.com |
VGXI, Inc. is a leading contract manufacturer of DNA based pharmaceuticals with over 15 years experience providing exceptional quality cGMP products to clinical trials worldwide. The company’s skilled team has an outstanding track record of success in manufacturing challenging plasmid products under cGMP conditions with exceptional yield, quality, and prompt delivery. Production services include high purity plasmid DNA preparations for pre-clinical research, Highly Documented (HD) plasmid DNA manufacturing for use in pharmacology / toxicology studies or GMP viral vector production, and cGMP plasmid DNA for clinical through commercial supply. |
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Company: | Vibalogics GmbH |
Booth: | 1901 |
Web: | www.vibalogics.com |
Vibalogics is a Contract Development and Manufacturing Organisation (CDMO) offering process development, cGMP manufacturing and fill/finish of products based on viruses and live bacteria for companies developing products used as gene and oncolytic viral therapies and vaccines. With services including feasibility assessment, technology transfer, process development, cGMP manufacturing, formulation/blending, fill/finish (liquid and lyophilized), QC analysis and Product release, Vibalogics offers a full range of development and manufacturing services, underpinned by excellent quality and a transparent customer experience. Established over fifteen years ago, Vibalogics has a proven track record and is one of the leading players in live biological manufacturing. |
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Company: | Vistara Biosciences |
Booth: | 649 |
Web: | https://www.vistarabio.com/ |
Vistara Bioscience is developing proteomics processes and bioinformatics for detecting networks of proteins and accessory factors which are in close collaboration with proteins of clinical interest. The networks serve as biomarker panels to follow along the drug discovery process, and additionally, may suggest combinatorial targets or new ones. Vistara expects to offer Services to pharma and biotech partners for drug discovery, candidate profiling, and molecular phenotyping applications with initial focus in Oncology, Infectious Diseases and CNS disease areas. |
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Company: | Wyant Simboli |
Booth: | 649 |
Web: | https://www.wyantsimboli.com/ |
We are a multi-disciplinary communications design firm with 25+ years of experience partnering with companies to define their story, structure their brand, and inspire their audience. We are media-agnostic and are focused on communicating your company’s story clearly and effectively across every messaging platform. |
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For over 25 years we’ve succeeded in helping our clients to grow and are honored to be a valued partner for some of the most innovative and successful companies in the world. Our narrative-first approach unifies corporate, investor and employee communications to build brand communications systems that are robust for today’s challenges and extensible for tomorrow’s opportunities. |
Contacts
Jim Liebenau
+1.310.820.9473
Twitter: @tradeshownews
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Cannabis
IM Cannabis Reports 2023 Financial Results
TORONTO and GLIL YAM, Israel, March 28, 2024 /PRNewswire/ — IM Cannabis Corp. (the “Company” or “IMC“) (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, announced its financial and operational results for the year ended December 31, 2023, the highlights of which are included in this news release. All figures are reported in Canadian dollars. The Company’s full set of consolidated audited financial statements for the years ended December 31, 2023 and 2022 (the “Annual Financial Statements“) and accompanying management’s discussion and analysis (the “Annual MD&A“) can be accessed by visiting the Company’s website at https://investors.imcannabis.com/, and its profile pages on SEDAR+ at www.sedarplus.ca, and EDGAR at http://www.sec.gov/edgar.
FINANCIAL HIGHLIGHTS FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2023
- Revenue decreased to $48.8 million for the fiscal year ended December 31, 2023 (compared to $53.3 in 2022), representing a decrease of 10%.
- Primarily due to negative currency fluctuations and the impact of the Israel-Hamas war on the Company’s operations.
- Revenue decreased to $10.7 million for the three months ended December 31, 2023 (compared to $14.5 million in 2022), representing a decrease of 26%.
- Primarily due to the interruption on the Company’s supply chain caused by the Israel-Hamas war and the Company discounting certain outstanding inventory at lower prices.
- Gross profit increased to $9.8 million for the fiscal year ended December 31, 2023 (compared to $9.2 million in 2022), representing an increase of 7.5%
- Gross profit decreased to $0.8 million for the three months ended December 31, 2023 (compared to $2.6 million in 2022), representing a decrease of 68%
- Primarily due to the interruption on the Company’s supply chain caused by the Israel-Hamas war and the Company discounting certain outstanding inventory at lower prices.
- The Company’s fair value adjustment was approximately $1 million for the fiscal year ended December 31, 2023 (compared to $2.1 million in 2022).
- G&A expenses decreased to $11 million for the fiscal year ended December 31, 2023 (compared to $21.5 million in 2022), representing an decrease of 49%
- G&A expenses decreased to $3.3 million for the three months ended December 31, 2023 (compared to $9.8 million in 2022), representing a decrease of 66%
- Primarily due to the impairment on Y2022 and restructuring and HC adjustments in 2023.
- Selling and marketing expenses decreased to $10.8 million for the fiscal year ended December 31, 2023 (compared to $11.5 million in 2022), representing an decrease of 6%
- Selling and marketing expenses decreased to $2.8 million for the three months ended December 31, 2023 (compared to $3.1 million in 2022), representing a decrease of 10%
- Primarily due to a decrease in share based compensation payments and a restructuring of the Company’s personnel.
- Net Loss from continuing operations for the fiscal year ended December 31, 2023 was $10.2 million, as compared to $24.9 million in 2022.
- Net Loss from continuing operations for the three months ended December 31, 2023 was $3.5 million, as compared to a Net Loss of $9.6 million in the fourth quarter of 2022.
- Diluted Loss per Share for the fiscal year ended December 31, 2023 was $0.74, compared to a loss of $3.81 per Share in 2022.
- Diluted Loss per Share for the three months ended December 31, 2023 was $(0.25), compared to a basic loss of $)2.94( per share and a diluted loss of $)3.55( per share in for the three months ended December 31, 2022.
- Cash and Cash Equivalents as of December 31, 2023, was $1.8 million, compared to $2.4 million as of December 31, 2022.
- Total assets were $48.8 million as of December 31, 2023, compared to $60.7 million as of December 31, 2022, representing a decrease of 20%.
- Primarily attributed to an inventory reduction of about $6.6 million, a reduction in other current assets of $1.8 million and a reduction of non-current assets of about $3.5 million.
