Cannabis
Trulieve Reports Third Quarter 2023 Results Delivering Significant Cash Generation
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Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended September 30, 2023. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.
Q3 2023 Financial and Operational Highlights*
- Revenue of $275 million, with 96% of revenue from retail sales.
- Achieved GAAP gross margin of 52%, with gross profit of $143 million.
- SG&A expenses lowered by $2 million sequentially to $94 million.
- Reported net loss of $25 million. Adjusted net loss of $15 million* excludes non-recurring charges, disposals and discontinued operations.
- Achieved EBITDA of $74 million*, or 27% of revenue and adjusted EBITDA of $78 million*, or 28% of revenue.
- Purchased $57 million face value senior secured 2026 notes for USD $47.6 million in September, which represents a 16.5% discount to par, plus accrued interest.
- Cash as of September 30, 2023 of approximately $200 million.
- Generated cash flow from operations of $93 million and free cash flow of $87 million in the third quarter. Anticipate 2023 cash flow from operations of at least $100 million and free cash flow generation of at least $70 million.
- Realized 235% increase in Maryland traffic in Q3 compared to Q2 following the launch of adult-use sales at our three dispensaries.
- Opened five new dispensaries in Pace and Sanford, FL, Evans and Pooler, GA, and Columbus, OH and relocated one dispensary in Kissimmee, FL.
- Ended the quarter with 32% of retail locations outside of the state of Florida.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
- Announced redemption of $130 million of senior secured notes due June 18, 2024 with redemption date of December 1, 2023.
- Filed amended federal tax returns for 2019, 2020, and 2021 claiming a $143 million refund from taxes paid.
- On November 8, 2023, the Florida Supreme Court heard oral arguments regarding the Smart and Safe Florida ballot initiative for adult use. The court is expected to rule prior to April 2024.
- Launched distribution through independent pharmacies in Georgia.
- Added retail locations in Apollo Beach and Marianna, FL and relocated one dispensary in Melbourne, FL.
- Currently operate 190 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States.
Management Commentary
“This year our team has done a phenomenal job executing on our plan to generate cash while making investments to support future growth,” said Kim Rivers, Trulieve CEO. “As demonstrated this quarter, Trulieve remains aligned with our shareholders, and is committed to strengthening our balance sheet with non-dilutive measures. With significant scale and service, strong cash generation, and a clearly defined strategy, Trulieve is best positioned for the coming wave of meaningful growth catalysts.”
Financial Highlights*
Results of Operations |
For the Three Months Ended |
For the Nine Months Ended |
||||||||||||
(Figures in millions except |
September |
September |
change |
June 30, |
change |
September |
September |
change |
||||||
Revenue |
$ |
275 |
$ |
295 |
(7 %) |
$ |
282 |
(2 %) |
$ |
842 |
$ |
920 |
(8 %) |
|
Gross Profit |
$ |
143 |
$ |
169 |
(15 %) |
$ |
142 |
1 % |
$ |
435 |
$ |
532 |
(18 %) |
|
Gross Margin % |
52 % |
57 % |
50 % |
52 % |
58 % |
|||||||||
Operating Expenses |
$ |
120 |
$ |
196 |
(39 %) |
$ |
433 |
(72 %) |
$ |
686 |
$ |
487 |
41 % |
|
Operating Expenses % |
43 % |
66 % |
154 % |
81 % |
53 % |
|||||||||
Net Loss** |
$ |
(25) |
$ |
(115) |
— |
$ |
(404) |
— |
$ |
(493) |
$ |
(169) |
— |
|
Net Loss Continuing Ops |
$ |
(23) |
$ |
(73) |
— |
$ |
(342) |
— |
$ |
(399) |
$ |
(118) |
— |
|
Adjusted Net Income (Loss) |
$ |
(15) |
$ |
8 |
— |
$ |
(15) |
— |
$ |
(47) |
$ |
15 |
— |
|
Diluted Shares Outstanding |
189 |
189 |
189 |
189 |
188 |
|||||||||
EPS Continuing Ops |
$ |
(0.12) |
$ |
(0.38) |
— |
$ |
(1.80) |
— |
$ |
(2.09) |
$ |
(0.63) |
— |
|
Adjusted EPS |
$ |
(0.08) |
$ |
0.04 |
— |
$ |
(0.08) |
— |
$ |
(0.25) |
$ |
0.08 |
— |
|
Adjusted EBITDA |
$ |
78 |
$ |
100 |
(22 %) |
$ |
79 |
(1 %) |
$ |
235 |
$ |
316 |
(26 %) |
|
Adjusted EBITDA Margin % |
28 % |
34 % |
28 % |
28 % |
34 % |
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics. |
**Net loss and comprehensive loss attributable to common shareholders which Includes discontinued operations and excludes non-controlling interest. |
Conference Call
The Company will host a conference call and live audio webcast on November 9, 2023, at 8:30 A.M. Eastern time, to discuss its third quarter 2023 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.
