- Total revenue of $119.6 million increased 16.6% quarter-over-quarter and 167.5% year-over-year
- First half 2020 revenue of $222.2 million exceeds full year 2019 revenue
- Growth in revenue and free cash flow from operations driven by increased scale and operating leverage in the Consumer Packaged Goods and Retail businesses
- Continued strong demand and market dynamics despite COVID-19 environment
Green Thumb Industries Inc. (“Green Thumb,” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ and Essence retail stores, today reported its financial results for the second quarter ended June 30, 2020. Financial results are reported in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and all currency is in U.S. dollars.
“This is Green Thumb’s second consecutive quarter exceeding $100 million in sales, and our first half 2020 revenue already exceeds full fiscal year 2019 revenue. We are moving faster as our investments in infrastructure deliver operating leverage and the team continues to meet the evolving needs of our customers and communities,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.
Kovler continued, “Demand is strong as cannabis continues to behave like a consumer staple. In the face of the ongoing pandemic and social unrest, we remain laser-focused on executing our growth strategy while prioritizing the health and safety of our team and customers.”
“We opened six new stores during the quarter, bringing total stores to 48 nationwide, and successfully introduced an e-commerce platform enabling delivery and curb-side pickup. We also improved standardization and automation in production, resulting in improved speed-to-market of our consumer products. In early July, we opened our Toledo, Ohio manufacturing facility and began production and distribution of our brand portfolio in Ohio. We expect this, along with other capacity expansion projects in Illinois, Pennsylvania and New Jersey, to further propel our business in the second half of 2020.”
Financial Highlights
- Revenue: Total revenue for the second quarter 2020 increased 16.6% quarter-over-quarter and 167.5% year-over-year to $119.6 million. Revenue growth was driven primarily by the increased scale in the Company’s Consumer Packaged Goods and Retail businesses.
- Gross Margin: Gross margin for the second quarter 2020 was 53.2% as compared to 51.6% for the prior quarter.
- Net Income (Loss) Attributable to Green Thumb: Net loss attributable to the Company for the second quarter 2020 was $12.9 million or ($0.06) per basic and diluted share.
- Adjusted Operating EBITDA: Adjusted Operating EBITDA(1), which is a non-GAAP financial measure as described below and in an accompanying financial table in this release, was $35.4 million or 29.6% of revenue for the second quarter 2020, representing a 38.6% increase from the prior quarter.
- Balance Sheet: As of June 30, 2020, current assets totaled $152.6 million and included cash and cash equivalents of $82.9 million. Total debt outstanding was $95.2 million, $0.3 million of which is due within 12 months.
(1) EBITDA refers to earnings before income, taxes, depreciation and amortization. EBITDA and Adjusted Operating EBITDA are non-GAAP financial measures. Please see the “Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures” at the end of this press release for a reconciliation of non-GAAP to GAAP measures.
Additional Management Commentary
Kovler added, “The cannabis industry continues to play an essential role in the well-being of people and communities, especially in today’s environment. Cannabis generates critical tax revenues for states with legalized use and provides economic development opportunities. In our home state of Illinois, for example, the industry generated $66 million in tax revenue since the legalization of adult-use this past January. The month-over-month momentum continued with July total sales up 22% from June to $94 million, a record high.”
Kovler continued, “More than ever, we remain bullish on the long-term prospects of our business. We operate in high-growth, high-potential markets as we execute our enter, open and scale strategy to distribute brands at scale. Our team remains resilient and adaptable and we are well-positioned to capitalize on the estimated $75 billion U.S. cannabis industry that is unfolding before our eyes.”
Consumer Packaged Goods Business Development
- As of June 30, 2020, Green Thumb’s family of consumer brands are produced, distributed, and available in retail locations in nine states: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada and Pennsylvania.
- Gross branded product sales grew sequentially by approximately 21.6% quarter-over-quarter, driven primarily by expanded product distribution.
- Green Thumb’s manufacturing facilities in Oglesby, Illinois (the Company’s second manufacturing facility in the state) and New Jersey are expected to be completed and begin production in the third quarter of 2020. The Company is continuing to expand its existing Rock Island, Illinois and Danville, Pennsylvania production facilities, which are expected to increase capacity and production output in the second half of 2020.
- Subsequent to the quarter end, in July Green Thumb completed its Ohio manufacturing facility and began producing and distributing its brand portfolio in the Ohio market.
- Green Thumb launched Big Dogs under its Dogwalkers brand in Florida and Green Apple Tarts under its incredibles brand in Massachusetts. Subsequent to the quarter end, the Company launched an incredibles brand redesign.
Retail Business Development
- Green Thumb’s second quarter revenue included sales from 48 retail stores across ten states: Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania.
- Comparable sales growth (stores opened at least 12 months) exceeded 75.0% on a base of 16 stores, driven primarily by increased transactions. Sequential quarter-over-quarter comparable sales were up 8.3% on a base of 40 stores.