- Total Liabilities were $35.1 million as of December 31, 2023, compared to $36.9 as of December 31, 2022, representing a decrease of about 5%.
- Primarily attributed to a reduction in trade payables of $6.1 million.
- Operating expenses decreased to $22.6 million for the year ended December 31, 2023 (compared to $40 million in 2022), representing a decrease of 43%
- Operating expenses decreased to $6 million for the three months ended December 31, 2023 (compared to $13.3 million in 2022), representing a decrease of 55%
- Adjusted EBITDA1 decreased to $8 million for the year ended December 31, 2023, (compared to $11.5 in 2022), representing a decrease of 30%
- Total Dried Flower sold in 2023 was approximately 8,609 kg with an average selling price of $5.14 per gram (compared to approximately 6,794kg, with an average selling price of $7.12 per gram in 2022).
- Primarily due to increased competition within the retail segment and the Company discounting certain outstanding inventory at lower prices.
- Total Dried Flower sold in the fourth quarter of 2023 was about 2,082kg with an average selling price of $4.52 per gram (compared to about 2,334kg with an average selling price of $5.19 per gram in 2022).
- Primarily due to increased competition within the retail segment and the Company discounting certain outstanding inventory at lower prices.
The Annual Financial Statements include a note regarding the Company’s ability to continue as a going concern. The Annual Financial Statements do not include any adjustments relating to the recoverability and classification of assets or liabilities that might be necessary should the Company be unable to continue as a going concern. For more information, please refer to the “Liquidity and Capital Resources” and “Risk Factors” sections in the 2023 Annual MD&A.
Management Commentary
“IMC Germany delivered accelerated growth in 2023, growing 181% from $252K in 2022 to $709K in 2023. During this time, IMC Germany was #1 in sales per stock keeping unit and posted the highest growth against its competitors in the German market.2 With the regulatory rescheduling of cannabis in Germany set to occur effective April 1st, the Company hopes to continue its growth in the market as the market evolves,” said Oren Shuster, Chief Executive Officer of IMC. “In addition, as we are constantly looking for opportunities to maximize shareholder value, we are hopeful that our potential reverse merger with Israel-based Kadimastem Ltd., a clinical cell therapy public company traded on the Tel Aviv stock exchange under the symbol (TASE: KDST) will proceed as expected, which we believe will create significant value for the shareholders.”
“As previously warned and as expected, unfortunately, the Israel-Hamas war had a negative impact on our fourth quarter 2023 results, which weighed on our full year results. Due to the ongoing conflict, there was a 6% decrease in our yearly revenue. Coupled with our fourth quarter of 2023 inventory reduction, the war caused our fourth quarter gross profit to decrease by 68% as compared to the fourth quarter of 2022. However, our gross profit for 2023 increased by 7.5% to $9.8 million as compared to last year,” said Uri Birenberg, Chief Financial Officer of IMC. “Partially offsetting these declines, we were able to reduce our operating costs in the fourth quarter of 2023 by 55% as compared to the fourth quarter of 2022, ending the year with a 43% reduction in our operating costs as compared to last year, as we leaned further into our goal of active cost management.”
Conference Call
The Company will host a Zoom web conference call today at 9:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. Investors are invited to register by clicking here. All relevant information will be sent upon registration.
If you are unable to join us live, a recording of the call will be available on our website at https://investors.imcannabis.com/ within 24 hours after the call.
Non-IFRS Measures
This press release makes reference to “Gross Margin” and “Adjusted EBITDA”, which are financial measures that are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as complementary information to the Company’s IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should neither be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.
For an explanation of how management defines Gross Margin and Adjusted EBITDA, see the 2023 MD&A.
We reconcile these non-IFRS financial measures to the most comparable IFRS measures as set out below:
About IM Cannabis Corp.
IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms and logistical hubs in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients. Until recently, the Company also actively operated in Canada through Trichome Financial Corp and its wholly owned subsidiaries, where it cultivated, processed, packaged, and sold premium and ultra-premium cannabis at its own facilities under the WAGNERS and Highland Grow brands for the adult-use market in Canada. The Company has exited operations in Canada and considers these operations as discontinued.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements under applicable Canadian and United States securities laws (collectively, “forward-looking statements“). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to: the Company leaving the Canadian cannabis market to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany; the impact of the Israel-Hamas war on the Company, including its operations and the medical cannabis industry in Israel; the timing and impact of the partial legalization of medicinal cannabis in Germany, including, the Company having it “all in house”, the Company being positioned to take advantage of the partial legalization, the Company’s growth in 2024, the market growth for medicinal cannabis in Germany, and the stated benefits of the Company’s EU-GMP processing facility and an EU-GDP logistics center; the Company to host a teleconference meeting as stated; and the Company’s stated goals, scope, and nature of operations in Germany, Israel, and other jurisdictions the Company may operate.
Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to focus and resources to achieve sustainable and profitable growth in its highest value markets; the Company’s ability to mitigate the impact of the Israel-Hamas war on the Company; the Company’s ability to take advantage of the partial legalization of medicinal cannabis in Germany; the Company’s ability to host a teleconference meeting as stated; and the Company’s ability to carry out its stated goals, scope, and nature of operations in Germany, Israel, and other jurisdictions the Company may operate.
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical (collectively, the “Group“) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt; risks surrounding war, conflict and civil unrest in Eastern Europe and the Middle East, including the impact of the Israel-Hamas war on the Company, its operations and the medical cannabis industry in Israel; risks associated with the Company focusing on the Israel and Germany markets; the inability of the Company to achieve sustainable profitability and/or increase shareholder value; the inability of the Company to actively manage costs and/or improve margins; the inability of the company to grow and/or maintain sales; the inability of the Company to meet its goals and/or strategic plans; the inability of the Company to reduce costs and/or maintain revenues; the Company’s inability to take advantage of the partial legalization of medicinal cannabis in Germany; and the Company’s inability to host a teleconference meeting as stated.
Please see the other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual report dated March 28, 2024, which is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
1 Earnings before interest, taxes, depreciation, and amortization (“EBITDA“) and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS“) and are therefore unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company’s operating performance and therefore highlight trends in Company’s core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company.
2 Based on reporting by Insight Health’s as of December 31, 2023.
Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]
Oren Shuster, CEO
IM Cannabis Corp.
