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Westleaf Inc. Announces Third Quarter 2019 Results and Update on Operations – GrassNews
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Westleaf Inc. Announces Third Quarter 2019 Results and Update on Operations

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Photo source: pinnacledigest.com

Westleaf Inc. (the “Company” or “Westleaf“) (TSX-V:WL) (OTCQB:WSLFF), released today its third quarter financial results for the fiscal year 2019, for the three month interim period ending September 30, 2019 and provided an update on operations. Westleaf’s third quarter Financial Statements and related Management Discussion & Analysis for the reporting period are available under the Company’s profile at www.sedar.com

Q3 2019 Financial Highlights:

  • Operating revenues of $1.7 million for the third quarter of 2019, up 82% from Q2 2019. Total revenue reflects operations from three cannabis retail stores in the Saskatoon region and one in Calgary, the latter which was only operational for the final two weeks of the interim period. In management’s view, the urban stores continue to perform well and are achieving blended gross margins of ~37%.
  • Selling General & Administrative (SG&A) costs of $3.1 million for the quarter, down ~$0.7 million or 17% from Q2 2019. Westleaf continues to be focused on cost reductions and is implementing further overhead reduction initiatives.
  • Westleaf’s cash reserves at the end of the reporting period were $10.0 million and the Company has access to low-cost, undrawn credit facilities with ATB Financial of ~$18.9 million which brings the total available borrowing room and cash reserves to ~$28.9 million;
  • The Company opened a fourth Prairie Records retail location in Calgary, Alberta, on September 1, 2019, bringing the Company’s total cannabis retail profile to four stores operating, and the Company announced the anticipated development of three more proposed cannabis retail stores, one in downtown Calgary, one in the University District in Edmonton and one in Banff National Park, all of which are subject to applicable regulatory approvals, including approval from Albert Gaming Liquor and Cannabis.

Highlights Subsequent to Quarter End:

  • On November 7, the Company announced the proposed merger of the Company with We Grow BC Ltd., the cultivator of premium cannabis brand Qwest, to create a combined vertically integrated company at the luxury end of the cannabis market. The proposed merger is expected to provide the combined entity with access to $8.9 million in additional non-dilutive capital through the issuance of a new term loan ($4.7 million) and removal of the restricted cash requirement (~$4.2 million) under the Company’s current subsidiary level credit facilities (which are expected to be consolidated at the Company level as part of the transaction). Following the close of the transaction, the combined company’s remaining infrastructure projects are anticipated to be fully funded.
  • Westleaf’s Phase I of The Plant, the Company’s large-scale extraction, processing and manufacturing facility in Calgary, (built to EU GMP specifications) received approval from Health Canada for a standard processing licence on October 11, 2019.

“During the reporting period, we executed on our previously stated plans to build out a viable integrated premium cannabis company and prepare the Company for the coming of Cannabis 2.0, that is the legalization of a large variety of cannabis derivative products,” said Scott Hurd, President and CEO of Westleaf. “We successfully completed construction on The Plant, and we received a standard processing licence from Health Canada within the estimated time frame. Subsequent to the quarter end The Plant has been operationalized and we are now prepared to begin manufacturing a number of cannabis derivative products for sale by the Company and through white label contracts for third parties.”

“Most substantially, subsequent to quarter end, we announced that we intend to merge Westleaf with We Grow BC,” added Hurd. “The resulting combined company is expected to have the scale and the cannabis brands to be a significant player in the ultra-premium end of the legal recreational cannabis market in Canada. In our view, We Grow’s Qwest brand has established itself as a leading cannabis brand, recognized for its ultra-premium quality products and rare flower varieties, evidenced by its leading realized selling price in the Canadian recreational market.”

