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Trulieve Reports Third Quarter 2023 Results Delivering Significant Cash Generation – GrassNews
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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, FLEvans 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* 

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Results of Operations

For the Three Months Ended

For the Nine Months Ended

(Figures in millions except
per share data and %
change based on these
figures)

September
30, 2023

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September
30, 2022

change

June 30,
2023

change

September
30, 2023

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September
30, 2022

change

Revenue

$

275

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$

295

(7 %)

$

282

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(2 %)

$

842

$

920

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(8 %)

Gross Profit

$

143

$

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169

(15 %)

$

142

1 %

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$

435

$

532

(18 %)

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Gross Margin %

52 %

57 %

50 %

52 %

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58 %

Operating Expenses

$

120

$

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196

(39 %)

$

433

(72 %)

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$

686

$

487

41 %

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Operating Expenses %

43 %

66 %

154 %

81 %

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53 %

Net Loss**

$

(25)

$

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(115)

$

(404)

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$

(493)

$

(169)

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Net Loss Continuing Ops

$

(23)

$

(73)

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$

(342)

$

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(399)

$

(118)

Adjusted Net Income (Loss)

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$

(15)

$

8

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$

(15)

$

(47)

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$

15

Diluted Shares Outstanding

189

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189

189

189

188

EPS Continuing Ops

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$

(0.12)

$

(0.38)

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$

(1.80)

$

(2.09)

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$

(0.63)

Adjusted EPS

$

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(0.08)

$

0.04

$

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(0.08)

$

(0.25)

$

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0.08

Adjusted EBITDA

$

78

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$

100

(22 %)

$

79

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(1 %)

$

235

$

316

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(26 %)

Adjusted EBITDA Margin %

28 %

34 %

28 %

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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.

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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

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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)

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September 30,
2023

December 31,
2022

(Audited)

ASSETS

Current Assets:

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Cash and cash equivalents

$                 192.2

$              207.2

Restricted cash

6.7

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6.6

Accounts receivable, net

6.9

6.5

Inventories

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229.9

276.5

Prepaid expenses and other current assets

43.7

62.3

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Notes receivable – current portion

1.1

0.7

Assets associated with discontinued operations

6.2

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33.7

Total current assets

486.7

593.5

Property and equipment, net

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687.6

743.3

Right of use assets – operating, net

96.3

98.9

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Right of use assets – finance, net

61.1

70.5

Intangible assets, net

934.6

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984.8

Goodwill

483.9

791.5

Notes receivable, net

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12.0

12.0

Other assets

11.1

12.8

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Long-term assets associated with discontinued operations

2.0

93.1

TOTAL ASSETS

$              2,775.2

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$           3,400.4

LIABILITIES

Current Liabilities:

Accounts payable and accrued liabilities

$                   86.4

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$                82.0

Income tax payable

49.6

Deferred revenue

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3.6

9.5

Notes payable – current portion

9.1

12.5

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Private placement notes – current portion, net

126.9

Operating lease liabilities – current portion

9.7

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10.3

Finance lease liabilities – current portion

7.5

8.3

Construction finance liabilities – current portion

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1.4

1.2

Contingencies

3.8

34.7

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Liabilities associated with discontinued operations

3.3

2.3

Total current liabilities

$                 251.8

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$              210.3

Long-term liabilities:

Notes payable, net

92.3

94.2

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Private placement notes, net

362.8

541.7

Operating lease liabilities

92.6

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99.9

Finance lease liabilities

63.6

69.9

Construction finance liabilities

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136.8

137.1

Deferred tax liabilities

205.4

224.9

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Other long-term liabilities

86.4

26.3

Long-term liabilities associated with discontinued operations

42.6

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68.4

TOTAL LIABILITIES

$              1,334.5

$           1,472.7

SHAREHOLDERS’ EQUITY

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Common stock, no par value; unlimited shares authorized. 185,987,512 and issued
     and outstanding as of September 30, 2023 and December 31, 2022, respectively.

$                       —

$                    —

Additional paid-in-capital

2,052.4

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2,045.0

Accumulated deficit

(607.2)

(113.8)

Non-controlling interest

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(4.5)

(3.5)

TOTAL SHAREHOLDERS’ EQUITY

1,440.7

1,927.7

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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$              2,775.2

$           3,400.4

Trulieve Cannabis Corp.

