Connect with us

Business Wire

Global Grow Light Market Report 2022 to 2030: Increasing Indoor Cultivation & Vertical Farming is Driving Growth – ResearchAndMarkets.com

Published

on


DUBLIN–(BUSINESS WIRE)–The “Grow Light Market Size, Share & Trends Analysis Report by Application (Indoor Farming, Vertical Farming, Commercial Greenhouse), by Product, by System, by Technology, by Installation, by Spectrum, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.

The global grow light market size is anticipated to reach USD 14.31 billion by 2030, growing at a CAGR of 15.0%. The increased use of vertical farming and indoor cultivation, for producing crops, is likely to spur the market demand over the forecast period.

Companies Mentioned

  • Aerofarms
  • Everlight Electronics Co. Ltd.
  • Gavita Holland Bv
  • Heliospectra Ab
  • Hortilux Schreder
  • Illumitex
  • Lumigrow Inc
  • Osram Licht AG
  • Philips Lighting
  • Sunlight Supply, Inc.

Grow light helps in extending the hours of the natural daylight which further increases the health, growth rate, and yield of the plants. Artificial lighting, such as high-pressure sodium lighting, LED lighting and plasma lighting can extend the availability of crops throughout the season.

According to the UN, by 2050, around 80 percent of the world’s population will live in cities. People continuously move into cities to get access to training, service, jobs, culture and entertainment, and all the other things cities offer. This means that the demand for food is increasing in these areas at the same time as the availability of arable land around cities is very limited.

Artificial lighting helps in extending the hours of the natural daylight which further increases the health, growth rate, and yield of the plants. Artificial lighting, such as high-pressure sodium lighting, LED lighting can extend the availability of crops (throughout a season). LED lighting systems produce dual-band color spectrum and generate low heat. They are anticipated to witness significant growth over the forecast period.

The U.S. government has increasingly started to legitimize cannabis plantations across various states. With this initiative, cannabis cultivation is on the verge to become a big business in some parts of the country. Cannabis growers prefer Controlled-Environment Agriculture (CEA) to enhance product quality and yield.

This setup consumes a high amount of electricity. As government officials and power companies are trying to convert this into a green industry, they are encouraging the use of LEDs to reduce power consumption and greenhouse gas emissions.

Grow Light Market Report Highlights

  • The escalating urban population and lack of arable land around cities is expected to drive the market.
  • The plasma technology segment is expected to portray high growth rate with a CAGR of 21.9% over the projected period.
  • New installations and replacement lights, increasing urban cultivation, increasing vertical farming and government initiatives are expected to be the drivers of the market over the forecast period.
  • The Asia Pacific regional market is expected to have significant growth over the forecast period, owing to the technological advancement and commercial vertical farms.

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Industry Outlook

3.1 Market Segmentation &Scope

3.2 Grow Light Market Size and Growth Prospects

3.3 Grow Light-Value Chain Analysis

3.4 Market Dynamics

3.4.1 Market driver analysis

3.4.1.1 New installations and replacement lights

3.4.1.2 Increasing urban cultivation

3.4.1.3 Increasing indoor cultivation & vertical farming

3.4.1.4 Government initiatives to adopt energy-efficient LEDs

3.4.2 Market restraint analysis

3.4.2.1 High costs of energy-efficient grow lights

3.5 Key Opportunities-Prioritized

3.6 Grow Lights- Key Company Analysis, 2021

3.6.1 Key company analysis, 2021

3.6.2 List of Market Players

3.7 Industry Analysis-Porter’s

3.8 Grow Light-PESTEL Analysis

3.9 COVID Impact Analysis on Grow Light Market

Chapter 4 Grow Light Market: Application Estimates & Trend Analysis

Chapter 5 Grow Light Market: Product Estimates & Trend Analysis

Chapter 6 Grow Light Market: System Estimates & Trend Analysis

Chapter 7 Grow Light Market: Technology Estimates & Trend Analysis

Chapter 8 Grow Light Market: Installation Estimates & Trend Analysis

Chapter 9 Grow Light Market: Spectrum Estimates & Trend Analysis

Chapter 10 Grow Light Market: Regional Estimates & Trend Analysis

Chapter 11 Competitive Landscape

For more information about this report visit https://www.researchandmarkets.com/r/2llrul

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470

For U.S./ CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

This post was originally published on this site



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business Wire

Flora Growth Reports Third Quarter 2022 Financial Results

Published

on

By


  • Revenue for the three-month period ended September 30, 2022 was $10.8 million, an increase of 414% year over year
  • Revenue for the nine-month period ended September 30, 2022 was $25.7 million, an increase of 510% year over year
  • Gross profit for the three-month period ended September 30, 2022 was $5.0 million, an increase of 703% year over year with gross margins improving from 29.6% to 46.2%.
  • Company reaffirms its 2022 revenue guidance to range between $35 million – $45 million
  • Flora management to host a webcast today at 4:30PM ET

FORT LAUDERDALE, Fla. & TORONTO–(BUSINESS WIRE)–Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, reported today its financial and operating results for the third quarter and nine months ended September 30, 2022. All financial information is provided in U.S. dollars unless indicated otherwise.