Operating Highlights

The Plant – Preparing for Cannabis 2.0:

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  • Phase I of The Plant, construction of the Company’s wholly owned large-scale cannabis extraction, processing and product formulation facility, was completed and it received approval from Health Canada for a standard cannabis processing licence which allows the Company to begin cannabis processing production;
  • Phase I of the facility is designed to process approximately 65,000 kgs of dried cannabis per annum into high quality oils, concentrates, tinctures, vape products and gel caps, including a white label vape product for Winnipeg based Delta Nine Cannabis Inc., and Westleaf’s first in-house product, a line of vape pens under the brand General Admission1;
  • The Plant is a highly strategic asset for the Company. Westleaf anticipates strong industry wide demand for efficient extraction, processing and formulation capacity. In addition, the merger with We Grow BC is expected to enable the combined entity to begin processing and production of derivative products under the premium brand Qwest.

The Plant has an additional 45,000 square feet of scalable space with the potential to expand capacity as well as potentially add additional product lines based on consumer preferences now that additional products have been licensed.  The first products expected in Cannabis 2.0 legalization are a line of vape products the Company plans to roll-out in the early part of Q1 2020. The Plant is also anticipated to be a key component in the merged company, as some of the processing capacity will be used to create Qwest branded ultra-premium cannabis derivative products.

Prairie Records – A Unique Retail Experience:

Prairie Records the Company’s retail brand continues to grow through the quarter with the addition of a store in Calgary’s Forest Lawn district, which opened on September 1, 2019. The Prairie Records two urban stores in Saskatoon continue to return gross margins close to 37%.

In September 2019Prairie Records was awarded the Canadian “Retailer of the Year” Award by the Cannabiz GrowUP Awards and Conference and in November 2019Prairie Records was recognized by the Canadian Marketing Association as a Silver Medalist in the Cannabis Category, for its on-the-ground launch campaign around the Company’s Saskatoon retail cannabis stores.

The retail environment in Alberta and Saskatchewan, where the Company operates retail stores, continue to show positive month over month growth. Alberta remains among the highest sales per population in the country with a 3.16% increase in sales from August to September 2019Saskatchewan also continues to grow by similar amounts. (Statistics Canada, Cannabis Retail Sales).

With its open retail market, Alberta has accounted for more sales than any other province in the country since legalization, edging out Ontario which has three and half times the population but only a fraction of the stores open. In the first 12 months of sales, there has been a total of $928.3 million sold in legal retail and online stores across Canada. (Statistics Canada, Cannabis Retail Sales).

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Thunderchild Cultivation

Construction of Westleaf’s purpose-built, indoor cultivation facility near Battleford, Saskatchewan has progressed significantly in Q3 2019 and subsequent to the reporting period. Phase I of the indoor grow operation is expected to include a total of 80,000 square feet with 20 grow rooms and approximately 21,000 square feet of flower bench. Phase II is expected to add an additional 50,000 square feet and bring total production capacity up to approximately 14,600 kgs per annum, all subject to receipt of applicable regulatory approvals2. Principle construction is expected to be primarily complete in December 2019.

The remainder of the facility construction is fully financed with low-cost, non-dilutive bank debt from ATB Financial and Westleaf believes it is uniquely positioned to provide the high demand ultra-premium indoor flower to the market once operational. Assuming the closing of the proposed merger, the Thunderchild facility is expected to be a key asset for the expansion of the Qwest brand, as We Grow BC will introduce its genetics and plants into the facility, which is amongst the most sought after premium cannabis on the market.

Outlook and Additional Information

With the announcement of the merger with We Grow BC, the combined Company is anticipated to be positively positioned as the market enters an important next phase of growth within Canada’s expanded legal recreational cannabis market. The combined entity will be focused on the ultra-premium end of the market both from a position of cultivation and product development of Qwest branded cannabis and cannabis derivatives as well as at its Prairie Records retail outlets. Based on data provided by the Alberta Gaming Liquor and Cannabis (AGLC) Commission, Qwest products held down the first and third highest average retail price amongst all available cannabis products in the province, averaging approximately $20 and $17 per gram for Qwest Reserve and Qwest respectively3. In management’s view, this support for these ultra-premium products bodes well for the development of additional derivative products under the Qwest brand.