+972-77-3603504
[email protected]
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||
Canadian Dollars in thousands |
||||||
December 31, |
||||||
Note |
2023 |
2022 |
||||
ASSETS |
||||||
CURRENT ASSETS: |
||||||
Cash and cash equivalents |
$ 1,813 |
$ 2,449 |
||||
Trade receivables |
6 |
7,651 |
8,684 |
|||
Advances to suppliers |
936 |
1,631 |
||||
Other accounts receivable |
7 |
3,889 |
3,323 |
|||
Inventory |
9 |
9,976 |
16,585 |
|||
24,265 |
32,672 |
|||||
NON-CURRENT ASSETS: |
||||||
Property, plant and equipment, net |
10 |
5,058 |
5,221 |
|||
Investments in affiliates |
15c |
2,285 |
2,410 |
|||
Right-of-use assets, net |
12 |
1,307 |
1,929 |
|||
Deferred tax assets, net |
17 |
– |
763 |
|||
Intangible assets, net |
11 |
5,803 |
7,910 |
|||
Goodwill |
11 |
10,095 |
9,771 |
|||
24,548 |
28,004 |
|||||
Total assets |
$ 48,813 |
$ 60,676 |
||||
The accompanying notes are an integral part of the consolidated financial statements. |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||
Canadian Dollars in thousands |
||||||
December 31, |
||||||
Note |
2023 |
2022 |
||||
LIABILITIES AND EQUITY |
||||||
CURRENT LIABILITIES: |
||||||
Trade payables |
14 |
$ 9,223 |
$ 15,312 |
|||
Credit from banks and others |
13 |
12,119 |
9,246 |
|||
Other accounts payable and accrued expenses |
15 |
6,218 |
6,013 |
|||
Accrued purchase consideration liabilities |
5 |
2,097 |
2,434 |
|||
PUT Option liability |
2,697 |
|||||
Current maturities of operating lease liabilities |
12 |
454 |
814 |
|||
32,808 |
33,819 |
|||||
NON-CURRENT LIABILITIES: |
||||||
Warrants measured at fair value |
17 |
38 |
8 |
|||
Operating lease liabilities |
12 |
815 |
1,075 |
|||
Credit from banks and others |
394 |
399 |
||||
Employee benefit liabilities, net |
16 |
95 |
246 |
|||
Deferred tax liability, net |
19 |
963 |
1,332 |
|||
2,305 |
3,060 |
|||||
Total liabilities |
35,113 |
36,879 |
||||
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY: |
20 |
|||||
Share capital and premium |
253,882 |
245,776 |
||||
Translation reserve |
95 |
1,283 |
||||
Reserve from share-based payment transactions |
9,637 |
15,167 |
||||
Accumulated deficit |
(249,145) |
(239,574) |
||||
Total equity attributable to shareholders of the Company |
14,469 |
22,652 |
||||
Non-controlling interests |
(769) |
1,145 |
||||
Total equity |
13,700 |
23,797 |
||||
Total equity and liabilities |
$ 48,813 |
$ 60,676 |
||||
The accompanying notes are an integral part of the consolidated financial statements. |
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS |
||||||||
AND OTHER COMPREHENSIVE INCOME |
||||||||
Canadian Dollars in thousands |
||||||||
Year ended December 31, |
||||||||
Note |
2023 |
2022 |
*) 2021 |
|||||
Revenues |
21 |
$ 48,804 |
$ 54,335 |
$ 34,053 |
||||
Cost of revenues |
21 |
37,974 |
43,044 |
25,458 |
||||
Gross profit before fair value adjustments |
10,830 |
11,291 |
8,595 |
|||||
Fair value adjustments: |
||||||||
Unrealized change in fair value of biological assets |
– |
(315) |
6,308 |
|||||
Realized fair value adjustments on inventory sold in the year |
(984) |
(1,814) |
(8,570) |
|||||
Total fair value adjustments |
(984) |
(2,129) |
(2,262) |
|||||
Gross profit after fair value adjustments |
9,846 |
9,162 |
6,333 |
|||||
General and administrative expenses |
21 |
11,008 |
21,460 |
17,221 |
||||
Selling and marketing expenses |
21 |
10,788 |
11,473 |
6,725 |
||||
Restructuring expenses |
1 |
617 |
4,383 |
– |
||||
Share-based compensation |
20 |
225 |
2,637 |
5,422 |
||||
Total operating expenses |
22,638 |
39,953 |
29,368 |
|||||
Operating loss |
(12,792) |
(30,791) |
(23,035) |
|||||
Finance income |
7,006 |
6,703 |
23,544 |
|||||
Finance expenses |
(3,671) |
(1,972) |
(673) |
|||||
Finance income (expense), net |
3,335 |
4,731 |
22,871 |
|||||
Loss before income taxes |
(9,457) |
(26,060) |
(164) |
|||||
Income tax expense (benefit) |
18 |
771 |
(1,138) |
500 |
||||
Net loss from continuing operations |
(10,228) |
(24,922) |
(664) |
|||||
Net loss from discontinued operations, net of tax |
25 |
– |
(166,379) |
(17,854) |
||||
Net loss |
(10,228) |
(191,301) |
(18,518) |
|||||
*) Reclassified in respect of discontinued operations – see Note 25. |
||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS |
||||||||
AND OTHER COMPREHENSIVE INCOME |
||||||||
Canadian Dollars in thousands, except per share data |
||||||||
Year ended December 31, |
||||||||
Note |
2023 |
2022 |
*) 2021 |
|||||
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: |
||||||||
Remeasurement gain on defined benefit plans |
38 |
59 |
21 |
|||||
Exchange differences on translation to presentation currency |
(894) |
(1,238) |
858 |
|||||
Total other comprehensive income that will not be reclassified to profit or loss in subsequent periods |
(856) |
(1,179) |
879 |
|||||
Other comprehensive income that will be reclassified to profit or loss in subsequent periods: |
||||||||
Adjustments arising from translating financial statements of foreign operation |
231 |
(246) |
530 |
|||||
Total other comprehensive income (loss) |
(625) |
(1,425) |
1,409 |
|||||
Total comprehensive loss |
$ (10,853) |
$ (192,726) |
$ (17,109) |
|||||
Net loss attributable to: |
||||||||
Equity holders of the Company |
$ (9,498) |