“The third quarter of 2022 was another exciting quarter for Flora as we continued to lay the foundation of our business for the long-term,” said Luis Merchan, Chairman a CEO of Flora Growth. “During the quarter, we exported products to several new markets, including distribution of our Colombian grown high-CBD dried cannabis flower to Switzerland and the Czech Republic, as well as CBD isolate to the United States. Our global distribution network, coupled with our high-quality Colombian flower and derivatives, leave Flora well positioned to capitalize on the evolving global cannabis landscape.”

“Subsequent to the quarter, we signed a definitive agreement to acquire Franchise Global Health, a pharmaceutical and medical cannabis distributor with principal operations in Germany. This transformative deal would connect our Colombian commercial infrastructure and product portfolio to the German and EU cannabis markets, allowing Flora to significantly increase its international footprint.

“As we look ahead to the end of the year, we expect to finalize the transaction and solidify our presence in the European cannabis market. With our industry leading production costs and expanding global footprint, we believe our business is well positioned to accelerate growth into 2023 and beyond.”

3Q2022 Financial Highlights

  • Total revenue for the quarter was $10.8 million, an increase of 414% year over year, driven by Flora’s House of Brands division, which includes the acquisitions of JustCBD and Vessel.
  • Gross profit increased to approximately $5.0 million, up approximately 703% year over year.
  • Gross margin in the quarter improved from 29.6% to 46.2% year over year, and demonstrated a gradual improvement from 43.9% during 1H2022.
  • Net loss was approximately $7.4 million compared to a net loss of $3.6 million in 3Q 2021. Net loss margins reduced year over year, year to date, and in comparison to 1H2022.
  • Adjusted EBITDA (a non-IFRS measure defined below) was $(3.9) million compared to $(3.1) million in 3Q 2021. Adjusted EBITDA margin improved significantly from -150.1 % in 3Q2021 to -36.5 % in 3Q2022. For a reconciliation of these non-IFRS financial measures to the most directly comparable IFRS financial measures, please see Table 4 under “Reconciliation of IFRS to non-IFRS financial results” included at the end of this release.
  • As of September 30, 2022, the Company had approximately $5.9 million in cash compared to $37.6 million as of December 31, 2021. The decrease was primarily due to cash paid for the acquisition of JustCBD, as well as higher operating expenses related to investments in headcount, sales and marketing and one-time expenses associated with Cosechemos operations and the Flora Lab expansion.

2022 Outlook

  • Flora Growth remains on track to meet its 2022 revenue guidance of $35-45 million.

Recent Operational Highlights

  • Announced the appointment of former JP Morgan executive Brandon Konigsberg to Flora’s Board of Directors and former Amazon executive Elshad Garayev as the Company’s Chief Financial Officer
  • Announced a joint venture with Colombia’s largest indigenous tribe to process and distribute cannabis products throughout the country
  • Acquired the No Cap Hemp Co. brand, bolstering new product offerings and revenue streams for the expanding House of Brands division
  • Awarded Best M&A Deal at the Benzinga Cannabis Capital Conference for the acquisition of JustCBD
  • Completed multiple commercial cannabis and CBD isolate exports to international markets in the United States, Switzerland and the Czech Republic
  • Signed a definitive agreement to acquire Franchise Global Health (FGH). While the completion of the transaction is subject to customary closing conditions for a transaction of such nature, including a formal vote by FGH shareholders, FGH shareholders holding in excess of 73% of FGH’s outstanding shares have agreed to vote in favor of the transaction.

Earnings Call: November 28, 2022, at 4:30PM ET

Live Webcast Details

Date: Monday, November 28, 2022

Time: 4:30 p.m. ET

Online Participant Link: https://us02web.zoom.us/webinar/register/WN_zaiec74LQyGi_I9YYxCOOQ

The recording will be available on the Company’s investor page until November 2023.