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Share Structure

As of September 30, 2019, the Company had 142.7 million common shares outstanding, 23.5 million warrants outstanding, 7.9 million RSUs outstanding, and 3.0 million stock options outstanding. All RSUs were granted in accordance with the Company’s compensation plan.

 

SOURCE Westleaf Inc.

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Fractional Flow Reserve Market growing at a CAGR of 15.56% during the forecast period [2024-2030] – Exactitude Consultancy

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Luton, Bedfordshire, United Kingdom, July 15, 2024 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Fractional Flow Reserve Market.

The global fractional flow reserve market size was valued at USD 971.09 million in 2023 and is expected to reach USD 2.31 billion by 2030, growing at a CAGR of 15.56% during the forecast period.

The Fractional Flow Reserve Market report offers an in-depth analysis of the industry, categorizing the market by type, application, and geographic distribution. This detailed examination includes insights on market size, market share, growth trends, competitive landscape, and key factors influencing growth and challenges. It also highlights prevalent industry trends, market fluctuations, and the overall competitive environment.

The document provides a comprehensive view of the Global Fractional Flow Reserve Market, equipping stakeholders with the necessary tools to identify areas for industry expansion. The report meticulously evaluates market segments, the competitive scenario, market scope, growth patterns, and key drivers and constraints. It further segments the market by geographic distribution, illuminating market leadership, growth trends, and industry shifts. Significant market trends and transformations are also emphasized, offering a deeper understanding of the market’s complexities. This guide empowers stakeholders to leverage market opportunities and make informed decisions. Additionally, it clarifies the critical factors shaping the market’s trajectory and its competitive landscape.

Get a Sample PDF Brochure of the Report: https://exactitudeconsultancy.com/reports/23485/fractional-flow-reserve-market/#request-a-sample

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Recent Development:

  • April 19, 2023, Philips collaborated with Saint-Joseph Hospital and Marie-Lannelongue Hospital to improve cancer care.
  • March 20, 2023, Terumo Medical Corporation had announced the findings of an IDE trial for its Cross-Seal Suture-Mediated VCD System. It demonstrated, among other things, that the primary safety endpoint of freedom from major complications at the target limb access site within 30 days after the procedure was met.

Growth Enablers

Growth Enablers of the Fractional Flow Reserve Market

  • Increasing Prevalence of Cardiovascular Diseases
  • Technological Advancements
  • Growing Adoption of Minimally Invasive Procedures
  • Favorable Reimbursement Policies
  • Expansion in Emerging Markets
  • Increased Awareness and Education
  • Strategic Collaborations and Partnerships

Trending Factors in the Fractional Flow Reserve Market

Integration of Artificial Intelligence and Machine Learning: The incorporation of AI and ML in FFR technologies is revolutionizing the market by enhancing the accuracy and efficiency of diagnostic procedures. AI algorithms assist in better image analysis and interpretation, leading to more precise assessments of coronary artery disease​​.

Shift Towards Non-Invasive FFR Techniques: There is a growing trend towards non-invasive FFR methods, such as FFR-CT (Computed Tomography), which reduces the risks associated with invasive procedures. These techniques are becoming more popular due to their ability to provide accurate results without the need for catheterization​.

Expansion in Emerging Markets: Emerging economies, particularly in the Asia-Pacific region, are witnessing rapid growth in the FFR market. This is driven by increasing healthcare expenditure, a rising prevalence of cardiovascular diseases, and improvements in healthcare infrastructure​.

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Technological Innovations and Product Launches: Continuous innovation and the introduction of advanced FFR devices are significant trends. Companies are investing heavily in R&D to develop new products that offer better diagnostic capabilities and ease of use. For instance, recent product launches like the Artis icono biplane by Siemens Healthineers highlight the focus on enhancing interventional cardiology workflows​​.