$ (188,890) |
$ (17,763) |
|||||
Non-controlling interests |
(730) |
(2,411) |
(755) |
|||||
$ (10,228) |
$ (191,301) |
$ (18,518) |
||||||
Total comprehensive loss attributable to: |
||||||||
Equity holders of the Company |
$ (10,648) |
$ (190,162) |
$ (16,357) |
|||||
Non-controlling interests |
$ (205) |
(2,564) |
(752) |
|||||
$ (10,853) |
$ (192,726) |
$ (17,109) |
||||||
Earnings (loss) per share attributable to equity holders of the Company from continuing operations: |
22 |
|||||||
Basic earnings (loss) per share (in CAD) |
$ (0.74) |
$ (3.13) |
$ 0.02 |
|||||
Diluted loss per share (in CAD) |
$ (0.74) |
$ (3.81) |
$ (3.62) |
|||||
Loss per share attributable to equity holders of the Company from discontinued operations: |
||||||||
Basic and diluted loss per share (in CAD) |
– |
$ (23.17) |
$ (3.08) |
|||||
Loss per share attributable to equity holders of the Company from net loss: |
||||||||
Basic earnings (loss) per share (in CAD) |
$ (0.74) |
$ (26.3) |
$ (3.06) |
|||||
Diluted loss per share (in CAD) |
$ (0.74) |
$ (26.98) |
$ (6.7) |
|||||
*) Reclassified in respect of discontinued operations – see Note 25. |
||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
||||||||||||||||
Canadian Dollars in thousands |
||||||||||||||||
Share capital and premium |
Treasury Stock |
Reserve from share-based payment transactions |
Translation reserve |
Accumulated deficit |
Total |
Non-controlling interests |
Total |
|||||||||
Balance as of January 1, 2021 |
$ 37,040 |
$ – |
$ 5,829 |
$ 1,229 |
$ (33,001) |
$ 11,097 |
$ 1,513 |
$ 12,610 |
||||||||
Net loss |
– |
– |
– |
– |
(17,763) |
(17,763) |
(755) |
(18,518) |
||||||||
Total other comprehensive income |
– |
– |
– |
1,385 |
21 |
1,406 |
3 |
1,409 |
||||||||
Total comprehensive income (loss) |
– |
– |
– |
1,385 |
(17,742) |
(16,357) |
(752) |
(17,109) |
||||||||
Issuance of common shares, net of issuance costs of $3,800 |
195,259 |
– |
– |
– |
– |
195,259 |
2,948 |
198,207 |
||||||||
Purchase of treasury common shares |
– |
(660) |
– |
– |
– |
(660) |
– |
(660) |
||||||||
Exercise of warrants and compensation options |
4,293 |
– |
– |
– |
– |
4,293 |
– |
4,293 |
||||||||
Exercise of options |
1,053 |
– |
(920) |
– |
– |
133 |
– |
133 |
||||||||
Share-based compensation |
– |
– |
7,471 |
– |
– |
7,471 |
– |
7,471 |
||||||||
Expired options |
32 |
– |
(32) |
– |
– |
– |
– |
– |
||||||||
Balance as of December 31, 2021 |
237,677 |
(660) |
12,348 |
2,614 |
(50,743) |
201,236 |
3,709 |
204,945 |
||||||||
Net loss |
– |
– |
– |
– |
(188,890) |
(188,890) |
(2,411) |
(191,301) |
||||||||
Total other comprehensive income (loss) |
– |
– |
– |
(1,331) |
59 |
(1,272) |
(153) |
(1,425) |
||||||||
Total comprehensive loss |
– |
– |
– |
(1,331) |
(188,831) |
(190,162) |
(2,564) |
(192,726) |
||||||||
Issuance of treasury common shares |
– |
660 |
– |
– |
– |
660 |
– |
660 |
||||||||
Issuance of shares, net of issuance costs of $178 |
6,818 |
– |
– |
– |
– |
6,818 |
– |
6,818 |
||||||||
Exercise of options |
992 |
– |
(659) |
– |
– |
333 |
– |
333 |
||||||||
Share-based compensation |
– |
– |
3,767 |
– |
– |
3,767 |
– |
3,767 |
||||||||
Expired options |
289 |
– |
(289) |
– |
– |
– |
– |
– |
||||||||
Balance as of December 31, 2022 |
245,776 |
– |
15,167 |
1,283 |
(239,574) |
22,652 |
1,145 |
23,797 |
||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
||||||||||||||
Canadian Dollars in thousands |
||||||||||||||
Share capital |
Reserve from |
Translation |
Accumulated |
Total |
Non-controlling interests |
Total |
||||||||
Balance as of December 31, 2022 |
245,776 |
15,167 |
1,283 |
(239,574) |
22,652 |
1,145 |
23,797 |
|||||||
Net loss |
– |
– |
– |
(9,498) |
(9,498) |
(730) |
(10,228) |
|||||||
Total other comprehensive income (loss) |
– |
– |
(1,188) |
38 |
(1,150) |
525 |
(625) |
|||||||
Total comprehensive loss |
– |
– |
(1,188) |
(9,460) |
(10,648) |
(205) |
(10,853) |
|||||||
Issuance of treasury common shares |
2,351 |
– |
– |
– |
2,351 |
– |
2,351 |
|||||||
Issuance of shares, net of issuance costs of $178 |
||||||||||||||
Exercise of options |
||||||||||||||
Other comprehensive income Classification |
– |
– |
– |
(111) |
(111) |
(1,709) |
(1,820) |
|||||||
Share-based compensation |
– |
225 |
– |
– |
225 |
– |
225 |
|||||||
Expired options |
5,755 |
(5,755) |
– |
– |
– |
– |
– |
|||||||
Balance as of December 31, 2023 |
253,882 |
9,637 |
95 |
(249,145) |
14,469 |
(769) |
13,700 |
|||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
Canadian Dollars in thousands |
||||||
Year ended December 31, |
||||||
2023 |
2022 |
2021 |
||||
Cash provided from operating activities: |
||||||
Net loss |
$ (10,228) |
$ (191,301) |
$ (18,518) |
|||
Adjustments for non-cash items: |
||||||
Unrealized gain on changes in fair value of biological assets |
– |
(84) |
(7,210) |
|||
Fair value adjustment on sale of inventory |
984 |
4,342 |
8,796 |
|||
Fair value adjustment on warrants, investments, and accounts receivable |
(6,955) |
(6,000) |
(21,638) |
|||
Depreciation of property, plant and equipment |
644 |
3,044 |
3,021 |
|||
Amortization of intangible assets |
1,758 |
2,343 |
1,158 |
|||
Depreciation of right-of-use assets |
594 |
1,944 |
1,550 |
|||
Impairment of goodwill |
– |
107,854 |
275 |
|||