North American toll free: 1-888-317-6003 |
Passcode: 8045472 |
|
International: 1-412-317-6061 |
Passcode: 8045472 |
A live audio webcast of the conference call will be available at:
https://app.webinar.net/RXq1eDnkyL2
A powerpoint presentation and archived replay of the webcast will be available at:
https://investors.trulieve.com/events
The Company’s Form 10-Q for the quarter ended September 30, 2023, will be available on the SEC’s website or at https://investors.trulieve.com/quarterly-results. The Company’s Management Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company’s profile on SEDAR and on its website at https://investors.trulieve.com/quarterly-results. This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
Trulieve Cannabis Corp. |
|||
Condensed Consolidated Balance Sheets (Unaudited) |
|||
(in millions, expect per share data) |
|||
September 30, |
December 31, |
||
(Audited) |
|||
ASSETS |
|||
Current Assets: |
|||
Cash and cash equivalents |
$ 192.2 |
$ 207.2 |
|
Restricted cash |
6.7 |
6.6 |
|
Accounts receivable, net |
6.9 |
6.5 |
|
Inventories |
229.9 |
276.5 |
|
Prepaid expenses and other current assets |
43.7 |
62.3 |
|
Notes receivable – current portion |
1.1 |
0.7 |
|
Assets associated with discontinued operations |
6.2 |
33.7 |
|
Total current assets |
486.7 |
593.5 |
|
Property and equipment, net |
687.6 |
743.3 |
|
Right of use assets – operating, net |
96.3 |
98.9 |
|
Right of use assets – finance, net |
61.1 |
70.5 |
|
Intangible assets, net |
934.6 |
984.8 |
|
Goodwill |
483.9 |
791.5 |
|
Notes receivable, net |
12.0 |
12.0 |
|
Other assets |
11.1 |
12.8 |
|
Long-term assets associated with discontinued operations |
2.0 |
93.1 |
|
TOTAL ASSETS |
$ 2,775.2 |
$ 3,400.4 |
|
LIABILITIES |
|||
Current Liabilities: |
|||
Accounts payable and accrued liabilities |
$ 86.4 |
$ 82.0 |
|
Income tax payable |
— |
49.6 |
|
Deferred revenue |
3.6 |
9.5 |
|
Notes payable – current portion |
9.1 |
12.5 |
|
Private placement notes – current portion, net |
126.9 |
— |
|
Operating lease liabilities – current portion |
9.7 |
10.3 |
|
Finance lease liabilities – current portion |
7.5 |
8.3 |
|
Construction finance liabilities – current portion |
1.4 |
1.2 |
|
Contingencies |
3.8 |
34.7 |
|
Liabilities associated with discontinued operations |
3.3 |
2.3 |
|
Total current liabilities |
$ 251.8 |
$ 210.3 |
|
Long-term liabilities: |
|||
Notes payable, net |
92.3 |
94.2 |
|
Private placement notes, net |
362.8 |
541.7 |
|
Operating lease liabilities |
92.6 |
99.9 |
|
Finance lease liabilities |
63.6 |
69.9 |
|
Construction finance liabilities |
136.8 |
137.1 |
|
Deferred tax liabilities |
205.4 |
224.9 |
|
Other long-term liabilities |
86.4 |
26.3 |
|
Long-term liabilities associated with discontinued operations |
42.6 |
68.4 |
|
TOTAL LIABILITIES |
$ 1,334.5 |
$ 1,472.7 |
|
SHAREHOLDERS’ EQUITY |
|||
Common stock, no par value; unlimited shares authorized. 185,987,512 and issued |
$ — |
$ — |
|
Additional paid-in-capital |
2,052.4 |
2,045.0 |
|
Accumulated deficit |
(607.2) |
(113.8) |
|
Non-controlling interest |
(4.5) |
(3.5) |
|
TOTAL SHAREHOLDERS’ EQUITY |
1,440.7 |
1,927.7 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ 2,775.2 |
$ 3,400.4 |
Trulieve Cannabis Corp. |
|||||||
Condensed Consolidated Statements of Operations (Unaudited) |
|||||||
(in millions, except per share data) |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
September |
September |
September |
September |
||||
Revenue |
$ 275.2 |
$ 295.4 |
$ 842.2 |
919.8 |
|||
Cost of goods sold |
132.3 |
126.6 |
407.4 |
387.7 |
|||
Gross profit |
142.9 |
168.7 |
434.8 |
532.0 |
|||
Expenses: |
|||||||
Sales and marketing |
59.4 |
74.3 |
181.2 |
219.7 |
|||
General and administrative |
34.5 |
37.6 |
108.7 |
104.6 |
|||
Depreciation and amortization |
27.0 |
29.5 |
82.6 |
86.6 |
|||
Impairments and disposals of long-lived assets, net |