- Green Thumb resumed adult-use sales in Massachusetts in May following the lifting of the adult-use sales ban that was implemented statewide due to COVID-19. In June, the Company resumed in-store retail sales in Nevada following the state’s reopening of retail establishments. Prior to that state’s retail reopening, Green Thumb provided delivery and curb-side pickup to customers.
- Retail revenue increased sequentially by 15.2% quarter-over-quarter, primarily driven by new store openings, increased foot traffic in established stores and higher average ticket size in the Company’s Illinois and Pennsylvania retail stores.
- During the quarter, Green Thumb opened six new stores, for a total of nine stores opened year-to-date:
- Pennsylvania: Opened Rise™ Duncansville and Rise™ Chambersburg.
- Illinois: Opened Rise™ Niles, bringing total open stores in the state to eight.
- Nevada: Opened Essence South Durango and Essence South Rainbow, bringing total open stores in Nevada to seven. Subsequent to the quarter end, in August the Company announced a partnership with Cookies to rebrand its Essence store on the Las Vegas Strip to the first Cookies store in Nevada.
- Ohio: Opened Rise™ Lakewood Detroit, bringing total open stores in the state to five, our current maximum allowed.
- During the quarter, Green Thumb continued the buildout of its omnichannel retail infrastructure to better serve patients and customers now and post COVID-19. This included improving its digital retail experience, developing online payment systems in certain states, establishing a customer support center and developing its delivery and curb-side pickup capabilities.
Second Quarter 2020 Financial Overview
Total revenue for the second quarter 2020 was $119.6 million, up 167.5% from $44.7 million for the second quarter 2019, driven by growth from both the Consumer Packaged Goods and Retail businesses, particularly in Illinois and Pennsylvania. Key performance drivers are the expanded distribution of Green Thumb’s branded products, 19 new store openings, strategic acquisitions and increased traffic to the Company’s 48 open and operating retail stores.
In the second quarter 2020, Green Thumb generated revenue from all 12 of its markets: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania. The Company continued to invest in the buildout of its cultivation and manufacturing capabilities in Illinois, New Jersey and Pennsylvania.
Gross profit for the second quarter 2020 was $63.7 million or 53.2% of revenue as compared to $21.5 million or 48.1% of revenue for the second quarter 2019.
Total selling, general and administrative expenses for the second quarter were $49.6 million or 41.5% of revenue, an improvement from $30.8 million or 68.9% of revenue for the second quarter 2019. Improved operating costs as a percentage of revenue was driven primarily by increased operating leverage in the Company’s Consumer Packaged Goods and Retail businesses.
Total other expense was $10.4 million for the second quarter 2020 and primarily included interest expense and warrant expense associated with the Company’s senior secured notes.
EBITDA for the second quarter 2020 was $28.3 million or 23.6% of revenue as compared to a loss of $3.1 million or negative 6.9% of revenue for the second quarter 2019. Adjusted Operating EBITDA for the second quarter 2020 was $35.4 million or 29.6% of revenue as compared to $2.3 million or 5.1% of revenue for the second quarter 2019. The significant improvement in EBITDA and Adjusted Operating EBITDA was driven primarily by revenue growth from both the Consumer Packaged Goods and Retail businesses.
Net loss attributable to Green Thumb for the second quarter 2020 was $12.9 million or ($0.06) per basic and diluted share as compared to a net loss of $20.9 million or ($0.11) per basic and diluted share for the second quarter 2019.
Balance Sheet and Liquidity
As of June 30, 2020, current assets were $152.6 million, including cash and cash equivalents of $82.9 million. The Company had $95.2 million of total debt.
On May 21, 2020, the Company exercised its option to extend the maturity date of the $105 million senior secured notes due May 22, 2022 for an additional year to May 22, 2023.
Total basic and diluted weighted average shares outstanding for the three months ended June 30, 2020 were 209,902,732.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the SEC. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
Definitions
EBITDA: Earnings before interest, taxes, other income or expense and depreciation and amortization.
Adjusted Operating EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating costs.
Conference Call and Webcast
Green Thumb will host a conference call on Wednesday, August 12, 2020 at 5:00 pm ET to discuss its financial results for the second quarter ended June 30, 2020. The conference call may be accessed by dialing 833-502-0470 (Toll-Free) or 236-714-2182 (International) with conference ID: 3898143. A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb’s website at https://investors.gtigrows.com and will be archived for replay.