Impairment of property, plant and equipment |
– |
2,277 |
– |
|||
Impairment of intangible assets |
– |
7,199 |
– |
|||
Impairment of right-of-use assets |
– |
1,914 |
– |
|||
Finance income, net |
3,019 |
6,532 |
1,262 |
|||
Deferred tax payments (benefit), net |
394 |
(3,004) |
278 |
|||
Share-based payments |
225 |
3,767 |
7,471 |
|||
Share based acquisition costs related to business combination |
– |
– |
807 |
|||
Revaluation of other accounts receivable |
– |
3,982 |
– |
|||
Restructuring expenses |
– |
8,757 |
– |
|||
Loss from revaluation of investments |
601 |
– |
– |
|||
1,264 |
144,867 |
(4,230) |
||||
Changes in non-cash working capital: |
||||||
Increase (decrease) in trade receivables, net |
2,320 |
6,058 |
(6,602) |
|||
Increase (decrease) in other accounts receivable and advances to suppliers |
1,299 |
3,622 |
845 |
|||
Decrease in biological assets, net of fair value adjustments |
– |
565 |
6,412 |
|||
Increase (decrease) in inventory, net of fair value adjustments |
4,771 |
883 |
(19,707) |
|||
Increase (decrease) in trade payables |
(6,098) |
11,284 |
5,573 |
|||
Changes in employee benefit liabilities, net |
(139) |
(63) |
28 |
|||
Increase in other accounts payable and accrued expenses |
(750) |
12,126 |
2,661 |
|||
1,403 |
34,475 |
(10,790) |
||||
Taxes paid |
(514) |
(681) |
(834) |
|||
Net cash used in operating activities |
(8,075) |
(12,640) |
(34,372) |
|||
The accompanying notes are an integral part of the consolidated financial statements. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
Canadian Dollars in thousands |
||||||
Year ended December 31, |
||||||
2023 |
2022 |
2021 |
||||
Cash flows from investing activities: |
||||||
Purchase of property, plant and equipment |
(581) |
(1,562) |
(4,578) |
|||
Proceeds from sales of property, plant and equipment |
– |
210 |
– |
|||
Proceeds from loans receivable |
– |
350 |
7,796 |
|||
Purchase of intangible assets |
– |
– |
(17) |
|||
Acquisition of businesses, net of cash acquired |
– |
– |
(12,536) |
|||
Deconsolidation of subsidiary (see Note 25) |
– |
(406) |
– |
|||
Investments in financial assets |
– |
– |
(13) |
|||
Proceeds from sale of investment |
– |
– |
319 |
|||
Proceeds from (investment in) restricted deposits |
– |
– |
17 |
|||
Investments in associates |
(601) |
(125) |
– |
|||
Net cash used in investing activities |
(1,182) |
(1,533) |
(9,012) |
|||
Cash provided by financing activities: |
||||||
Proceeds from issuance of share capital, net of issuance costs |
1,688 |
3,756 |
28,131 |
|||
Proceeds from issuance of warrants measured at fair value |
6,585 |
– |
11,222 |
|||
Proceeds from exercise of warrants |
– |
– |
3,682 |
|||
Proceeds from exercise of options |
– |
333 |
133 |
|||
Repayment of lease liability |
(586) |
(1,656) |
(633) |
|||
Payment of lease liability interest |
(63) |
(1,429) |
(1,347) |
|||
Proceeds from loans |
5,482 |
9,636 |
7,804 |
|||
Repayment of loans |
(4,827) |
(4,976) |
– |
|||
Interest paid |
(1,664) |
(902) |
(261) |
|||
Proceeds from discounted checks |
2,802 |
– |
– |
|||
Net cash provided by financing activities |
9,417 |
4,762 |
48,731 |
|||
Effect of foreign exchange on cash and cash equivalents |
(796) |
(2,043) |
(329) |
|||
Increase (decrease) in cash and cash equivalents |
(636) |
(11,454) |
5,018 |
|||
Cash and cash equivalents at beginning of year |
2,449 |
13,903 |
8,885 |
|||
Cash and cash equivalents at end of year |
$ 1,813 |
$ 2,449 |
$ 13,903 |
|||
Supplemental disclosure of non-cash activities: |
||||||
Right-of-use asset recognized with corresponding lease liability |
$ 309 |
$ 613 |
$ 1,678 |
|||
Conversion of warrant and compensation options into common shares |
$ – |
$ – |
$ 611 |
|||
Issuance of shares in payment of purchase consideration liability |
$ – |
$ 3,061 |
$ – |
|||
Issuance of shares in payment of debt settlement to a non-independent director of the company |
$ 1,061 |
$ – |
$ – |
Logo – https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/im-cannabis-reports-2023-financial-results-302102584.html
SCHWAZZE
Schwazze Announces Fourth Quarter and Full Year 2023 Financial Results
FY 2023 Revenue of $172.4 Million; Income from Operations of $3.3 Million; Adjusted EBITDA of $53.4 Million or 31% of Revenue
Generated $12.2 Million of Operating Cash Flow in FY 2023
DENVER, March 27, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (Cboe: SHWZ) (“Schwazze” or the “Company”), today announced financial and operational results for the fourth quarter and full year ended December 31, 2023.
“This past year, the Schwazze team delivered solid top-line growth in two highly competitive markets with 31% adjusted EBITDA margins and improved operating cash flow,” said Forrest Hoffmaster, Interim CEO of Schwazze. “We continued to sharpen our retail strategy while expanding our store footprint by more than 50% to 63 dispensaries across our two markets. Although the Colorado and New Mexico markets were pressured in 2023, we have built a solid foundation with best-in-class service for our patients and customers. Internally, we are also relentlessly focused on maximizing the operating efficiencies of our manufacturing and cultivation facilities to drive higher yields, improved flower quality, and greater output.”