Collaborations and Strategic Partnerships: The market is seeing numerous collaborations and strategic partnerships among key players. These alliances aim to combine expertise, expand product portfolios, and enhance market reach. Such partnerships are crucial for driving innovation and market growth​

Regulatory Approvals and Reimbursement Policies: Favorable regulatory approvals and supportive reimbursement policies are key factors influencing the market. For instance, the approval of CathWorks FFRangio by the US FDA and its subsequent reimbursement approval in Japan have positively impacted the market​​.

These trending factors highlight the dynamic nature of the FFR market, driven by technological advancements, strategic collaborations, and growing awareness and adoption of minimally invasive diagnostic procedures.

The North America region accounted for the largest volume-based share of 37%.

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Due to the growing geriatric population linked to cardiovascular diseases and the growing technological advancements in FFR monitoring devices, North America is anticipated to hold a significant market share in the fractional flow reserve market. The global fractional flow reserve market was dominated by the United States. The United States has become a major fractional flow reserve market shareholder due to the faster adoption of value-based products in the healthcare system, increased clinician awareness, and increasing adoption of FFR-CT.

Fractional Flow Reserve Market Report Scope
Report Attribute Details
Market size value in 2023 at USD 971.09 million
Revenue forecast in 2030 USD 2.31 billion by 2030
Growth rate CAGR of 15.56% from 2023 to 2030
Base year for estimation 2023
Historical data 2019 – 2023
Forecast period 2023 – 2030
Quantitative units Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Product, application, region
Regional scope North America; Europe; China; Asia; Pacific; Central & South America; MEA
Country scope U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman
Key companies profiled OPSENS Medical, Abbott Laboratories, Koninklijke, Philips N.V., Acist Medical Systems Inc., Boston Scientific, Medtronic plc, B. Braun Melsungen, Siemens, Terumo Medical Corporation and Medis Medical Imaging System.

Browse Detailed Summary of Research Report with TOC: https://exactitudeconsultancy.com/reports/23485/fractional-flow-reserve-market/

Key Market Segments: Fractional Flow Reserve Market Segment:

Fractional Flow Reserve Market by Product, 2023-2030 (USD Billions) (Kilotons)

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  • FFR Guidewires
  • FFR Monitoring Systems
  • Other

Fractional Flow Reserve Market by End Use, 2023-2030 (USD Billions) (Kilotons)

  • Multi-Vessel Coronary Artery Disease
  • Single-Vessel Coronary Artery Disease

Driving Factors of the Fractional Flow Reserve Market

Rising Cardiovascular Disorders: The increasing prevalence of cardiovascular diseases is significantly boosting the demand for FFR procedures.

Technological Advancements: Innovations in FFR systems are enhancing diagnostic accuracy and efficiency, thereby expanding the market.

Growing Adoption of Minimally Invasive Procedures: The minimally invasive nature of FFR aligns with the preference for less invasive treatments, promoting market growth.

Expanding Geriatric Population: The aging population is contributing to a higher incidence of coronary diseases, which in turn drives the need for FFR assessments.

Supportive Reimbursement Policies: Favorable reimbursement policies encourage healthcare providers to adopt FFR technologies, aiding market development.

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Increasing Awareness and Education: Growing awareness among physicians and patients about the benefits of FFR is fueling market expansion.

Restraining Factors of the Fractional Flow Reserve Market

Cost Constraints: High initial setup and maintenance costs limit the adoption of FFR, especially in developing regions.

Complexity of Procedure: The complexity involved in performing FFR procedures may discourage some healthcare providers from incorporating it into their practice.

Regulatory Challenges: Stringent regulatory requirements for FFR devices can impede market growth and innovation.