(1.2) |
54.6 |
5.5 |
76.2 |
|||
Impairment of goodwill |
— |
— |
307.6 |
— |
|||
Total expenses |
119.6 |
196.1 |
685.6 |
487.1 |
|||
Income (loss) from operations |
23.3 |
(27.3) |
(250.8) |
44.9 |
|||
Other (expense) income: |
|||||||
Interest expense, net |
(20.8) |
(17.7) |
(60.9) |
(52.2) |
|||
Change in fair value of derivative liabilities – warrants |
— |
0.4 |
0.3 |
2.6 |
|||
Other income, net |
11.2 |
0.4 |
18.1 |
3.0 |
|||
Total other expense, net |
(9.6) |
(16.9) |
(42.6) |
(46.6) |
|||
Income (loss) before provision for income taxes |
13.7 |
(44.3) |
(293.4) |
(1.7) |
|||
Provision for income taxes |
36.6 |
28.4 |
105.9 |
116.8 |
|||
Net loss from continuing operations |
(22.9) |
(72.6) |
(399.3) |
(118.4) |
|||
Net loss from discontinued operations, net of tax |
(2.9) |
(42.4) |
(99.1) |
(53.2) |
|||
Net loss |
(25.8) |
(115.1) |
(498.3) |
(171.6) |
|||
Less: Net loss attributable to non-controlling interest |
(0.5) |
(0.5) |
(3.8) |
(2.6) |
|||
Less: Net loss attributable to non-controlling interest |
— |
— |
(1.2) |
— |
|||
Net loss attributable to common shareholders |
$ (25.4) |
$ (114.6) |
$ (493.4) |
$ (169.0) |
|||
Net loss per share – Continuing operations: |
|||||||
Basic and diluted |
$ (0.12) |
$ (0.38) |
$ (2.09) |
$ (0.63) |
|||
Net loss per share – Discontinued operations: |
|||||||
Basic and diluted |
$ (0.02) |
$ (0.23) |
$ (0.52) |
$ (0.28) |
|||
Weighted average number of common shares used in |
|||||||
Basic and diluted |
188.9 |
188.6 |
189.0 |
187.5 |
Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted EBITDA, adjusted net loss (income), adjusted net income (loss) per diluted share and free cash flow. Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.
Reconciliation of Non-GAAP Adjusted EBITDA
The following table presents a reconciliation of GAAP net loss to non-GAAP Adjusted EBITDA, for each of the periods presented:
(Amounts expressed in millions of United States |
Three Months Ended |
Nine Months Ended |
||||||||
September 30, |
September 30, |
June 30, |
September 30, |
September 30, |
||||||
Net Loss GAAP |
$ |
(25.4) |
$ |
(114.6) |
$ |
(403.8) |
$ |
(493.4) |
$ |
(169.0) |
Add (Deduct) Impact of: |
||||||||||
Interest Expense |
$ |
20.8 |
$ |
17.7 |
$ |
18.9 |
$ |
60.9 |
$ |
52.2 |
Provision For Income Taxes |
$ |
36.6 |
$ |
28.4 |
$ |
34.0 |
$ |
105.9 |
$ |
116.8 |
Depreciation and Amortization |
$ |
27.0 |
$ |
29.5 |
$ |
26.1 |
$ |
82.6 |
$ |
86.6 |
Depreciation in COGS |
$ |
14.6 |
$ |
13.2 |
$ |
16.0 |
$ |
42.8 |
$ |
34.9 |
EBITDA |
$ |
73.7 |
$ |
(25.8) |
$ |
(308.9) |
$ |
(201.1) |
$ |
121.5 |
Impairment of Goodwill |
$ |
— |
$ |
— |
$ |
307.6 |
$ |
307.6 |
$ |
— |
Impairments and Disposals of Long-lived |
$ |
(1.2) |
$ |
54.6 |
$ |
3.3 |
$ |
5.5 |
$ |
76.2 |
Results of Discontinued Operations |
$ |
2.9 |
$ |
42.4 |
$ |
63.9 |
$ |
97.9 |
$ |
53.2 |
Acquisition and Transaction Costs |
$ |
— |
$ |
7.0 |
$ |
— |
$ |
— |
$ |
17.2 |
Integration and Transition Costs |
$ |
8.5 |
$ |
6.7 |
$ |
5.7 |
$ |
16.1 |
$ |
17.1 |
Other Non-Recurring Costs |
$ |
— |
$ |
1.9 |
$ |
— |
$ |
— |
$ |
11.6 |
Share-Based Compensation |
$ |
4.5 |
$ |
4.3 |
$ |
0.5 |
$ |
7.4 |
$ |
14.6 |
Legislative Campaign Contributions |
$ |
0.5 |
$ |
10.0 |
$ |
8.6 |
$ |
19.6 |
$ |
10.0 |
Inventory Step Up Fair Value |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
1.0 |
Covid Related Expenses |
$ |
— |
$ |
0.2 |
$ |
— |
$ |
— |
$ |
0.8 |
Other (Income) Expense, net |
$ |
(11.2) |
$ |
(0.4) |
$ |
(2.0) |
$ |
(18.1) |
$ |
(3.0) |
Fair Value of Derivative Liabilities – Warrants |
$ |
— |
$ |
(0.4) |
$ |
— |
$ |
(0.3) |
$ |
(2.6) |
Results of Entities Not Legally Controlled |
$ |
— |
$ |
(0.9) |
$ |
— |
$ |
— |
$ |
(1.9) |
Adjusted EBITDA Non-GAAP |
$ |
77.7 |
$ |
99.6 |
$ |
78.7 |
$ |
234.6 |
$ |
315.5 |
Reconciliation of Non-GAAP Adjusted Net Income (Loss)