The live webcast will be available online through the above participant link and will be archived and available on the Company’s website within approximately 24 hours.

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains ‘‘forward-looking statements,’’ as defined by federal securities laws. Forward-looking statements reflect Flora’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in Flora’s Annual Report on Form 20-F filed with the SEC on May 9, 2022, as amended, as such factors may be updated from time to time in Flora’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora’s filings with the SEC. While forward-looking statements reflect Flora’s good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Flora (or to third parties making the forward-looking statements).

About non-IFRS financial measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with International Financial Reporting Standards (“IFRS”), we use the following non-IFRS financial measures: Adjusted EBITDA and Adjusted EBITDA margin.

  • Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted EBITDA as total net loss, plus (minus) income taxes (recovery), plus (minus) interest expense (income), plus depreciation and amortization, plus (minus) non-operating expense (income), plus share based compensation, plus impairment charges, plus (minus) unrealized loss (income) from changes in fair value, plus charges related to the flow-through of inventory step-up on business combinations, plus other acquisition and transaction costs, plus (minus) non-cash fair value adjustments on the sale of inventory and biological assets.
  • Adjusted EBITDA margin % is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted EBITDA margin % as adjusted EBITDA, as described above, divided by revenue for the period.

Table 1. Consolidated Statements of Financial Position

Flora Growth Corp.

 

 

 

 

Interim Condensed Consolidated Statements of Financial Position

(Unaudited – Prepared by Management)

(in thousands of United States dollars)

 

 

 

 

 

 

September

 

 

December

 

30,

31,

As at:

2022

2021

ASSETS

 

 

 

 

 

 

Current

 

 

 

 

 

 

Cash

 

$

5,900

 

 

$

37,614

 

Restricted cash

 

 

1

 

 

 

2

 

Trade and amounts receivable

 

 

4,392

 

 

 

5,324

 

Loans receivable and advances

 

 

255

 

 

 

273

 

Prepaid expenses

 

 

1,990

 

 

 

1,700

 

Biological assets

 

 

91

 

 

 

37

 

Inventory

 

 

10,280

 

 

 

2,993

 

Total current assets

 

 

22,909

 

 

 

47,943

 

Non-current

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

4,349

 

 

 

3,750

 

Right of use assets

 

 

3,258

 

 

 

1,229

 

Intangible assets

 

 

12,652

 

 

 

9,736

 

Goodwill

 

 

28,856

 

 

 

20,054

 

Investments

 

 

839

 

 

 

2,670

 

Other Assets

 

 

271

 

 

 

97

 

Total assets

 

$

73,134

 

 

$

85,479

 

LIABILITIES

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Trade payables and accrued liabilities

 

$

7,559

 

 

$

5,628

 

Current portion of long term debt

 

 

5

 

 

 

18

 

Current portion of lease liability

 

 

1,102

 

 

 

412

 

Other accrued liabilities

 

 

18

 

 

 

61

 

Total current liabilities

 

 

8,684

 

 

 

6,119

 

Non-current

 

 

 

 

 

 

 

 

Non-current debt

 

 

79

 

 

 

 

Non-current lease liability

 

 

2,137

 

 

 

908

 

Deferred tax

 

 

1,531

 

 

 

1,511

 

Other long term liabilities

 

 

6,537

 

 

 

 

Total liabilities

 

 

18,968

 

 

 

8,538

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Share capital

 

 

120,160

 

 

 

102,428

 

Options

 

 

6,242

 

 

 

3,712

 

Warrants

 

 

9,276

 

 

 

10,670

 

Accumulated other comprehensive loss

 

 

(2,723

)

 

 

(1,108

)

Deficit

 

 

(78,457

)

 

 

(38,536

)

Non-controlling interest

 

 

(332

)

 

 

(225

)

Total shareholders’ equity

 

 

54,166

 

 

 

76,941

 

Total liabilities and shareholders’ equity

 

$

73,134

 

 

$

85,479

 

 Table 2. Consolidated Statements of Loss

Flora Growth Corp.