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https://exactitudeconsultancy.com/reports/23485/fractional-flow-reserve-market/#request-a-sample

Key Questions Answered:

  • What is the current size of Fractional Flow Reserve Market?
  • What are the Key factors influencing the Growth of Fractional Flow Reserve Market?
  • Who are Major Competitors in the Fractional Flow Reserve Market?
  • What are the major applications of the Fractional Flow Reserve Market?
  • Which Region is holding the largest share in the Fractional Flow Reserve Market?

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Cannabis

IM Cannabis Shares Commence Trading on 6:1 Consolidated Basis

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im-cannabis-shares-commence-trading-on-6:1-consolidated-basis

TORONTO and GLIL YAM, Israel, July 12, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company” or “IM Cannabis“), a leading medical cannabis company with operations in Israel and Germany, is pleased to announce that, further to its press release dated July 5, 2024, effective today the Company’s common shares (“Common Shares“) are trading on the Canadian Securities Exchange (the “CSE“) and Nasdaq Stock Market LLC (“NASDAQ“) on a 6:1 post-consolidated basis (the “Consolidation“).

The Company’s trading symbol remains “IMCC” on both the CSE and NASDAQ. The Company’s new CUSIP and ISIN numbers are 44969Q406 and CA44969Q4060, respectively.

After giving effect to the Consolidation, the Common Shares were reduced from 13,394,136 to 2,232,357 Common Shares. No fractional Common Shares were issued in connection with the Consolidation. Instead, all fractional Common Shares equal to or greater than one-half resulting from the Consolidation were rounded to the next whole number, otherwise, the fractional Common Share were cancelled. The exercise price and/or conversion price and number of Common Shares issuable under any of the Company’s outstanding convertible securities were proportionately adjusted in connection with the Consolidation.

Computershare Investor Services Inc., the Company’s registrar and transfer agent for the Common Shares, has mailed letters of transmittal to registered shareholders of record as of July 12, 2024 providing instructions for the exchange of their Common Shares as soon as practicable following the effective date. Registered shareholders may also obtain a copy of the letter of transmittal by accessing the Company’s SEDAR+ profile at www.sedarplus.ca. Until surrendered, each Common Share certificate or direct registration system statement representing pre-consolidated Common Shares will represent the number of whole post-consolidated Common Shares to which the holder is entitled as a result of the Consolidation. No action is required by beneficial holders to receive post-consolidation Common Shares in connection with the Consolidation. Beneficial holders who hold their Common Shares through intermediaries (e.g., a broker, bank, trust company investment dealer or other financial institution) and who have questions regarding how the Consolidation will be processed should contact their intermediaries with respect to the Consolidation.

About IM Cannabis Corp. 

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IM Cannabis (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 focused its 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, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IM Cannabis’ products throughout the entire value chain. In Germany, the IM Cannabis ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. 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 amplifying its commercial and brand power to become a global high-quality cannabis player.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to maintain the listing requirements of the CSE and NASDAQ; the Company’s ability to focus on Israel, Germany and Europe; the Company’s ability to realize upon the stated benefits of the partial legalization of cannabis in Germany; and the Company amplifying its commercial and brand power to become a global high-quality cannabis player. 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 CSE and NASDAQ; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical Herbs Ltd. (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 and war, conflict and civil unrest in Eastern Europe and the Middle East; the risk of the Company’s inability to capitalize upon the partial legalization of cannabis in Germany; and risks the Company will be unable to amplify its commercial and brand power and/or be unable to become a global high-quality cannabis player.

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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.

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.

Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de

Oren Shuster, Chief Executive Officer
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com

Logo – https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg

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Cannabis

Legal Cannabis Market Share Value Projected to Reach USD 194.5 Billion, at 16.9% CAGR by 2034: Prophecy Market Insights

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Covina, July 11, 2024 (GLOBE NEWSWIRE) — The study concludes that the global legal cannabis market size and share is expected to grow at a CAGR of 16.9% between 2024 and 2034. The market revenue of USD 47 Billion in 2024 is expected to grow up to USD 194.5 Billion by 2034.