The following table presents a reconciliation of GAAP net loss to non-GAAP adjusted net loss, for each of the periods presented:
For the Three Months Ended |
For the Nine Months Ended |
|||||||||
(Amounts expressed in millions of United |
September 30, |
September 30, |
June 30, |
September 30, |
September 30, |
|||||
Net Loss GAAP |
$ |
(25.4) |
$ |
(114.6) |
$ |
(403.8) |
$ |
(493.4) |
$ |
(169.0) |
Add (Deduct) Impact of: |
||||||||||
Impairment of Goodwill |
$ |
— |
$ |
— |
$ |
307.6 |
$ |
307.6 |
$ |
— |
Fair Value of Derivative Liabilities – Warrants |
$ |
— |
$ |
(0.4) |
$ |
— |
$ |
(0.3) |
$ |
(2.6) |
Inventory Step Up Fair Value |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
1.0 |
Transaction, Acquisition, and Integration Costs |
$ |
8.5 |
$ |
15.5 |
$ |
5.7 |
$ |
16.1 |
$ |
45.9 |
Legislative Campaign Contributions |
$ |
0.5 |
$ |
10.0 |
$ |
8.6 |
$ |
19.6 |
$ |
10.0 |
Covid Related Expenses |
$ |
— |
$ |
0.2 |
$ |
— |
$ |
— |
$ |
0.8 |
Impairments and Disposals of Long-lived |
$ |
(1.2) |
$ |
54.6 |
$ |
3.3 |
$ |
5.5 |
$ |
76.2 |
Results of Discontinued Operations |
$ |
2.9 |
$ |
42.4 |
$ |
63.9 |
$ |
97.9 |
$ |
53.2 |
Adjusted Net (Loss) Income Non-GAAP |
$ |
(14.7) |
$ |
7.9 |
$ |
(14.7) |
$ |
(47.0) |
$ |
15.4 |
Reconciliation of Non-GAAP Adjusted Earnings (Loss) Per Share
The following table presents a reconciliation of GAAP loss per share to non-GAAP adjusted earnings per share, for each of the periods presented:
For the Three Months Ended |
For the Nine Months Ended |
|||||||||
(Amounts expressed are per share) |
September 30, |
September 30, |
June 30, |
September 30, |
September 30, |
|||||
Loss Per Share GAAP |
$ |
(0.13) |
$ |
(0.61) |
$ |
(2.14) |
$ |
(2.61) |
$ |
(0.90) |
Add (Deduct) Impact of: |
||||||||||
Impairment of Goodwill |
$ |
— |
$ |
— |
$ |
1.63 |
$ |
1.63 |
$ |
— |
Fair Value of Derivative Liabilities – Warrants |
$ |
— |
$ |
0.00 |
$ |
— |
$ |
0.00 |
$ |
(0.01) |
Inventory Step Up Fair Value |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
0.01 |
Transaction, Acquisition, and Integration Costs |
$ |
0.04 |
$ |
0.08 |
$ |
0.03 |
$ |
0.09 |
$ |
0.24 |
Legislative Campaign Contributions |
$ |
0.00 |
$ |
0.05 |
$ |
0.05 |
$ |
0.10 |
$ |
0.05 |
Covid Related Expenses |
$ |
— |
$ |
0.00 |
$ |
— |
$ |
— |
$ |
0.00 |
Impairments and Disposals of Long-lived |
$ |
(0.01) |
$ |
0.29 |
$ |
0.02 |
$ |
0.03 |
$ |
0.41 |
Results of Discontinued Operations |
$ |
0.02 |
$ |
0.23 |
$ |
0.34 |
$ |
0.52 |
$ |
0.28 |
Adjusted Earnings Per Share Non-GAAP |
$ |
(0.08) |
$ |
0.04 |
$ |
(0.08) |
$ |
(0.25) |
$ |
0.08 |
Reconciliation of Non-GAAP Free Cash Flow
The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:
For the Three Months Ended |
For the Nine Months Ended |
|||||||||
(Amounts expressed in millions of United |
September 30, |
September 30, |
June 30, |
September 30, |
September 30, |
|||||
Cash Flow From Operating Activities |
$ |
93.4 |
$ |
(21.6) |
$ |
(23.5) |
$ |
70.4 |
$ |
(31.9) |
Payments for Property and Equipment |
$ |
(6.3) |
$ |
(37.6) |
$ |
(11.0) |
$ |
(31.0) |
$ |
(130.4) |
Free Cash Flow |
$ |
87.2 |
$ |
(59.2) |
$ |
(34.5) |
$ |
39.4 |
$ |
(162.3) |
Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the Company’s expectations or forecasts of business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company’s growth opportunities and the Company’s positioning for the future. Words such as “expects”, “continue”, “will”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company’s current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without limitation, the risks discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 and in our periodic reports subsequently filed with the United Sates Securities and Exchange Commission and in the Company’s filings on SEDAR at www.sedar.com. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise.