 

Interim Condensed Consolidated Statements of Loss and Comprehensive Loss

 

(Unaudited – Prepared by Management)

 

(in thousands of United States dollars, except per share amounts which are in thousands of shares)

 

 

 

For the

 

 

For the

 

 

 

 

 

 

three

three

For the nine

For the nine

months

months

months

months

ended

ended

ended

ended

September

September

September,

September

30,

30,

30,

30,

2022

2021

2022

2021

Revenue

 

$

10,765

 

 

$

2,093

 

 

$

25,682

 

 

$

4,211

 

Cost of sales

 

 

5,936

 

 

 

1,474

 

 

 

14,351

 

 

 

2,580

 

Gross profit before fair value adjustments

 

 

4,829

 

 

 

619

 

 

 

11,331

 

 

 

1,631

 

Unrealized gain on changes in fair value of biological assets

 

 

152

 

 

 

 

 

 

198

 

 

 

 

Realized fair value amounts included in inventory sold

 

 

(10

)

 

 

 

 

 

(12

)

 

 

 

Gross Profit

 

 

4,971

 

 

 

619

 

 

 

11,517

 

 

 

1,631

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consulting and management fees

 

 

3,237

 

 

 

1,905

 

 

 

8,480

 

 

 

4,167

 

Professional fees

 

 

802

 

 

 

904

 

 

 

2,898

 

 

 

1,670

 

General and administrative

 

 

1,186

 

 

 

610

 

 

 

3,615

 

 

 

2,091

 

Promotion and communication

 

 

2,195

 

 

 

34

 

 

 

6,914

 

 

 

1,214

 

Travel expenses

 

 

288

 

 

 

140

 

 

 

889

 

 

 

283

 

Share based compensation

 

 

139

 

 

 

393

 

 

 

2,994

 

 

 

488

 

Research and development

 

 

170

 

 

 

(20

)

 

 

592

 

 

 

65

 

Depreciation and amortization

 

 

985

 

 

 

67

 

 

 

2,697

 

 

 

186

 

Bad debt expense

 

 

631

 

 

 

 

 

 

1,036

 

 

 

100

 

Goodwill impairment

 

 

 

 

 

 

 

 

16,000

 

 

 

 

Other expenses (income), net

 

 

346

 

 

 

198

 

 

 

1,524

 

 

 

131

 

Total operating expenses

 

 

9,979

 

 

 

4,231

 

 

 

47,639

 

 

 

10,395

 

Operating Loss

 

 

(5,008

)

 

 

(3,612

)

 

 

(36,122

)

 

 

(8,764

)

Interest expense

 

 

75

 

 

 

57

 

 

 

144

 

 

 

121

 

Foreign exchange loss (gain)

 

 

128

 

 

 

(38

)

 

 

328

 

 

 

(116

)

Unrealized loss from changes in fair value

 

 

2,177

 

 

 

 

 

 

3,510

 

 

 

 

Net loss before income taxes

 

 

(7,388

)

 

 

(3,631

)

 

 

(40,104

)

 

 

(8,769

)

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period

 

$

(7,388

)

 

$

(3,631

)

 

$

(40,104

)

 

$

(8,769

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences on foreign operations

 

1,048

 

 

463

 

 

1,615

 

 

663

 

Total comprehensive loss for the period

 

$

(8,436

)

 

$

(4,094

)

 

$

(41,719

)

 

$

(9,432

)

Net loss attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flora Growth Corp.

 

$

(7,358

)

 

$

(3,608

)

 

$

(39,969

)

 

$

(8,705

)

Non-controlling interests

 

 

(30

)

 

 

(23

)

 

 

(135

)

 

 

(64

)

Comprehensive loss attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flora Growth Corp.

 

$

(8,406

)

 

$

(4,071

)

 

$

(41,584

)

 

$

(9,368

)

Non-controlling interests

 

 

(30

)

 

 

(23

)

 

 

(135

)

 

 

(64

)

Basic and diluted loss per share attributable to Flora Growth Corp.

 

$

(0.10

)

 

$

(0.08

)

 

$

(0.54

)

 

$

(0.21

)

Weighted average number of common shares outstanding – basic and diluted

 

 

76,611

 

 

 

44,199

 

 

 

74,335

 

 

 

41,152

 

Table 3. Statement of Cash Flows

Flora Growth Corp.

Consolidated Statement of Cash Flows

(Unaudited – Prepared by Management)

(in thousands of United States dollars)

 

 

For the

 

 

For the

 

nine months

nine months

ended

ended

September

September

30,

30,

2022

2021

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(40,104

)

 

$

(8,769

)

Adjustments to net loss:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,697

 

 

 

186

 

Stock-based compensation

 

 

3,184

 

 

 

488

 

Impairments

 

 

16,000

 

 

 

 

Changes in fair value of investments, biological assets and liabilities

 

 

3,312

 

 

 

 

Bad debt expense

 

 

1,036

 

 

 

100

 

Interest expense

 

 

123

 

 

 

18

 

Income tax benefit

 