Cannabis was an illicit drug before, but its legalization process is on fast track today in many nations around the globe, opening a multibillion-dollar market with huge growth potential. The said market is bifurcated into two categories: medical cannabis, used for the treatment of various diseases, and recreational cannabis, for fun and other purposes. Most marijuana consumers are young, especially millennials. Males use it more than females, while the level of consumption is also predicated by class and thereby affects the rate of consumption. Psychographics show that marijuana consumers are social, open to experiences, and concerned about health; the last two probably represent a broader moving trend to natural products and alternate medicine.

The legal cannabis market offers a huge amount of variety, starting from flowers to extracts and consumables like cookies and chocolate that can be applied topically on the skin. Concentrations are gaining their following and popularity because of their potency. Also very popular are the edibles—baked goods, particularly cookies, and sweets—that appeal to those who crave discreetness and effectiveness all at once in consumption.

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Our Free Sample Report includes:

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  • Overview & introduction of market study
  • Revenue and CAGR of the market 
  • Drivers & Restrains factors of the market 
  • Major key players in the market 
  • Regional analysis of the market with a detailed graph
  • Detailed segmentation in tabular form of market 
  • Recent developments/news of the market 
  • Opportunities & Challenges of the Market

Some of the Key Market Players:

  • Aurora Cannabis
  • Cresco Labs
  • Jazz Pharmaceuticals
  • Verano Holdings
  • Canopy Growth Corporation
  • Green Thumb Industries
  • Trulieve Cannabis
  • MedMen
  • Aphria
  • Cronos Group
  • Curaleaf
  • GW Pharmaceuticals, plc.
  • The Green Organic Dutchman

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Analyst View:

Global cannabis regulations differ, but most countries are legalizing it fast, thereby creating a multibillion-dollar market with huge growth potential. The market segments include cannabis for recreation and cannabis for medical use. Young people form a huge part of the cannabis users, particularly the millennial group who exhibit a social class influence. Due to early legalization and permissive rules, North America is the leader of the legal cannabis business concerning product variety. The constantly changing process of the market keeps including new and different consumers and substances like CBD or substances for euphoric-balming effects.

Legal Cannabis Market: Report Scope
Report Attributes Details
Market value in 2024 USD 47 Billion 
Market value in 2034 USD 194.5 Billion
CAGR 16.9% from 2024 – 2034
Base year 2023
Historical data 2019-2022
Forecast period 2024-2034

Market Dynamics:

Drivers:

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Growing Recognition and Legalization

  • Together, the increasing number of countries legalizing cannabis and the health benefits derived from medical marijuana easily make the global legal cannabis market ripe for significant growth. North America dominates the market due to major contributors such as the US, Canada, the UK, Germany, and Australia. The medicinal properties of cannabis will most probably drive massive growth in the medical cannabis market. Recreational use of marijuana is projected to have the fastest growth rate, and, as such, create jobs and boost the economy. The growth of the market results from geographical expansion, regulatory frameworks, and technological enhancements.

Increasing Customer Requirements

  • It’s the change in consumer expectations that’s driving big shifts in the legal cannabis sector. Companies are rolling out new product lines to cater to health-conscious consumers who demand a wider variety of cannabis-infused products. Where consumers want organically grown and pesticide-free cannabis, quality, and safety also rank very high. Consumers demand personalized experiences, where buyers and dispensaries are very important in guiding clientele to the right products. Moreover, there is an increase in sustainability and social responsibility due to customers valuing companies advocating for them. Technological integration is also being utilized to enhance convenience and engagement measures.