Cannabis
Verano Announces the Opening of Zen Leaf Fairless Hills, the Company’s Newest Affiliated Dispensary in Pennsylvania, in Prime New Location
![](https://grassnews.net/wp-content/uploads/2024/07/verano-announces-the-opening-of-zen-leaf-fairless-hills-the-companys-newest-affiliated-dispensary-in-pennsylvania-in-prime-new-location.gif)
- Zen Leaf Fairless Hills, the Company’s newest affiliated dispensary in Pennsylvania, relocated from its former home in Chester to 203 Lincoln Highway, a busy thoroughfare with daily traffic of over 17,000 vehicles per day1
- As the first medical cannabis dispensary in the city, Zen Leaf Fairless Hills will offer an elevated experience for area patients, including increased convenience and accessibility with numerous point-of-sale stations and kiosks for seamless in-store browsing and ordering
- Verano’s active operations span 13 states, comprised of 142 dispensaries and 13 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
CHICAGO, July 26, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the opening of Zen Leaf Fairless Hills in Pennsylvania on Friday, July 26th, following a ceremonial ribbon cutting at 11 a.m. local time. Zen Leaf Fairless Hills is located at 203 Lincoln Highway and will be open Monday through Saturday from 9 a.m. to 8 p.m. and Sunday from 10 a.m. to 6 p.m. local time.
The dispensary is located in Bucks County, the fourth largest county in the Commonwealth with a total population of over 630,0002 residents. To increase accessibility and convenience, Zen Leaf Fairless Hills features large in-store kiosks and numerous point-of-sale stations to enhance the browsing and ordering experience for patients. To celebrate the grand opening of Zen Leaf Fairless Hills and following a ceremonial ribbon cutting, patients will be greeted with complimentary deals and doorbusters on featured branded products.
“We are excited to bring the Zen Leaf experience to local patients in Fairless Hills, where our talented team members will continue to deliver hospitality-driven care and top-quality products for local patients,” said George Archos, Verano Founder and Chief Executive Officer. “As the Pennsylvania medical cannabis patient population continues to grow, we are grateful for the opportunity to deepen our roots in Bucks County at our newest Zen Leaf location in the Commonwealth, and look forward to providing a warm and welcoming environment for current and future patients.”
Zen Leaf Fairless Hills adds another convenient outlet for Philadelphia area patients, and solidifies Verano’s footprint in the state as one of the Company’s 18 affiliated Pennsylvania dispensaries. Verano’s Pennsylvania operations also include a state-of-the-art 62,000 square foot cultivation and processing facility in Chester, where the Company produces its signature Verano Reserve flower and Troches, concentrates and vapes; (the) Essence and Savvy flower and extracts; and Avexia RSO cannabis oil and topicals. For additional convenience and accessibility, patients can choose to order ahead at ZenLeafDispensaries.com for express in-store pickup.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 13 U.S. states, comprised of 13 production facilities with over 1,000,000 square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Media
Verano
Steve Mazeika
VP, Communications
Steve.Mazeika@verano.com
Investors
Verano
Julianna Paterra, CFA
VP, Investor Relations
Julianna.Paterra@verano.com
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023, its quarterly report on Form 10-Q for the quarter ended March 31, 2024 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at www.sec.gov. The Company makes no assurances and cannot predict the outcome of all or any part of the on-going litigation with Goodness Growth referenced in this press release, including whether the Company will prevail on its Notice of Application and its counterclaim, or whether Goodness Growth will prevail on its claim for damages against the Company. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
###
1 Pennsylvania Department of Transportation
2 United States Census Bureau
Cannabis
Unlocking New Horizons in Health: TNR, The Niche Research Reveals the Transformative Power of Minor Cannabinoids
![](https://grassnews.net/wp-content/uploads/2024/07/unlocking-new-horizons-in-health-tnr-the-niche-research-reveals-the-transformative-power-of-minor-cannabinoids.gif)
Wilmington, Delaware, July 25, 2024 (GLOBE NEWSWIRE) — Minor cannabinoids refer to the lesser-known compounds found in the cannabis plant, distinct from the well-known THC (tetrahydrocannabinol) and CBD (cannabidiol). While THC and CBD dominate the market, minor cannabinoids such as CBG (cannabigerol), CBC (cannabichromene), and CBN (cannabinol) are gaining attention for their potential therapeutic benefits. These compounds are extracted from both marijuana and hemp plants, with varying legal restrictions depending on their THC content. The minor cannabinoids market is poised for significant growth, driven by increasing consumer awareness and demand for alternative health and wellness products. As regulatory environments around cannabis products evolve, companies are exploring the potential of minor cannabinoids in various applications, including pharmaceuticals, nutraceuticals, cosmetics, and food and beverages.