About Green Thumb Industries:
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Dr. Solomon’s, incredibles, Rythm and The Feel Collection. The company also owns and operates rapidly growing national retail cannabis stores called Rise™ and Essence. Headquartered in Chicago, Illinois, Green Thumb has 13 manufacturing facilities, licenses for 96 retail locations and operations across 12 U.S. markets. Established in 2014, Green Thumb employs over 1,800 people and serves thousands of patients and customers each year. The company was named a Best Workplace 2018 by Crain’s Chicago Business and MG Retailer magazine in 2018 and 2019. More information is available at GTIgrows.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that we believe are, or may be considered to be, “forward-looking statements.” All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “foresee,” “project,” “anticipate,” “believe,” “plan,” “forecast,” “continue” or “could” or the negative of these terms or variations of them or similar terms. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the “SEC”), or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: marijuana remains illegal under federal law, and enforcement of cannabis laws could change; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco and Firearms; the Company may face difficulties acquiring additional financing; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where we carry on business; the Company is subject to general economic risks; the Company may be negatively impacted by challenging global economic condition; the Company is subject to risks arising from epidemic diseases, such as the recent outbreak of the COVID-19 illness; the Company may face difficulties in enforcing its contracts; the Company is subject to taxation in Canada and the United States; cannabis businesses are subject to unfavorable tax treatment; cannabis businesses may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces security risks; our use of joint ventures may expose us to risks associated with jointly owned investments; competition for the acquisition and leasing of properties suitable for the cultivation, production and sale of medical and adult use cannabis may impede our ability to make acquisitions or increase the cost of these acquisitions, which could adversely affect our operating results and financial condition; the Company faces risks related to its products; the Company is dependent on the popularity of consumer acceptance of the Company’s brand portfolio; the Company faces risks related to its insurance coverage and uninsurable risks; the Company is dependent on key inputs, suppliers and skilled labor; the Company must attract and maintain key personnel or our business will fail; the Company’s business is subject to the risks inherent in agricultural operations; the Company’s sales are difficult to forecast; the Company’s products may be subject to product recalls; the Company may face unfavorable publicity or consumer perception; the Company faces intense competition; the Company’s voting control is concentrated; the Company’s capital structure and voting control may cause unpredictability; and additional issuances of Super Voting Shares, Multiple Voting Shares or Subordinate Voting Shares may result in dilution. Further information on these and other potential factors that could affect the Company’s business and financial condition and the results of operations are included in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and elsewhere in the Company’s filings with the SEC, which are available on the SEC’s website or at https://investors.gtigrows.com. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document.
Coronavirus Pandemic
In March 2020, the World Health Organization categorized coronavirus disease 2019 (“COVID-19”) as a pandemic. COVID-19 continues to spread throughout the U.S. and other countries across the world, and the duration and severity of its effects are currently unknown. The Company continues to implement and evaluate actions to strengthen its financial position and support the continuity of its business and operations in the face of this pandemic and other events. The Company’s unaudited interim condensed consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and reported amounts of revenue and expenses during the periods presented. Such estimates and assumptions affect, among other things, the Company’s goodwill, long-lived asset and intangible assets; operating lease right of use assets and operating lease liabilities; assessment of the annual effective tax rate; valuation of deferred income taxes; the allowance for doubtful accounts; assessment of our lease and non-lease contract expenses; and measurement of compensation cost for bonus and other compensation plans. While the Company’s revenue, gross profit and operating income were not impacted during the first six months of 2020, the uncertain nature of the spread of COVID-19 may impact the Company’s business operations for reasons including the potential quarantine of the Company’s employees or those of the Company’s supply chain partners. The estimates and assumptions used in the unaudited interim condensed consolidated financial statements, which include but are not limited to certain judgmental reserves requiring management to makes estimates based on current information, the carrying value of the Company’s goodwill and other long-lived assets, for the three and six months ended June 30, 2020 may change in future periods as the expected impacts from COVID-19 are revised, resulting in further potential impacts to the Company’s financial statements.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Investor Contact:
Jennifer Dooley
Chief Strategy Officer
InvestorRelations@gtigrows.com
310-622-8257
Media Contact:
Linda Marsicano
VP, Corporate Communications
lmarsicano@gtigrows.com
773-354-2004
Source: Green Thumb Industries
| Green Thumb Industries Inc. | ||||||||||||
| Highlights from Unaudited Interim Condensed Consolidated Statements of Operations | ||||||||||||
| Three Months Ended June 30, 2020, March 31, 2020 and June 30, 2019 | ||||||||||||
| (Amounts Expressed in United States Dollars, Except for Share Amounts) | ||||||||||||
| Three Months Ended | ||||||||||||
| June 30, 2020 | March 31, 2020 | June 30, 2019 | ||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Revenues, net of discounts | $ | 119,639,924 | $ | 102,602,602 | $ | 44,726,777 | ||||||
| Cost of Goods Sold, net | (55,946,010 | ) | (49,615,188 | ) | (23,223,025 | ) | ||||||
| Gross Profit | 63,693,914 | 52,987,414 | 21,503,752 | |||||||||
| Expenses: | ||||||||||||
| Selling, General, and Administrative | 49,643,211 | 45,434,757 | 30,830,482 | |||||||||
| Total Expenses | 49,643,211 | 45,434,757 | 30,830,482 | |||||||||
| Income (Loss) From Operations | 14,050,703 | 7,552,657 | (9,326,730 | ) | ||||||||
| Other Income (Expense): | ||||||||||||
| Other Income (Expense), net | (5,717,427 | ) | 6,786,110 | (6,640,546 | ) | |||||||
| Interest Income | 16,410 | 88,115 | 535,894 | |||||||||
| Interest Expense, net | (4,734,908 | ) | (5,041,442 | ) | (5,398,054 | ) | ||||||
| Total Other Income (Expense) | (10,435,925 | ) | 1,832,783 | (11,502,706 | ) | |||||||
| Income (Loss) Before Provision for Income Taxes And Non-Controlling Interest | 3,614,778 | 9,385,440 | (20,829,436 | ) | ||||||||
| Provision For Income Taxes | 15,378,715 | 13,149,000 | (154,333 | ) | ||||||||
| Net Loss Before Non-Controlling Interest | (11,763,937 | ) | (3,763,560 | ) | (20,675,103 | ) | ||||||
| Net Income (Loss) Attributable To Non-Controlling Interest | 1,145,568 | 442,704 | 216,946 | |||||||||
| Net Loss Attributable To Green Thumb Industries Inc. | $ | (12,909,505 | ) | $ | (4,206,264 | ) | $ | (20,892,049 | ) | |||
| Net Loss per share – basic and diluted | $ | (0.06 | ) | $ | (0.02 | ) | $ | (0.11 | ) | |||
| Weighted average number of shares outstanding – basic and diluted | 209,902,732 | 208,468,356 | 182,261,947 | |||||||||
| Green Thumb Industries Inc. | ||||||
| Highlights from Unaudited Interim Condensed Consolidated Balance Sheets | ||||||
| (Amounts Expressed in United States Dollars) | ||||||
| June 30, | December 31, | |||||
| 2020 | 2019 | |||||
| (Unaudited) | (Unaudited) | |||||
| Cash and Cash Equivalents | $ | 82,942,672 | $ | 46,667,334 | ||
| Other Current Assets | 69,703,908 | 62,395,277 | ||||
| Property and Equipment, Net | 166,967,394 | 155,596,675 | ||||
| Right of Use Assets, Net | 101,612,443 | 63,647,812 | ||||
| Intangible Assets, Net | 419,186,807 | 435,246,898 | ||||
| Goodwill | 373,081,716 | 375,084,991 | ||||
| Other Long-term Assets | 27,226,189 | 28,897,637 | ||||
| Total Assets | $ | 1,240,721,129 | $ | 1,167,536,624 | ||
| Total Current Liabilities | $ | 133,444,994 | $ | 111,367,255 | ||
| Notes Payable, Net of Current Portion and Debt Discount | 94,938,332 | 91,140,194 | ||||
| Lease Liability, Net of Current Portion | 103,427,201 | 61,115,737 | ||||
| Other long-Term Liabilities | 57,512,283 | 60,704,762 | ||||
| Total Equity | 851,398,319 | 843,208,676 | ||||
| Total Liabilities and Equity | $ | 1,240,721,129 | $ | 1,167,536,624 | ||
| Green Thumb Industries Inc. | ||||||||||||
| Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures | ||||||||||||
| EBITDA, and Adjusted Operating EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. We define each term as follows: | ||||||||||||
| (1) EBITDA is defined as earnings before interest, taxes, other income or expense and depreciation and amortization. | ||||||||||||
| (2) Adjusted Operating EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating costs. | ||||||||||||
| The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented. | ||||||||||||
| Adjusted Operating EBITDA | ||||||||||||
| (Amounts Expressed in United States Dollars) | ||||||||||||
| Three Months Ended | ||||||||||||
| June 30, 2020 | March 31, 2020 | June 30, 2019 | ||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Net (Loss) Income Before Noncontrolling Interest (GAAP) | $ | (11,763,937 | ) | $ | (3,763,560 | ) | $ | (20,675,103 | ) | |||
| Interest Income | (16,410 | ) | (88,115 | ) | (535,894 | ) | ||||||
| Interest Expense, net | 4,734,908 | 5,041,442 | 5,398,054 | |||||||||
| Income Taxes | 15,378,715 | 13,149,000 | (154,333 | ) | ||||||||
| Other (Income) Expense, net | 5,717,427 | (6,786,110 | ) | 6,640,546 | ||||||||
| Depreciation and Amortization | 14,239,915 | 12,705,172 | 6,251,970 | |||||||||
| Earnings Before Interest, Taxes, Depreciation and Amortization | ||||||||||||
| (EBITDA) (non-GAAP measure) | $ | 28,290,618 | $ | 20,257,829 | $ | (3,074,760 | ) | |||||
| Share-based Compensation, Non-Cash | 5,700,144 | 5,073,742 | 3,915,188 | |||||||||
| Acquisition, Transaction, and Other Non-Operating Costs | 1,421,949 | 213,353 | 1,444,555 | |||||||||
| Adjusted Operating EBITDA (non-GAAP measure) | $ | 35,412,711 | $ | 25,544,924 | $ | 2,284,983 | ||||||
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Cannabis - Will The Fortune 500 Join The Party?