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Market Trends:

Benefits of Medicine and Research

  • Growth opportunities in legal cannabis mainly come from the legalization of their consumption, primarily for medical use. There are several medical diseases where the benefits of the use of cannabis have been proved, and the FDA has approved quite a few drugs derived from this plant. Improved cultivation, extraction, and testing technologies are also able to raise the quality and safety of products. The medicinal properties of cannabis are also opening up new options in treatment today, especially with those disorders resistant to traditional medications. Growing awareness of the potential economic opportunities that cannabis avails itself to could further drive the development of new innovative products and treatments, thereby accelerating market growth.

Segmentation:

Legal Cannabis Market is segmented based on Source, Compound, Products, and Region.

Source Insights

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  • From the flowers, which have classically been the traditional form of cannabis for as long as anyone can remember, to a large collection of strains with different cannabinoid levels, the flower truly captures the capabilities of the plant. Seed oil is another source that is not psychoactive in nature but is popular mainly due to its abundance of vital fatty acids and possible health benefits. Other sources are concentrated and super-potent cannabis products like trichomes, kief, and live resin. The infused product market is bound to grow with rising demand for seed oil. All in all, cannabis continues changing to best accommodate these different types of customers.

Compound Insights

  • Tetrahydrocannabinol is the widest cannabinoid used and has euphoric-balming effects. With increasing education among consumers, it can maintain its market share. One of the non-psychotic components is CBD, which helps in pain management and sleep quality, amongst others. Balanced THC & CBD: This segment caters to customers looking for a balanced experience by balancing the analgesic, relaxing properties of THC with the anxiety-reducing, focused properties of CBD.

Product Insights

  • Cannabis oil is quite often a concentrate, one can administer it topically for pain, consume it right out of the container, or use it in edibles. Cannabis drinks, like coffee, bubbling water, and spiked drinks, offer a more discreet and convenient way of consumption. Cannabis candies and chocolates are also other discreet and controlled ways. The legal cannabis sector is always experimenting with new products, vaporizers, topicals, edibles, baked foods, and sprays. Cannabis is also used for pet treats quite frequently. It is believed to expand the market for edibles as much as consumer acceptability and legalization expand.

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Recent Development:

  • In July 2024, Hundreds of pro-cannabis advocates took to Bangkok’s streets to protest a possible ban on general use. The Thai government floated plans to relist the plant as a narcotic, two years after it was decriminalized, earlier this year. A health ministry drug control committee approved the proposal, which would see cannabis only allowed for medical and research purposes.
  • In July 2024, NIST’s New Hemp Reference Material Will Help Ensure Accurate Cannabis Measurements. NIST’s Hemp Plant Reference Material will aid labs in accurately measuring THC, CBD, and other compounds in cannabis products, aiding forensic labs in distinguishing between legal hemp and federally controlled marijuana. It will also assist producers and state regulators in ensuring the safe use and accurate labeling of cannabis products.

Regional Insights

  • North America: The charge is currently being led from North America, due to early legalization and relatively permissive laws in countries like Canada and a number of US states. With so many goods on offer against the backdrop of a clientele base very loyal to their products, almost everything is put in place to create an almost perfect environment. The growth of the North American legal cannabis business is aided by many things, especially the medicinal and recreational markets, consumer demand, and lastly, medicinal research. The largest players are represented by Canopy Growth and Aurora Cannabis. The country with the most rapid growth relocated to Canada.
  • Asia Pacific: Asia is increasingly tolerating the use of medical marijuana, mainly in South Korea and Thailand, the growing disposable money of relatively less developed countries at large will set the stage for marijuana legalization for recreational use when regulations change.

Browse Detail Report on “Legal Cannabis Market Size, Share, By Source (Flowers, Seed oil, others), By Compound (Tetrahydrocannabinol, Cannabidiol, Balanced THC & CBD), By Product (Cannabis Oil, Cannabis Beverages, Cannabis Chocolates & Gummies, Others) By Application (Medical, Scientific, Industrial, and Horticultural purposes) and Region – Trends, Analysis and Forecast till 2034” with complete TOC @ https://www.prophecymarketinsights.com/market_insight/legal-cannabis-market-5434

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