Condensed Consolidated Statements of Operations (Unaudited)

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(in millions, except per share data)

Three Months Ended

Nine Months Ended

September
30, 2023

September
30, 2022

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September
30, 2023

September
30, 2022

Revenue

$            275.2

$            295.4

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$            842.2

919.8

Cost of goods sold

132.3

126.6

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407.4

387.7

Gross profit

142.9

168.7

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434.8

532.0

Expenses:

Sales and marketing

59.4

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74.3

181.2

219.7

General and administrative

34.5

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37.6

108.7

104.6

Depreciation and amortization

27.0

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29.5

82.6

86.6

Impairments and disposals of long-lived assets, net

(1.2)

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54.6

5.5

76.2

Impairment of goodwill

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307.6

Total expenses

119.6

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196.1

685.6

487.1

Income (loss) from operations

23.3

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(27.3)

(250.8)

44.9

Other (expense) income:

Interest expense, net

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(20.8)

(17.7)

(60.9)

(52.2)

Change in fair value of derivative liabilities – warrants

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0.4

0.3

2.6

Other income, net

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11.2

0.4

18.1

3.0

Total other expense, net

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(9.6)

(16.9)

(42.6)

(46.6)

Income (loss) before provision for income taxes

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13.7

(44.3)

(293.4)

(1.7)

Provision for income taxes

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36.6

28.4

105.9

116.8

Net loss from continuing operations

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(22.9)

(72.6)

(399.3)

(118.4)

Net loss from discontinued operations, net of tax
     (provision) benefit of $5, $13,152, $(625), and
     $14,467 respectively

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(2.9)

(42.4)

(99.1)

(53.2)

Net loss

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(25.8)

(115.1)

(498.3)

(171.6)

Less: Net loss attributable to non-controlling interest
     from continuing operations

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(0.5)

(0.5)

(3.8)

(2.6)

Less: Net loss attributable to non-controlling interest
     from discontinued operations

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(1.2)

Net loss attributable to common shareholders

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$            (25.4)

$          (114.6)

$          (493.4)

$          (169.0)

Net loss per share – Continuing operations:

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Basic and diluted

$            (0.12)

$            (0.38)

$            (2.09)

$            (0.63)

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Net loss per share – Discontinued operations:

Basic and diluted

$            (0.02)

$            (0.23)

$            (0.52)

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$            (0.28)

Weighted average number of common shares used in
     computing net loss per share:

Basic and diluted

188.9

188.6

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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
dollars) 

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Three Months Ended

Nine Months Ended

September 30,
2023

September 30,
2022

June 30,
2023

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September 30,
2023

September 30,
2022

Net Loss GAAP

$

(25.4)

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$

(114.6)

$

(403.8)

$

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(493.4)

$

(169.0)

Add (Deduct) Impact of:

Interest Expense

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$

20.8

$

17.7

$

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18.9

$

60.9

$

52.2

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Provision For Income Taxes

$

36.6

$

28.4

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$

34.0

$

105.9

$

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116.8

Depreciation and Amortization

$

27.0

$

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29.5

$

26.1

$

82.6

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$

86.6

Depreciation in COGS

$

14.6

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$

13.2

$

16.0

$

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42.8

$

34.9

EBITDA

$

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73.7

$

(25.8)

$

(308.9)

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$

(201.1)

$

121.5

Impairment of Goodwill

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$

$

$

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307.6

$

307.6

$

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Impairments and Disposals of Long-lived
     Assets, Net

$

(1.2)

$

54.6

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$

3.3

$

5.5

$

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76.2

Results of Discontinued Operations

$

2.9

$

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42.4

$

63.9

$

97.9

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$

53.2

Acquisition and Transaction Costs

$

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$

7.0

$

$

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$

17.2

Integration and Transition Costs

$

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8.5

$

6.7

$

5.7

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$

16.1

$

17.1

Other Non-Recurring Costs

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$

$

1.9

$

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$

$

11.6

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Share-Based Compensation

$

4.5

$

4.3

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$

0.5

$

7.4

$

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14.6

Legislative Campaign Contributions

$

0.5

$

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10.0

$

8.6

$

19.6

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$

10.0

Inventory Step Up Fair Value

$

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$

$

$

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$

1.0

Covid Related Expenses

$

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$

0.2

$

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$

$

0.8

Other (Income) Expense, net

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$

(11.2)

$

(0.4)

$

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(2.0)

$

(18.1)

$

(3.0)

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Fair Value of Derivative Liabilities – Warrants

$

$

(0.4)

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$

$

(0.3)

$

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(2.6)

Results of Entities Not Legally Controlled

$

$

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(0.9)

$

$

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$

(1.9)

Adjusted EBITDA Non-GAAP

$

77.7

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$

99.6

$

78.7

$

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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

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For the Nine Months Ended

(Amounts expressed in millions of United
States dollars)

September 30,
2023

September 30,
2022

June 30,
2023

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September 30,
2023

September 30,
2022

Net Loss GAAP

$

(25.4)