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
- Company has received UK Continuing Professional Development (“CPD”) accreditation for its global education platform, Khiron Academy
- UK medical professionals may now earn CPD credits through Khiron’s medical cannabis education program
- The Company has entered into a strategic partnership with Cellen Therapeutics, a leader in digital healthcare in the UK, to increase patient access via medical cannabis education
- As a leading international medical cannabis educator, nearly 1,000 medical professionals in Latin America and the United Kingdom have registered for, or completed, Khiron Academy training
Khiron Life Sciences Corp. (“Khiron” or the “Company”) (TSXV: KHRN) (OTCQX: KHRNF) ( Frankfurt : A2JMZC), a vertically integrated cannabis leader with core operations in Latin America and Europe is pleased to announce it has received UK Continuing Professional Development (“CPD”) accreditation for Khiron Academy, the Company’s global medical cannabis education platform.
Additionally, following its accreditation, the Company has entered into a strategic partnership with Cellen Therapeutics, a leader in digital healthcare in the UK and fellow founding member of Project Twenty21, to increase patient access through medical cannabis education initially. Khiron Academy will be made available to prescribers in the UK that have registered with Cellen’s MedCanHub, an emerging education portal. Cellen is market leader, widely recognized for also launching the UK’s first digital pain clinic, Leva.
Tejinder Virk , President of Khiron Europe, commented, “Over the last year, Khiron has seen a direct correlation between physician education and patient access. With Khiron Academy’s CPD accreditation and through our strategic partnership with Cellen Therapeutics, we are positioned to reach a growing number of medical professionals, and in turn, provide patients with greater access to medical cannabis products.”
Eric Bystrom , CEO of Cellen commented, “We are pleased to be joining forces with Khiron on educating prescribing specialists in the UK. Khiron is a clear global leader in medical cannabis education. We share common values in improving patient lives by educating doctors and optimizing the standard of medical care. Our aim is to create a practical guide for responsibly prescribing patients with safe and efficacious medical cannabis products.”
In the UK, Khiron continues to leverage educational materials developed by the Company to train medical professionals in Latin America , along with clinical data from thousands of Khiron patients. In addition to Cellen’s MedCanHub (accessible to medical professionals at https://medcanhub.cellenhealth.com/ ), Khiron Academy is available to members of the Medical Cannabis Clinicians Society (MCCS) and core to the training of prescribing specialists for Project Twenty21, a 20,000-patient observational study backed Drug Science in UK.
To date, the Company has trained nearly 1000 medical professionals in Latin America and the UK. Over the last year, physicians trained by Khiron in Latin America have issued over 13,000 prescriptions, with a compound monthly growth rate of nearly 50%. Khiron Academy will be a platform for sharing the Company’s clinical expertise, in conjunction with clinical data arising from Khiron’s wholly-owned clinics in LatAm.
About Khiron Life Sciences Corp.
Khiron is a vertically integrated medical and CPG cannabis company with core operations in Latin America , and operational activity in Europe and North America . Khiron is the leading medical cannabis provider in Colombia and the first company licensed in Colombia for the cultivation, production, domestic distribution and sales, and international export of both low and high THC medical cannabis products. The Company has filled medical cannabis prescriptions in Colombia , Peru , Germany and the United Kingdom , and is positioned to commence sales in Mexico , Germany and Brazil in 2021.
Leveraging wholly-owned medical clinics and proprietary telemedicine platforms, Khiron combines a patient-oriented approach, physician education programs, scientific expertise, product innovation, and agricultural infrastructure to drive prescriptions and brand loyalty. Its Wellbeing unit launched the first branded CBD skincare brand in Colombia , with Kuida TM now marketed in multiple jurisdictions in Latin America , the US and United Kingdom . The Company is led by Co-founder and Chief Executive Officer, Alvaro Torres , together with an experienced and diverse executive team and Board of Directors.
Visit Khiron online at investors.khiron.ca and on Instagram @khironlife.
Cautionary Notes
Forward-Looking Statements
This press release may contain certain “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Khiron undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Khiron, its securities, or financial or operating results (as applicable). Although Khiron believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statement has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Khiron’s control, including the risk factors discussed in Khiron’s Annual Information Form which is available on Khiron’s SEDAR profile at www.sedar.com . The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. Khiron disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Investor Contact:
Paola Ricardo
E: investors@khiron.ca
T: +1 (647) 556-5750
Media Contact:
Peter Leis
Europe Communications Manager
E: pleis.ext@khiron.ca
Khiron Europe:
Tejinder Virk
Europe President
E: tvirk@khiron.ca
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SOURCE Khiron Life Sciences Corp.