Minor cannabinoids are being researched for their potential therapeutic effects, including anti-inflammatory, analgesic, and neuroprotective properties. This versatility facilitates product diversification in various industries. Companies are investing in research and development to create novel formulations and delivery methods for minor cannabinoids. This includes nano-emulsions, encapsulation technologies, and controlled-release systems to enhance bioavailability and efficacy. For example, in January 2022, CBDA + CBGA Tincture a new product was launched by Hometown Hero CBD. This 30ml tincture contains 600mg each of CBGA, CBDA, CBG, and CBD. Derived from hemp, the cannabinoids in this tincture comply with legal requirements across all 50 states in the USA. There is an increasing consumer preference for natural as well as plant-based remedies, which in turn is driving the demand for cannabinoid-infused products. This trend is particularly strong among younger demographics seeking alternatives to traditional pharmaceuticals. Evolving regulatory frameworks, particularly in regions like North America and Europe, are creating opportunities for legal market expansion. Regulatory clarity is crucial for market participants to navigate compliance and market entry.
Global Minor Cannabinoids Market: Key Datapoints
Market Value in 2023 |
US$ 17.8 Bn |
Market Value Forecast by 2034 |
US$ 42.3 Bn |
Growth Rate
|
8.2% |
Historical Data
|
2016 – 2022 |
Base Year
|
2023 |
Forecast Data
|
2024 – 2034 |
Increasing consumer interest in health and wellness products, coupled with the perceived therapeutic benefits of cannabinoids, is a major driver of market growth. Progressive cannabis legalization in various parts of the world, including the United States and parts of Europe, is expanding the addressable market for minor cannabinoids. Significant investments in research and development by pharmaceutical and biotechnology companies are accelerating product innovation and clinical trials. The market remains fragmented with opportunities for new entrants and niche players to introduce specialized products catering to specific consumer needs.
The COVID-19 pandemic initially disrupted supply chains and retail channels for minor cannabinoids products. However, the crisis also underscored the importance of health and wellness, leading to increased interest in natural remedies, including cannabinoids. As economies recover, the market is expected to rebound stronger.
The geopolitical tensions, such as the Russia-Ukraine conflict, have also affected global markets, including the minor cannabinoids sector. Fluctuating currency values, supply chain disruptions, and geopolitical uncertainty have impacted production and distribution channels. However, the long-term impact will depend on geopolitical developments and their influence on global trade and regulatory environments.
The minor cannabinoids market presents significant opportunities for growth and innovation, driven by evolving consumer preferences, regulatory advancements, and expanding research initiatives. Companies that can navigate regulatory complexities, invest in research and development, and respond to shifting consumer trends are well-positioned to capitalize on this emerging market. As the market matures, collaboration across sectors and regions will be crucial in unlocking the full potential of minor cannabinoids in various industries worldwide.
Global Minor Cannabinoids Market: Key Takeaways of the Report
- Cannabigerol (CBG) segment by product type is expected to grow at a CAGR of 6.7% in the minor cannabinoids market due to increasing research highlighting its potential therapeutic benefits, including anti-inflammatory, antimicrobial, and neuroprotective properties. As consumer awareness grows and regulatory environments become more favorable, there is heightened interest in CBG-based products for their diverse health applications, ranging from skincare to pharmaceutical formulations, driving sustained market demand and expansion.
- Pharmaceutical segment by application, leads the minor cannabinoids market with a significant revenue share of 35.8% owing to growing recognition of cannabinoids’ potential in therapeutic applications. Cannabinoids like CBD, CBG, and others show promise in treating conditions such as epilepsy, chronic pain, and anxiety disorders, backed by increasing clinical research and favorable regulatory developments. Pharmaceutical companies are investing heavily in cannabinoid-based drug development, driving market growth as they seek to capitalize on these compounds’ efficacy and market potential in addressing unmet medical needs.
- In 2023, Latin America is anticipated as fastest growing region in the global minor cannabinoids market due to evolving regulatory landscapes favoring cannabis legalization and cultivation. This shift is fostering a burgeoning industry infrastructure for cannabis extraction and product development. Additionally, increasing consumer acceptance of cannabinoid-based products for medicinal and wellness purposes is driving market expansion. With a vast potential consumer base and supportive regulatory frameworks, Latin America presents significant growth opportunities for companies seeking to enter or expand within the minor cannabinoids market.