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$

(114.6)

$

(403.8)

$

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(493.4)

$

(169.0)

Add (Deduct) Impact of:

Impairment of Goodwill

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$

$

$

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307.6

$

307.6

$

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Fair Value of Derivative Liabilities – Warrants

$

$

(0.4)

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$

$

(0.3)

$

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(2.6)

Inventory Step Up Fair Value

$

$

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$

$

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$

1.0

Transaction, Acquisition, and Integration Costs

$

8.5

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$

15.5

$

5.7

$

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16.1

$

45.9

Legislative Campaign Contributions

$

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0.5

$

10.0

$

8.6

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$

19.6

$

10.0

Covid Related Expenses

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$

$

0.2

$

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$

$

0.8

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Impairments and Disposals of Long-lived
     Assets, Net

$

(1.2)

$

54.6

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$

3.3

$

5.5

$

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76.2

Results of Discontinued Operations

$

2.9

$

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42.4

$

63.9

$

97.9

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$

53.2

Adjusted Net (Loss) Income Non-GAAP

$

(14.7)

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$

7.9

$

(14.7)

$

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(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

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For the Nine Months Ended

(Amounts expressed are per share)

September 30,
2023

September 30,
2022

June 30,
2023

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September 30,
2023

September 30,
2022

Loss Per Share GAAP

$

(0.13)

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$

(0.61)

$

(2.14)

$

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(2.61)

$

(0.90)

Add (Deduct) Impact of:

Impairment of Goodwill

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$

$

$

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1.63

$

1.63

$

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Fair Value of Derivative Liabilities – Warrants

$

$

0.00

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$

$

0.00

$

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(0.01)

Inventory Step Up Fair Value

$

$

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$

$

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$

0.01

Transaction, Acquisition, and Integration Costs

$

0.04

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$

0.08

$

0.03

$

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0.09

$

0.24

Legislative Campaign Contributions

$

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0.00

$

0.05

$

0.05

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$

0.10

$

0.05

Covid Related Expenses

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$

$

0.00

$

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$

$

0.00

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Impairments and Disposals of Long-lived
     Assets, Net

$

(0.01)

$

0.29

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$

0.02

$

0.03

$

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0.41

Results of Discontinued Operations

$

0.02

$

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0.23

$

0.34

$

0.52

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$

0.28

Adjusted Earnings Per Share Non-GAAP

$

(0.08)

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$

0.04

$

(0.08)

$

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(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

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For the Nine Months Ended

(Amounts expressed in millions of United
States dollars)

September 30,
2023

September 30,
2022

June 30,
2023

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September 30,
2023

September 30,
2022

Cash Flow From Operating Activities

$

93.4

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$

(21.6)

$

(23.5)

$

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70.4

$

(31.9)

Payments for Property and Equipment

$

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(6.3)

$

(37.6)

$

(11.0)

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$

(31.0)

$

(130.4)

Free Cash Flow

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$

87.2

$

(59.2)

$

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(34.5)

$

39.4

$

(162.3)

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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

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

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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

To Know More on Market Players, Download a Free Sample Report Here: https://www.prophecymarketinsights.com/market_insight/Insight/request-pdf/5434    

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.

Reduce a full report cost up to 30% with a custom report by requesting here: https://www.prophecymarketinsights.com/market_insight/Insight/request-customization/5434

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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About Us:

Prophecy Market Insights is a specialized market research, analytics, marketing, and business strategy, and solutions company that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. Also, we help our client to address business challenges and provide the best possible solutions to overcome them and transform their business.

Prophecy’s expertise area covers products, services, latest trends, developments, market growth factors, and challenges along with market forecasts in various business areas such as Healthcare, Pharmaceutical, Biotechnology, Information Technology (IT), Automotive, Industrial, Chemical, Agriculture, Food and Beverage, Energy, and Oil and Gas. We also offer various other services such as data mining, information management, and revenue enhancement suggestions.

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Cannabis

Global CBD Oil Market Size To Exceed USD 26.72 Billion By 2033 | CAGR of 18.36%

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New York, United States , July 09, 2024 (GLOBE NEWSWIRE) — The Global CBD Oil   Market Size Expected to Grow from USD 4.95 Billion in 2023 to USD 26.72 Billion by 2033, at a CAGR of 18.36% during the forecast period 2023-2033.