 

 

 

 

 

Income tax (paid) received

 

 

 

 

 

 

 

 

 

(13,752

)

 

 

(7,977

)

Net change in non-cash working capital:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

909

 

 

 

(9,692

)

Inventory

 

 

(884

)

 

 

(1,025

)

Prepaid expenses and other assets

 

 

353

 

 

 

(1,596

)

Trade payables and accrued liabilities

 

 

(458

)

 

 

1,005

 

Net cash used in operating activities

 

 

(13,832

)

 

 

(19,285

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Common shares issued

 

 

 

 

 

18,067

 

Equity issue costs

 

 

(88

)

 

 

(2,431

)

Exercise of warrants and options

 

 

179

 

 

 

10,357

 

Repayments of lease liability

 

 

(707

)

 

 

(97

)

Common shares repurchased

 

 

(255

)

 

 

 

Interest paid

 

 

(126

)

 

 

 

Loan borrowing (repayments)

 

 

66

 

 

 

(247

)

Net cash (used) provided by financing activities

 

 

(931

)

 

 

25,649

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Loans provided

 

 

 

 

 

(268

)

Loan repayments received

 

 

 

 

 

224

 

Purchases of property, plant and equipment and other assets

 

 

(948

)

 

 

(1,472

)

Purchase of investments

 

 

 

 

 

(3,653

)

Business and asset acquisitions, net of cash acquired

 

 

(15,388

)

 

 

(1,284

)

Net cash used in investing activities

 

 

(16,336

)

 

 

(6,453

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate on changes on cash

 

 

(615

)

 

 

(613

)

 

 

 

 

 

 

 

 

 

Change in cash during the period

 

 

(31,714

)

 

 

(702

)

Cash and cash equivalents at beginning of period

 

 

37,614

 

 

 

15,523

 

Cash and cash equivalents at end of period

 

$

5,900

 

 

$

14,821

 

Supplemental disclosure of non-cash activities

 

 

 

 

 

 

 

 

Right of use assets and lease liabilities acquired

 

$

2,042

 

 

$

 

Common shares issued for business combinations

 

 

14,917

 

 

 

 

Table 4. Reconciliation of IFRS to non-IFRS financial results

Adjusted EBITDA (non-IFRS measure) reconciliation to net loss and Adjusted EBITDA margin to net income (loss) margin. The reconciliation of the Company’s adjusted EBITDA, a non-IFRS financial measure, to net loss, the most directly comparable IFRS financial measure, for the three and nine months ended September 30, 2022, and September 30, 2021 is presented in the table below:

(In thousands of United States dollars)

 

For the

three

months

ended

September

30, 2022

 

 

For the

three

months

ended

September

30, 2021

 

 

For the

nine

months

ended

September

30, 2022

 

 

For the

nine

months

ended

September

30, 2021

 

Net loss for the period

 

$

(7,388

)

 

$

(3,631

)

 

$

(40,104

)

 

$

(8,769

)

Income tax expense (benefit)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

75

 

 

 

57

 

 

 

144

 

 

 

121

 

Depreciation and amortization

 

 

985

 

 

 

67

 

 

 

2,697

 

 

 

186

 

Non-operating expense (1)

 

 

128

 

 

 

(38

)

 

 

328

 

 

 

(116

)

Share based compensation

 

 

140

 

 

 

393

 

 

 

3,184

 

 

 

488

 

Impairments (2)

 

 

 

 

 

 

 

 

16,000

 

 

 

 

Unrealized loss from changes in fair value (3)

 

 

2,177

 

 

 

 

 

 

3,510

 

 

 

 

Charges related to the flow-through of inventory step-up on business combinations

 

 

 

 

 

 

 

 

1,631

 

 

 

 

Other acquisition and transaction costs

 

 

94

 

 

 

10

 

 

 

653

 

 

 

10

 

Non-cash fair value adjustments on the sale of inventory and biological assets

 

 

(142

)

 

 

 

 

 

(186

)

 

 

 

Adjusted EBITDA

 

$

(3,931

)

 

$

(3,142

)

 

$

(12,143

)

 

$

(8,080

)

Adjusted EBITDA Margin %

 

 

-36.5

%

 

 

-150.1

%

 

 

-47.3

%

 

 

-191.9

%

(1)

Non-operating expense includes foreign exchange gain (loss).

 

 

(2)

Impairments include goodwill impairment.

 

 

(3)

Unrealized loss from changes in fair value includes changes in the value of the Company’s long-term investment in an early-stage European cannabis company and the value of the Company’s contingent consideration associated with its acquisition of JustCBD.