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TRACE’s plant-based and alkaline wellness products to expand into key markets of Japan, China and the Philippines
Emerging leader in innovative health and wellness beverages and consumer products, BevCanna Enterprises Inc . ( CSE:BEV , Q:BVNNF , FSE:7BC ) (“ BevCanna ” or the “ Company ”) announces today its anticipated expansion into the Asia Pacific region, through its wholly-owned subsidiary Naturo Group. After completing a comprehensive market, distribution and partner assessment, the Company intends to initially launch its portfolio of TRACE health and wellness products in the key markets of Japan, China, and the Philippines, through multi-channel distribution outlets including e-commerce, retail, and wholesale.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210413005502/en/
TRACE product family (Photo: Business Wire)
With a combined population of 1.633 billion people, or 21 percent of the world’s citizenry, the three countries signify a substantial opportunity for BevCanna. The markets’ growing and prosperous middle-class consumer base represents an ideal demographic for the TRACE products, as consumers increasingly opt for healthier lifestyle choices. The global nutraceutical market size is projected to reach US$722.49 billion by 2027, expanding at a CAGR of 8.3% over the forecast period; Asia-Pacific is expected to witness the fastest growth over the forecast period, particularly in Japan and China. 1 The Japanese market is particularly suited for the introduction of the TRACE brand, with its consumers having developed a decided preference for natural, health-conscious products. Two-thirds of Asian consumers believe in superfoods and natural health products for treating ailments 2 , representing a prime demographic for wellness-focused products.
“The Asian market is a natural fit for our TRACE line of plant-based and alkaline products,” said Melise Panetta, President of BevCanna. “We’ve been actively evaluating the market potential, while also fielding increased interest from Asian customers and partners in our TRACE plant-based mineral products and our Canadian natural alkaline spring water. Our portfolio of products will address a growing demand for nutraceuticals and wellness-focused natural products, and we’re pleased to announce our anticipated expansion into these significant markets”.
TRACE’s proprietary plant-based mineralized beverages and nutraceuticals contain fulvic and humic minerals, sourced from ancient organic compounds that are highly concentrated sources of trace minerals. Recognized benefits of the Health Canada-approved formulations include cognitive performance, gut health, immune function, and aiding the body in metabolizing carbohydrates, fats, and proteins. Mineral-enhanced water is increasingly popular in Asia for its purported benefits to human immune systems and brain health.
TRACE’s proprietary alkaline spring water is bottled at source in British Columbia’s Okanagan region. The alkaline water provides additional benefits to the consumer as compared to most tap and conventional bottled water, including the increased presence of hydroxyl ions, increased hydration, improved bone health, healthier skin and decreased gastrointestinal symptoms.
1 https://www.businesswire.com/news/home/20200520005477/en/722-Billion-Nutraceutical-Market-Size-and-Share-Breakdown-by-Product-and-Region—ResearchAndMarkets.com
2 Natural Products Global June 27, 2017
About BevCanna Enterprises Inc.
BevCanna Enterprises Inc . ( CSE:BEV , Q:BVNNF , FSE:7BC ) is a diversified health & wellness beverage and natural products company. BevCanna develops and manufactures a range of plant-based and cannabinoid beverages and supplements for both in-house brands and white-label clients.
With decades of experience creating, manufacturing and distributing iconic brands that resonate with consumers on a global scale, the team demonstrates an expertise unmatched in the nutraceutical and cannabis-infused beverage categories. Based in British Columbia, Canada, BevCanna owns a pristine alkaline spring water aquifer and a world–class 40,000–square–foot, HACCP certified manufacturing facility, with a bottling capacity of up to 210M bottles annually. BevCanna’s extensive distribution network includes more than 3,000 points of retail distribution through its market-leading TRACE brand, its Pure Therapy natural health and wellness e-commerce platform, its fully licensed Canadian cannabis manufacturing and distribution network, and a partnership with #1 U.S. cannabis beverage company Keef Brands .
On behalf of the Board of Directors:
John Campbell, Chief Financial Officer and Chief Strategy Officer
Director, BevCanna Enterprises Inc.
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include statements regarding: the Company’s anticipated expansion into the Asia Pacific region, through its wholly-owned subsidiary Naturo Group, through multi-channel distribution outlets including e-commerce, retail, and wholesale; the markets’ growing and prosperous middle-class consumer base represents an ideal demographic for the TRACE products, as consumers increasingly opt for healthier lifestyle choices; that Asian consumers represent a prime demographic for wellness-focused products; the increased interest from Asian customers and partners in the Company’s TRACE plant-based mineral products and its Canadian natural alkaline spring water; that the Company’s portfolio of products will address a growing demand for nutraceuticals and wellness-focused natural products; and other statements regarding the business plans of the Company. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements.
Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general market conditions; changes to consumer preferences; volatility of commodity prices; future legislative, tax and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the inability to implement business strategies; competition; currency and interest rate fluctuations; inability to successfully negotiate and enter into commercial arrangements with other parties; and other factors beyond the control of the Company and its commercial partners. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
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For media enquiries or interviews, please contact:
Wynn Theriault, Thirty Dash Communications Inc.
416-710-3370
wynn@thirtydash.ca
For investor enquiries, please contact:
Bryce Allen, BevCanna Enterprises Inc.
778-766-3744
bryce@bevcanna.com
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Trulieve acquires dispensary permits from Solevo Wellness West Virginia LLC for $650,000
Trulieve Cannabis Corp . (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States and the largest cannabis company in Florida announced today that it acquired Solevo Wellness West Virginia LLC (“Solevo”) and its three West Virginia dispensary permits for $650,000 . Solevo was awarded two permits in Morgantown and one in Parkersburg in January 2021 as part of the West Virginia application process.
“This acquisition enables Trulieve to broaden and solidify our position in the newly created West Virginia market. Solevo was granted three dispensaries as part of the application process entered by the Company before becoming part of the Trulieve family. Adding Solevo to our production and dispensary permits, as well as our recently announced definitive agreement to acquire Mountaineer Holdings and its cultivation and dispensary permits, will create a fully vertical presence in the state with nine dispensaries,” said Kim Rivers , CEO of Trulieve. “We look forward to providing the highest level of cannabis products and customer experience through authentic and reciprocal relationships to West Virginia patients.”
Transaction
Trulieve acquired Solevo and its three dispensary permits for an upfront payment of $150,000 in cash, and $500,000 in Trulieve subordinate voting shares (“Trulieve Shares”). Stock price is based on 10-day VWAP from the last trading day before signing. The transaction is contingent upon West Virginia state regulatory approval and customary closing conditions.
Advisors and Counsel
Fox Rothschild LLP is acting as legal counsel to Trulieve.
About Trulieve
Trulieve is a vertically integrated “seed-to-sale” company and is the first and largest fully licensed medical cannabis company in the State of Florida . Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida , as well as directly to patients via home delivery. Trulieve also operates in California , Massachusetts , Connecticut and Pennsylvania . Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX Best Market under the symbol TCNNF.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
To learn more about Trulieve, visit www.Trulieve.com .
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Forward-Looking Statements
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company and statements with regard to the Report and the Company’s response thereto. 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. 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, except as required by applicable laws.
View original content: http://www.prnewswire.com/news-releases/trulieve-acquires-three-west-virginia-dispensary-permits-solidifying-position-in-the-state-301267373.html
SOURCE Trulieve Cannabis Corp.
View original content: http://www.newswire.ca/en/releases/archive/April2021/13/c3491.html
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Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (FSE: YG3) (“Better Plant”) or (the “Company”) a wellness company that develops and sells sustainable, plant-based products, is pleased to announce that it’s Jusu Home and Body line is now available for purchase on Faire Wholesale Marketplace (“Faire” or “www.faire.com”), an online wholesale marketplace valued at US $2.5 billion. Jusu Home and Body products are currently featured in their “New Arrivals” section.
Better Plant Announces Agreement with Faire Wholesale Marketplace For Jusu Home and Body Products
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Growing by 200% year over year, Faire currently serves over 170,000 independent retailers across North America, representing more retail locations than Marks & Spencer, Boots, Aldi, Starbucks, and Tesco combined. The platform has also recently launched in the United Kingdom and the Netherlands, with other European markets to follow in the coming months. “This partnership with Faire gives boutique retailers access to Jusu Home and Body products on a global scale and will showcase to retailers that are outside of our typical demographic”, says Amber Allen, Head of Sales for Better Plant. “We look forward to promoting Jusu products on this platform and connecting with many diverse buyers.”
Faire provides a holistic, end-to-end platform that enables independent retailers to build, grow, and run their businesses. Leveraging the Faire platform benefits retailers with perks such as payment flexibility and security, free returns, shipping solutions and data-driven recommendations.
According to a report by Globe Newswire, the global market for natural and organic personal care products is projected to reach a revised size of US $23.6 billion by 2027, growing at a CAGR of 9.3% over the analysis period 2020-2027.
About Faire:
Faire is a curated wholesale marketplace connecting more than 40,000 local retailers with thousands of emerging and established brands. Faire enables independent retailers to grow their business with the advantages of big box terms and empowers makers to seamlessly build and run their wholesale business. Faire was founded in 2017 and is powered by the idea that the future is local. Faire is backed by investors including Y Combinator, Lightspeed Venture Partners, Forerunner Ventures, Khosla Ventures, Sequoia Capital, Founders Fund, and DST Global. The company is headquartered in San Francisco, Kitchener-Waterloo, and Salt Lake City. To learn more, visit www.Faire.com.