Get a Sample PDF Brochure: https://www.sphericalinsights.com/request-sample/4887

Cannabidiol oil is another name for CBD oil. (CBD), which originates from cannabis plants, such as hemp and marijuana, can possess anxiolytic, anti-inflammatory, and analgesic properties. These characteristics have led to research on CBD oil as a possible treatment for a number of diseases, including anxiety disorders, chronic pain, and epilepsy. The demand for CBD-infused beauty and skincare products has surged, indicating consumers’ growing inclination towards natural and comprehensive skincare treatments. Growing amounts of CBD, which is well-known for its potential anti-inflammatory and antioxidant properties, are being added to skincare formulae to address issues including acne, inflammation, and aging. Governments from a number of states and countries are supporting its use in drugs and other medical treatments, which is expected to expand and increase these products’ sales and distribution throughout the course of the projected period. However, manufacturers continue to work to increase awareness among customers and provide informative packaging to make it clear what the consumer wants to get out of the items. Consequently, the attempts to support the marketing operations may present opportunities for the global cannabidiol oil market.  

Browse key industry insights spread across 232 pages with 110 Market data tables and figures & charts from the report on the “Global CBD Oil Market Size, Share, and COVID-19 Impact Analysis, By Source (Marijuana, Hemp), By Product (Full-Spectrum CBD Oil, Broad-Spectrum CBD Oil, CBD Isolate), By Application (Food & Beverages, Pharmaceuticals, Pet Care, Cosmetics, 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 hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe.   

Based on the source, the CBD oil market is categorized into marijuana, and hemp. Among these, the hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe. Increased demand for pharmaceuticals and increased public awareness of health issues are likely to drive significant growth in the market for hemp-derived cannabidiol. The pharmaceutical industry predicts that when consumer disposable income increases and cannabis becomes legal, demand for the substance will rise.

The full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe.    

Based on the product, the CBD oil market is categorized into full-spectrum CBD oil, broad-spectrum CBD oil, and CBD isolate. Among these, the full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe. It indicates the combined benefits of many drugs may be more beneficial than CBD individually. With regard to the entourage effect, full-spectrum CBD oil is expected to have more medicinal benefits than CBD isolation. People may get improved relief from symptoms like pain, inflammation, anxiety, and more.

The pharmaceuticals segment is expected to hold a significant share of the CBD oil market   during the anticipation timeframe.

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Based on the application, the CBD oil market is categorized into food & beverages, pharmaceuticals, pet care, cosmetics, and others. Among these, the pharmaceuticals segment is expected to hold a significant share of the CBD oil market during the anticipation timeframe. the growing number of research investigations evaluating CBD’s physical effects on particular medical conditions. These products are used as an alternative by a substantial, knowledgeable, and conscientious consumer base to lessen mental stress and nervousness.

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North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe.

North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe. Interest from consumers in and tolerance to CBD have significantly increased in the US, which has significantly affected the market share and position of the area. North America is currently the largest market region because to ongoing development, pre-existing infrastructure, and growing public awareness of the potential benefits of CBD.

Europe is expected to grow at the fastest CAGR growth of the CBD oil market during the anticipation timeframe. The legalization of cannabis in a number of European countries has created new markets for CBD products, which will attract investment and encourage the creation of new goods. Moreover, the rise of CBD-infused goods in industries like wellness, food and drink, healthcare, and cosmetics encourages market progress in Europe and positions the region as a significant CBD oil market over the projection period.

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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 CBD oil market are Aurora Cannabis Inc., BIOTA Biosciences LLC, CannazALL, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol, Avicanna, Endoca BV, Folium Biosciences, Gaia Botanics, Green Roads Inc., Happie Hemp Pvt. Ltd., Kazmira LLC, Medical Marijuana Inc., and others.

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Recent Developments

  • On January 2023, the acquisition of Goodbody Botanicals Ltd. by British Cannabis, a pioneer in the CBD market, represents a major advancement in our leadership in the wellness industry. This acquisition represents a significant expansion of our manufacturing capacity and an improvement in our ranking on the UK Food Standards Agency’s (FSA) list of authorized products, signifying more than just the joining of two firms.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the CBD oil market based on the below-mentioned segments: 

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Global CBD Oil Market, By Source

  • Marijuana
  • Hemp

Global CBD Oil Market, By Product

  • Full-Spectrum CBD Oil
  • Broad-Spectrum CBD Oil
  • CBD Isolate

Global CBD Oil Market, By Application

  • Food & Beverages
  • Pharmaceuticals
  • Pet Care
  • Cosmetics
  • Others

Global CBD Oil Market, By Regional

  • 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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Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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GrassNews.net: Your premier portal for the latest developments in the cannabis industry. We provide timely news, insightful analysis, and in-depth features on everything from legislation changes and business trends, to scientific research and lifestyle topics. Stay informed and navigate the rapidly evolving cannabis landscape with GrassNews.net..

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