Key Development:
- In December 2023, Rare Cannabinoid Company introduced Uplift Gummies infused with THC and THCV. These gummies combine the relaxing properties of Delta-9-THC with the energizing and appetite-controlling effects of CBD and THCV.
- In October 2022, High Tide Inc., a cannabis retailer, announced that its Colorado-based subsidiary, NuLeaf Naturals, had launched plant-based softgels and full-spectrum multicannabinoid oil in Manitoba. The products feature CBC, CBD, CBG, Delta-9 tetrahydrocannabinol (Delta 9), and CBN.
Browse Related Category Reports
Global Minor Cannabinoids Market:
- Aurora Europe GmbH
- BulKanna
- CBD. INC.
- Fresh Bros Hemp Company
- GCM Holdings, LLC (Global Cannabinoids)
- GenCanna.
- High Purity Natural Products.
- Laurelcrest
- Mile High Labs
- PBG Global
- Rhizo Sciences
- ZERO POINT EXTRACTION, LLC
- Other Industry Participants
Global Minor Cannabinoids Market
By Product Type
- Cannabigerol (CBG)
- Cannabichromene (CBC)
- Cannabinol (CBN)
- Cannabidivarin (CBDV)
- Tetrahydrocannabutol (THCB)
- Tetrahydrocannabivarin (THCV)
- Tetrahydrocannabiphorol (THCP)
- Others
By Application
- Pharmaceutical
- Pain Management
- Mental Health
- Sleep Disorders
- Anti-inflammatory
- Others
- Nutraceuticals
- Cosmetics and Personal Care
- Food and Beverages
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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The Niche Research
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Cannabis
Global Agricultural Textiles Market Size To Worth USD 25.02 Billion By 2033 | CAGR of 4.70%
![](https://grassnews.net/wp-content/uploads/2024/07/global-agricultural-textiles-market-size-to-worth-usd-25-02-billion-by-2033-cagr-of-4-70.png)
New York, United States , July 23, 2024 (GLOBE NEWSWIRE) — The Global Agricultural Textiles Market Size is to Grow from USD 15.8 Billion in 2023 to USD 25.02 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.70% during the projected period.
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Products made of agricultural textiles, or agro textiles, increase productivity, shield farmers from harmful chemicals and pesticides, and keep soil from drying out. The word “agro-textile” has been used recently to refer to materials used in horticulture and agriculture that are knitted, woven, and non-woven. Reducing the use of hazardous pesticides and herbicides promotes a sustainable farming culture and is also good for the environment. Agricultural textiles have remarkable mechanical potential, environmental resistance, simplicity of processing, and durability features that can enhance the safety, quantity, and quality of agricultural products. Textile textiles have been utilized in agriculture for a very long period. Most textile materials are woven or nonwoven in manufacture and are made of synthetic materials in a variety of decompositions. Furthermore, future expansion in the worldwide agricultural textiles market is anticipated to be driven by the rising demand for agricultural products. Any agricultural commodity or product, whether raw or processed, that is derived from livestock is referred to as an agricultural product. Agricultural textiles are used to protect crops from insects and birds, as well as to provide shade for plants, which increases crop yield. Furthermore, going forward, the market for agricultural textiles is expected to be driven by the rise in sustainable agriculture methods. Sustainable farming operations employ socially and environmentally conscious farming methods to increase crop output over the long term, reducing adverse environmental effects, and fostering equitable working conditions for farmers. However, increased raw material costs substantially impede the expansion of the worldwide agricultural textile industry. The rising cost of raw materials is creating challenges for the sector.
Browse key industry insights spread across 193 pages with 112 Market data tables and figures & charts from the Report on the “Global Agricultural Textiles Market Size, Share, and COVID-19 Impact Analysis, By Product (Woven, Knitted, Non-Woven, and Others), By Material (Nylon, Polyethylene, Polypropylene, Polyesters, and Others), By Application (Agriculture, Horticulture, Forestry, Aquaculture, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The knitted segment is anticipated to hold the greatest share of the global agricultural textiles market during the projected timeframe.
Based on the product, the global agricultural textiles market is divided into woven, knitted, non-woven, and others. Among these, the knitted segment is anticipated to hold the greatest share of the global agricultural textiles market during the projected timeframe. The fabric’s multiple applications such as wind control, hail protection, and bird netting are what provide the majority of its revenue. The variety of textiles produced by knitting techniques and the ease of handling knitted fabric has led to a growth in demand for the product. Non-woven fibers can be produced by a variety of techniques, such as chemical bonding, thermal fusion, and mechanical entanglement. A web is created throughout manufacture, adding first mechanical strength and later other properties according to the fiber’s intended use.