“With strong demand and over 680 recreational retail stores at year-end, the competitive landscape in Colorado is fierce, underscoring the importance of our investments in and attention to elevating the customer experience. We significantly outpaced the market in Q4 on a sequential and year-over-year basis and expect to bolster our growth through improvements in customer acquisition, retention, and loyalty, as well as in the overall retail experience. Additionally, we are beginning to see wholesale pricing stabilize, which we anticipate will continue based on plant counts and ongoing retail pricing pressure.”
“In New Mexico, the proliferation of new licenses has led to increased competition and aggressive pricing strategies from certain players. Cannabis sales in the state were up 18% across a store base that was over 50% higher year-over-year in Q4, leading to lower average revenue per store. While we are beginning to see a slow-down in net new store openings, we anticipate a challenging market ahead. We remain focused on cost optimization and asset utilization while implementing a balanced pricing and promotional strategy to drive traffic into our stores, where we believe we excel in delivering an elevated retail experience. We are committed to fulfilling our promise of being the retailer of choice in New Mexico.”
“Looking ahead, we are optimistic about the regulatory momentum in the industry at large. In the meantime, we will continue to elevate the customer experience, improve our loyalty program, increase our cost efficiencies, and enhance our retail assets. Our team has a demonstrated track record of executing in competitive markets like Colorado and New Mexico where we remain one of the largest operators. We look forward to driving growth and profitability across each of our markets in 2024.”
Fourth Quarter 2023 Financial Summary
$ in Thousands USD |
Q4 2023 |
Q3 2023 |
Q4 2022 |
Total Revenue |
$43,325 |
$46,747 |
$40,147 |
Gross Profit |
$7,034 |
$21,438 |
$21,719 |
Adjusted Gross Profit[1] |
$20,180 |
$21,438 |
$21,719 |
Operating Expenses |
$23,276 |
$12,514 |
$24,224 |
Income (Loss) from Operations |
$(16,242) |
$8,924 |
$(2,505) |
Adjusted EBITDA[2] |
$10,953 |
$14,119 |
$13,285 |
Operating Cash Flow |
$3,452 |
$6,946 |
$6,260 |
Full Year 2023 Financial Summary
$ in Thousands USD |
FY 2023 |
FY 2022 |
Total Revenue |
$172,448 |
$159,379 |
Gross Profit |
$76,024 |
$80,289 |
Adjusted Gross Profit1 |
$89,170 |
$86,830 |
Operating Expenses |
$72,735 |
$67,434 |
Income from Operations |
$3,289 |
$12,855 |
Adjusted EBITDA2 |
$53,412 |
$52,010 |
Operating Cash Flow |
$12,201 |
$6,694 |
___________________________ |
1 Adjusted Gross Profit is a non-GAAP measure as defined by the SEC and represents gross profit excluding non-cash inventory adjustments. The Company uses Adjusted Gross Profit as it believes it better explains the results of its core business. See “ADJUSTED GROSS PROFIT RECONCILIATION (NON-GAAP)” section herein for an explanation and reconciliations of non-GAAP measure used throughout this release. |
2 Adjusted EBITDA is a non-GAAP measure as defined by the SEC, and represents earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating costs. The Company uses Adjusted EBITDA as it believes it better explains the results of its core business. See “ADJUSTED EBITDA RECONCILIATION (NON-GAAP)” section herein for an explanation and reconciliations of non-GAAP measure used throughout this release. |
Full Year 2023 Operational Highlights
- Expanded the Company’s retail footprint by more than 50% in New Mexico and Colorado to 63 dispensaries.
- Completed the acquisition of Everest Apothecary, adding 14 dispensaries, one cultivation facility, and one manufacturing plant to the Company’s New Mexico operations.
- Acquired Standing Akimbo, the largest medical cannabis dispensary in Colorado, and opened the Company’s first medical dispensary in Colorado Springs under the Standing Akimbo banner.
- Acquired two Colorado retail dispensaries in Fort Collins and Garden City from Smokey’s.
- Unveiled an enhanced, custom ecommerce platform in New Mexico under the R. Greenleaf banner.
- Increased wholesale penetration in Colorado and New Mexico by over 3x year-over-year to more than 27% total door penetration in both states.
- Grew Lowell Farms pre-roll sales by over 250% in Colorado where it is now the #1 pre-roll in the state. In addition, Lowell is in six of the largest Colorado accounts and will be available for wholesale in New Mexico starting April 1st, 2024.
- Grew sales with Wana, our fan-favorite gummies brand, by 48% in New Mexico where it is now in 130 doors with eight of the top ten accounts in the state.
Fourth Quarter 2023 Financial Results
Total revenue in the fourth quarter of 2023 increased 8% to $43.3 million compared to $40.1 million for the same quarter last year. The increase was primarily due to growth from new stores compared to the prior year period and increased wholesale revenue, partially offset by pricing pressure from the proliferation of new licenses in New Mexico.
Gross profit for the fourth quarter of 2023 was $7.0 million or 16.2% of total revenue, compared to $21.7 million or 54.1% of total revenue for the same quarter last year. The decrease in gross margin was primarily driven by one-time, non-cash inventory adjustments of approximately $13.1 million comprised of $3.1 million of product consolidation, obsolescence, and shrinkage expenses, $4.3 million of net realizable value adjustments, and $5.8 million of fair value adjustments on acquired inventory in New Mexico in 2023. Adjusted gross profit, which excludes non-cash inventory adjustments, for the fourth quarter of 2023 was $20.2 million or 46.6% of revenue.
Operating expenses for the fourth quarter of 2023 were $23.3 million compared to $24.2 million for the same quarter last year. The decrease was primarily due to a lower impairment charge in the fourth quarter of 2023. This was partially offset by an increase in four-wall SG&A expenses associated with the 22 additional stores in Colorado and New Mexico that are still ramping, as well as greater salaries and stock-based compensation.
Loss from operations for the fourth quarter of 2023 was $16.2 million compared to $2.5 million in the same quarter last year. The decrease was driven by the aforementioned lower gross profit, primarily related to the non-cash inventory adjustment. Net loss was $33.9 million for the fourth quarter of 2023 compared to $27.3 million for the same quarter last year.