About Better Plant:
Better Plant harnesses plant intelligence and leverages modern science to offer sustainable, plant-based products that are better for health and better for the earth. It makes and sells over 90 proprietary products, all made with 100% natural ingredients, under the brands Jusu, Urban Juve and Wright & Well. It has a direct-to-consumer platform for refrigerated goods that offers easy online ordering and convenient home delivery in select cities in Alberta and BC. Better Plant operates Jusu Bar, a quick serve restaurant alternative in Victoria, BC, which serves up fresh, healthy, and nutritious options with a focus on Jusu cold-pressed juices. Jusubar.com offers home delivery of refrigerated plant-based beverages consisting of cold-pressed juices and packaged juice cleanses. Through its Shopify enabled eCommerce sites getjusu.com and urbanjuve.com, Better Plant sells plant-based personal care products, including skin care, hair care, body care and baby care. Jusu also has a line of plant-based all-natural home cleaning products that are sold to cleaning companies, retailers and sold directly to consumers. Better Plant also offers operational, financial, and other services to companies with businesses that align with Better Plant’s mission to help create a better world. Better Plant incubated NeonMind, which sells medicinal mushroom infused coffees and is developing drugs with psychedelic ingredients to treat obesity and to suppress appetite. Better Plant owns approximately 27% of NeonMind, which trades separately as a public company under the tickers (CSE: NEON) and (OTCQB: NMDBF).
For more information on Better Plant, visit betterplantsciences.com or follow @betterplantsciences on Instagram.
Penny White, President & CEO
penny@betterplantsciences.com
1-833-515-2677
Investor Relations:
Alexandra Dumanski
invest@betterplantsciences.com
1-833-515-2677
Sales Inquiries:
Amber Allen, Head of Sales
amber@betterplantsciences.com
604-808-8118
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies due to the spread of COVID-19, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. Demand for the company’s products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Better Plant cautions readers not to place undue reliance on forward-looking statements provided by Better Plant, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Better Plant expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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Aion Therapeutic Inc. (CSE: AION) (” Aion Therapeutic ” or the ” Company “) today announced that it has retained KCSA Strategic Communications (” KCSA “), a leading New York City -based communications firm.
KCSA will work with management to create a comprehensive, strategic communications program to lead the Company’s public and investor relations programs. Since KCSA’s inception, nearly fifty years ago, the firm has developed a strong reputation for its work representing public companies with an expertise in several verticals including the psychedelics and cannabis industries. The engagement is designed to increase the awareness and help enhance the profile of Aion Therapeutic in the marketplace.
“As we enter the next phase of growth for the Company, we have retained KCSA to help broaden our exposure to the investment community and to represent us in the media,” commented Graham Simmonds , Executive Vice Chair and CEO of Aion Therapeutic. “Our Company is at a very exciting stage and we look forward to communicating how our patented approach of utilizing psilocybin and other mushroom compounds in combination with cannabinoids to treat serious medical conditions to the global medical community.”
Phil Carlson , Managing Director of KCSA Strategic Communications, commented, “At KCSA, our professionals have an extensive history of providing expert communications and strategy for our clients. With many decades of experience, we have built a vast network in both the media and investment communities that we will proactively begin to introduce to Aion Therapeutic’s management team. We are pleased to implement this communications plan based on best practices for Aion Therapeutic.”
For its services supporting the Company’s public relations and investor relations efforts, KCSA will receive Usd. $15,000 per month. The term of the engagement will be initially six months and then ongoing on a month-to-month basis. The Company has the right to terminate the relationship with KCSA on 90 days’ notice.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
About KCSA Strategic Communications
KCSA is a fully integrated communications agency specializing in public relations, investor relations and social media, with expertise in financial services, technology and healthcare. Since 1969, the firm has demonstrated strategic thinking and program execution that drive results for clients in the ever-changing communications and digital landscape. The firm’s clients are its best references. For more information, please visit www.kcsa.com .
About Aion Therapeutic Inc.
Aion Therapeutic Inc. through its wholly-owned subsidiary, AI Pharmaceuticals Jamaica Limited, is in the business of research and development, treatment, data mining and state-of-the-art artificial intelligence (machine learning) techniques, focused on the development of combinatorial pharmaceuticals, nutraceuticals and cosmeceuticals utilizing compounds from cannabis (cannabinoids), psychedelic mushrooms (psilocybin), fungi (edible mushroom), natural psychedelic formulations (Ayahuasca), and other medicinal plants in a legal environment for this type of discovery. In addition, Aion Therapeutic is creating a strong international intellectual property portfolio related to its discoveries.
DISCLAIMER & READER ADVISORY
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “may”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include regulatory and other third-party approvals; licensing and other risks. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE Aion Therapeutic Inc.
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