The polyethylene segment is expected to grow at the fastest pace in the global agricultural textiles market during the projected timeframe.
Based on the material, the global agricultural textiles market is divided into nylon, polyethylene, polypropylene, polyesters, and others. Among these, the polyethylene segment is expected to grow at the fastest pace in the global agricultural textiles market during the projected timeframe. Thermoplastic polymer polyethylene has a volatile crystalline structure and a wide range of uses, depending on the kind. One of the most widely used materials for agricultural textiles is polyethylene, which is somewhat more expensive than polypropylene. Farm products are covered in HDPE fabrics, which shield them from UV radiation and inclement weather. HDPE Yarns are a useful foundation material for applications including braiding, twisting, and weaving. Technically, they are resistant to both alkalis and acids.
The aquaculture segment is predicted for the highest revenue share in the global agricultural textiles market during the estimated period.
Based on the application, the global agricultural textiles market is divided into agriculture, horticulture, forestry, aquaculture, and others. Among these, the aquaculture segment is predicted for the highest revenue share in the global agricultural textiles market during the estimated period. The demand for seafood is rising, and this has led to an increase in aquaculture and the growth of the fishing net industry. Other industries that have benefited from this growth include nutraceuticals, pharmaceuticals, and cosmetics. The crops that grow under shade nets are chosen depending on how well they tolerate light. They also help to reduce damage from excessive heat and increase agricultural yield in the summer. They are used in a variety of procedures, such as floriculture, nursery operations, and vermicomposting.
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Asia Pacific is expected to hold the largest share of the global agricultural textiles market over the forecast period.
Asia Pacific is expected to hold the largest share of the global agricultural textiles market over the forecast period. The region’s noteworthy share can be attributed to the rising demand for agricultural products resulting from changing consumer preferences and population expansion. Due to the significant demand generated by the developing economies of China and India. In addition, China is the biggest consumer since it uses a lot of these textiles for its agricultural and aquaculture sectors. These uses include using nets, mulches, and storage bags to save aquatic life and crops.
North America is predicted to grow at the fastest pace in the global agricultural textiles market during the projected timeframe. Research into more sustainable agriculture practices and consumer interest in organic products will both rise. China is the top region in terms of the agricultural textile market. The region’s expanding aquaculture sector, which generates fish oils, shell meats, and other products, as well as increased domestic consumption, accounts for this development. Policies that support aquaculture at the federal level will drive up demand for these textiles.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agricultural Textiles Market include Beaulieu Technical Textiles, Belton Industries, Meyabond, Capatex, Neo Corp International, Garware Technical Fibres, HUESKER Synthetic, Maccaferri, Koninklijke Ten Cate, DuPont de Nemours Inc., Leggett & Platt, SRAM & MRAM Group, Bonar Technical Fabrics, Visaka Industries Limited, and Others.
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Recent Developments
- In June 2024, Beaulieu Technical Textiles highlighted performance and sustainability when introducing their Recover and Recover Pro ground covers at GreenTech Amsterdam 2024. Recover uses recycled materials to reduce CO2 emissions and increase durability, while Recover Pro uses volcanic lava rock to improve plant health and water management. The line provides longevity, cannabis, and UV protection.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agricultural Textiles Market based on the below-mentioned segments:
Global Agricultural Textiles Market, By Product
- Woven
- Knitted
- Non-Woven
- Others
Global Agricultural Textiles Market, By Material
- Nylon
- Polyethylene
- Polypropylene
- Polyesters
- Others
Global Agricultural Textiles Market, By Application
- Agriculture
- Horticulture
- Forestry
- Aquaculture
- Others
Global Agricultural Textiles Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Global Agriculture Supply Chain Management Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Solutions, and Services), By Solution (Manufacturing Execution System, Procurement & Sourcing, Transportation Management System, Supply Chain Planning, and Warehouse Management System), By Deployment (On-Demand & Cloud-Based, and On-Premise), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033Global Agriculture Supply Chain Management Market Insights Forecasts to 2033
Global Agricultural Haying and Forage Machinery Market Size, Share, and COVID-19 Impact Analysis, By Type (Forage Harvesters, Conditioners, Balers, Mowers, and Others), By Application (Small Farms, Medium Farms, and Large Farms), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
Global Agricultural Enzymes Market Size, Share, and COVID-19 Impact Analysis, By Product (Phosphatases, Sulfatases, and Dehydrogenases), By Crop Type (Cereals & Grains, Fruits & Vegetables, Turf & Ornamentals, Oilseeds & Pulses, and Others), By Functionality (Plant Growth Regulation, Crop Protection, and Fertility products), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
Global Agricultural Disinfectants Market Size, Share, and COVID-19 Impact Analysis, By Type (Chemical Disinfectants, Physical Disinfectants, Biological Disinfectants, and Others), By Form (Liquid, Powder, and Others), By Application (Surface, Aerial, Water Sanitizing, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
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