Adjusted EBITDA for the fourth quarter of 2023 was $11.0 million or 25.3% of revenue, compared to $13.3 million or 33.1% of revenue for the same quarter last year. The decrease in Adjusted EBITDA margin was primarily driven by higher operating expenses associated with the 22 additional stores that are still ramping.
As of December 31, 2023, cash and cash equivalents were $19.2 million compared to $38.9 million on December 31, 2022. Total debt as of December 31, 2023, was $156.8 million compared to $127.8 million on December 31, 2022.
Conference Call
The Company will conduct a conference call today, March 27, 2024, at 5:00 p.m. Eastern time to discuss its results for the fourth quarter and full year ended December 31, 2023.
Schwazze management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing [email protected].
Date: Wednesday, March 27, 2024
Time: 5:00 p.m. Eastern time
Toll-free dial-in: (888) 664-6383
International dial-in: (416) 764-8650
Conference ID: 38840334
Webcast: SHWZ Q4 & FY 2023 Earnings Call
The conference call will also be broadcast live and available for replay on the investor relations section of the Company’s website at https://ir.schwazze.com.
Toll-free replay number: (888) 390-0541
International replay number: (416) 764-8677
Replay ID: 840334
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
Schwazze (OTCQX: SHWZ) (Cboe: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to explore taking its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.
Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.
Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include financial outlooks; any projections of net sales, earnings, or other financial items; any statements of the strategies, plans and objectives of our management team for future operations; expectations in connection with the Company’s previously announced business plans; any statements regarding future economic conditions or performance; and statements regarding the intent, belief or current expectations of our management team. Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. We have based our forward-looking statements on management’s current expectations and assumptions about future events and trends affecting our business and industry. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Therefore, forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected]
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND (LOSS)
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars
For the Three Months Ended |
For the Twelve Months Ended |
||||||||||
December 31, |
December 31, |
||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||
(Unaudited) |
(Unaudited) |
(Audited) |
(Audited) |
||||||||
Operating Revenues |
|||||||||||
Retail |
$ |
39,592,779 |
$ |
36,868,429 |
$ |
155,463,816 |
$ |
141,254,893 |
|||
Wholesale |
3,730,749 |
3,158,670 |
16,765,425 |
17,819,938 |
|||||||
Other |
1,287 |
120,188 |
218,545 |
304,388 |
|||||||
Total Revenue |
43,324,815 |
40,147,287 |
172,447,786 |
159,379,219 |
|||||||
Total Cost of Goods & Services |
36,291,059 |
18,428,528 |
96,424,150 |
79,090,461 |
|||||||
Gross Profit |
7,033,756 |
21,718,759 |
76,023,636 |
80,288,758 |
|||||||
Operating Expenses |
|||||||||||
Selling, General and Administrative Expenses |
10,848,029 |
8,922,627 |
39,916,518 |
29,036,962 |
|||||||
Professional Services |
1,115,457 |
1,112,975 |
3,558,501 |
6,722,554 |
|||||||
Loss on Impairment |
1,810,890 |
8,011,405 |
1,801,740 |
8,011,405 |
|||||||
Salaries |
6,561,800 |
5,292,996 |
23,883,354 |
20,990,290 |
|||||||
Stock Based Compensation |
2,952,669 |
883,890 |
3,574,831 |
2,672,713 |
|||||||
Total Operating Expenses |
23,288,845 |
24,223,893 |
72,734,944 |
67,433,924 |
|||||||
Income from Operations |
(16,255,089) |
(2,505,134) |
3,288,692 |
12,854,834 |
|||||||
Other Income (Expense) |
|||||||||||
Interest Expense, net |
(8,112,391) |
(6,827,557) |
(32,069,082) |
(30,139,645) |
|||||||
Unrealized Gain (Loss) on Derivative Liabilities |
1,384,228 |
(9,690,200) |
15,870,233 |
18,414,760 |
|||||||
Other Loss |
68,400 |
3,736 |
68,400 |
24,136 |
|||||||
Loss on Business Disposition |
(1,968,807) |
(4,684,366) |
(1,968,807) |
(4,684,366) |
|||||||
Unrealized Gain (Loss) on Investments |
– |
3,083 |
1,816 |
(39,270) |
|||||||
Total Other Income (Expense) |
(8,628,570) |
(21,195,304) |
(18,097,441) |
(16,424,385) |
|||||||
Pre-Tax Net Income (Loss) |
(24,883,659) |
(23,700,438) |
(14,808,749) |
(3,569,551) |
|||||||
Provision for Income Taxes |
4,494,049 |
3,638,695 |
19,740,595 |
14,898,064 |
|||||||
Net Income (Loss) |
$ |
(29,377,708) |
$ |
(27,339,133) |
$ |
(34,549,344) |
$ |
(18,467,615) |
|||
Less: Accumulated Preferred Stock Dividends for the Period |
(1,541,341) |
(2,508,677) |
(8,154,993) |
(7,802,809) |
|||||||
Net Income (Loss) Attributable to Common Stockholders |
$ |
(30,919,049) |
$ |
(29,847,810) |
$ |
(42,704,337) |
$ |
(26,270,424) |
|||
Earnings (Loss) per Share Attributable to Common Stockholders |
|||||||||||
Basic Earnings (Loss) per Share |
$ |
(0.43) |
$ |
(0.57) |
$ |
(0.66) |
$ |
(0.49) |
|||
Diluted Earnings (Loss) per Share |
$ |
(0.43) |
$ |
(0.57) |
$ |
(0.66) |
$ |
(0.49) |
|||
Weighted Average Number of Shares Outstanding – Basic |
71,680,200 |
53,637,003 |
64,535,245 |
53,637,003 |
|||||||
Weighted Average Number of Shares Outstanding – Diluted |
71,680,200 |
53,637,003 |
64,535,245 |
53,637,003 |
|||||||
Comprehensive Income (Loss) |
$ |
(29,377,708) |
$ |
(27,339,133) |
$ |
(34,549,344) |
$ |
(18,467,615) |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars
For the Twelve Months Ended |
||||||
December 31, |
||||||
2023 |
2022 |
|||||
(Audited) |
(Audited) |
|||||
Cash Flows from Operating Activities: |
||||||
Net Income (Loss) for the Period |
$ |
(34,549,344) |
$ |
(18,467,615) |
||
Adjustments to Reconcile Net Income (Loss) to Cash for Operating Activities |
||||||
Depreciation & Amortization |
20,933,541 |
10,660,172 |
||||
Non-Cash Interest Expense |
4,024,604 |
4,118,391 |
||||
Impairment of Goodwill |
1,801,740 |
8,011,405 |
||||
Non-Cash Lease Expense |
7,648,531 |
3,910,679 |
||||
Deferred Taxes |
(2,090,967) |
502,070 |
||||
Loss on Disposition of Business Units |
1,968,807 |
4,684,369 |
||||
Change in Derivative Liabilities |
(15,870,233) |
(18,414,760) |
||||
Amortization of Debt Issuance Costs |
1,686,049 |
1,686,048 |
||||
Amortization of Debt Discount |
8,523,493 |
7,484,613 |
||||
(Gain) Loss on Investments, net |
(1,816) |
39,270 |
||||
Stock Based Compensation |
3,590,473 |
812,073 |
||||
Changes in Operating Assets & Liabilities (net of Acquired Amounts): |
||||||
Accounts Receivable |
927,259 |
(105,185) |
||||
Inventory |
4,571,069 |
789,399 |
||||
Prepaid Expenses & Other Current Assets |
1,579,349 |
(2,770,179) |
||||
Other Assets |
263,419 |
(248,682) |
||||
Change in Operating Lease Liabilities |
(7,498,128) |
(13,113,041) |
||||
Accounts Payable & Other Liabilities |
(3,241,850) |
11,845,245 |
||||
Income Taxes Payable |
17,934,967 |
5,270,074 |
||||
Net Cash Provided by (Used in) Operating Activities |
12,200,963 |
6,694,346 |
||||
Cash Flows from Investing Activities: |
||||||
Collection of Notes Receivable |
11,944 |
– |
||||
Cash Consideration for Acquisition of Business, net of Cash Acquired |
(15,834,378) |
(58,981,226) |
||||
Purchase of Fixed Assets |
(7,865,654) |
(14,007,892) |
||||
Purchase of Intangible Assets |
(2,750,000) |
– |
||||
Investment in Private Entity |
– |
(2,000,000) |
||||
Net Cash Provided by (Used in) Investing Activities |
(26,438,088) |
(74,989,118) |
||||
Cash Flows from Financing Activities: |
||||||
Payment on Notes Payable |
(5,354,218) |
(134,498) |
||||
Proceeds from Issuance of Common Stock |
– |
978,308 |
||||
Payment for Statutory Withholdings on RSU |
(108,978) |
– |
||||
Net Cash Provided by (Used in) Financing Activities |
(5,463,196) |
843,810 |
||||
Net (Decrease) in Cash & Cash Equivalents |
(19,700,321) |
(67,450,962) |
||||
Cash & Cash Equivalents at Beginning of Period |
38,949,253 |
106,400,216 |
||||
Cash & Cash Equivalents at End of Period |
$ |
19,248,932 |
$ |
38,949,253 |
||
Supplemental Disclosure of Cash Flow Information: |
||||||
Cash Paid for Interest |
$ |
17,896,954 |
$ |
15,243,990 |
||
Cash Paid for Income Taxes |
5,000,000 |
12,340,000 |
MEDICINE MAN TECHNOLOGIES, INC.
ADJUSTED EBITDA RECONCILIATION (NON-GAAP)
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars
For the Three Months Ended |
For the Twelve Months Ended |
||||||||||
December 31, |
December 31, |
||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||
Net Income (Loss) |
$ |
(29,364,680) |
$ |
(27,339,133) |
$ |
(34,549,344) |
$ |
(18,467,615) |
|||
Interest Expense, net |
8,112,391 |
6,827,557 |
32,069,082 |
30,139,645 |
|||||||
Provision for Income Taxes |
4,494,049 |
3,638,695 |
19,740,595 |
14,898,064 |
|||||||
Other (Income) Expense, net of Interest Expense |
516,180 |
14,367,747 |
(13,971,641) |
(13,715,260) |
|||||||
Depreciation & Amortization |
3,162,425 |
3,701,128 |
18,970,960 |
12,524,677 |
|||||||
Earnings Before Interest, Taxes, Depreciation and |
|||||||||||
Amortization (EBITDA) (non-GAAP) |
$ |
(13,079,635) |
$ |
1,195,994 |
$ |
22,259,652 |
$ |
25,379,511 |
|||
Non-Cash Stock Compensation |
1,597,157 |
883,890 |
2,219,319 |
2,672,713 |
|||||||
Deal Related Expenses |
2,196,733 |
1,914,820 |
5,528,048 |
6,822,111 |
|||||||
Capital Raise Related Expenses |
1,779 |
(257,271) |
38,559 |
533,958 |
|||||||
Inventory Adjustment to Fair Market Value for |
|||||||||||
Purchase Accounting |
5,792,488 |
– |
5,792,488 |
6,541,651 |
|||||||
One-Time Inventory Impairment |
7,353,972 |
– |
7,353,972 |
– |
|||||||
One-Time Goodwill Impairment |
1,801,740 |
8,011,405 |
1,801,740 |
8,011,405 |
|||||||
Severance |
111,752 |
263,374 |
537,584 |
334,910 |
|||||||
Retention Program Expenses |
– |
– |
505,655 |
– |
|||||||
Employee Relocation Expenses |
5,065 |
(3,750) |
70,107 |
15,360 |
|||||||
Pre-Operating & Dark Carry Expenses |
2,663,824 |
1,027,738 |
2,663,824 |
1,027,738 |
|||||||
One-Time Legal Settlements |
1,204,058 |
440,000 |
1,204,058 |
440,000 |
|||||||
Other Non-Recurring Items |
1,304,501 |
(191,674) |
3,436,773 |
230,858 |
|||||||
Adjusted EBITDA (non-GAAP) |
$ |
10,953,434 |
$ |
13,284,526 |
$ |
53,411,779 |
$ |
52,010,215 |
|||
Revenue |
43,324,815 |
40,147,287 |
172,447,786 |
159,379,219 |
|||||||
Adjusted EBITDA Percent |
25.3 % |
33.1 % |
31.0 % |
32.6 % |
View original content:https://www.prnewswire.co.uk/news-releases/schwazze-announces-fourth-quarter-and-full-year-2023-financial-results-302101678.html
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