 

Contacts

Investor Relations:
Sean Mansouri, CFA

ir@floragrowth.com

Public Relations:
Cassandra Dowell

+1 (858) 221-8001

flora@cmwmedia.com

This post was originally published on this site



Source link

Continue Reading

Business Wire

POSaBIT Continues Eastward Expansion, Goes Live with Point of Sale System in Vermont

Published

on

By


TORONTO & SEATTLE–(BUSINESS WIRE)–POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), the premier cannabis point of sale and payments platform, has gone live with their point of sale system in the Vermont market. While POSaBIT is able to take payments in any state, the unique regulatory requirements of each state mean that the point of sale system is extensively customized for each market. Vermont marks the 21st state that is active with POSaBIT’s dispensary solutions. This is a continuation of the company’s focus on eastward expansion into emerging markets; Vermont’s first recreational cannabis store only opened October 1st of this year.

“Every new state we enter is cause for celebration, and Vermont is no exception,” said Ryan Hamlin, Co-Founder and CEO of POSaBIT. “Our team is laser-focused on learning the ins and outs of each new market, optimizing our products to be the best fit as new states come online, and executing in a way that provides any dispensary with an incredible in-store experience. With Vermont, our team has done exactly that.”

POSaBIT plans to continue expanding into new markets and has contracted dispensaries with three additional states where the company plans to go live by the end of the year.

About POSaBIT

POSaBIT (CSE: PBIT) POSaBIT is a FinTech, working exclusively within the cannabis industry. We provide a best-in-class Point-of-Sale solution and are the leading cashless payment provider for cannabis retailers. We work tirelessly to build better financial services and transaction methods for merchants. We bring cutting edge software and technology to the cannabis industry so that all merchants can have a safe and compliant set of services to solve the problems of a cash-only industry. For additional information, visit www.posabit.com .

Contacts

Investor Relations:

investors@posabit.com

Media Relations:

Oscar Dahl

855-767-2248

oscar@posabit.com

This post was originally published on this site



Source link

Continue Reading

Business Wire

Cannabis Extraction Global Markets Report 2022-2027 with Focus on Extraction Equipment and Services – ResearchAndMarkets.com

Published

on

By


DUBLIN–(BUSINESS WIRE)–The “Cannabis Extraction: Global Markets” report has been added to ResearchAndMarkets.com’s offering.

This report studies the global market for cannabis extraction equipment and services using 2021 as a base year and provides estimates for each year of the forecast period, 2022-2027, with projections for CAGR.

The scope of this report is limited and covers global markets for cannabis extraction equipment and services only. The market is divided by equipment, services, methods and region. Projected and forecasted market size estimates are constant U.S. dollars that have not been adjusted for inflation.

A cannabis extract is a concentration made from cannabis that has been dissolved in a solvent. Although the terms ‘extract’ and ‘concentrate’ are commonly used interchangeably, extracts are not all concentrates, but concentrates are all extracts.

While concentrates can be generated using a variety of mechanical techniques as well as the use of a solvent, extracts are the only type of concentrate that requires the use of a solvent. Butane, propane, ethanol and supercritical carbon dioxide (CO2) are the most frequent solvents used to generate a cannabis extract.

The wide range of products known as cannabis extracts contain more cannabinoids than the actual cannabis plant. When consumed, cannabinoids, which are chemical components of cannabis, have an impact on both the body and mind. The most well-known cannabinoid, THC (tetrahydrocannabinol), is the one that results in euphoria and intoxication (or high).

Although more research is required, the non-psychoactive cannabinoid CBD (cannabidiol) has some potential as a medicine. Cannabis extracts can contain a wide range of THC and CBD concentrations. While some extracts have a THC content of up to 99%, others are mostly CBD with very little THC.

This report provides market insights into the global cannabis extraction market, focusing on the U.S., Europe, Asia and the top cannabis extraction companies in those countries. It provides information, including market size, expected growth rates, market drivers, restraints, and other trends and developments.

This report also discusses the major players in each regional market for cannabis extraction. It explains the foremost market drivers of the global cannabis extraction market, current trends within the industry, and the regional dynamics of the cannabis extraction market. The report concludes with detailed profiles of major international vendors in the cannabis extraction industry.

Descriptive company profiles of the major cannabis extraction companies, including Aptia Engineering, Danaher Corp., Eurofins Scientific, Neptune Wellness Solutions, PerkinElmer Inc., Root Sciences and Sage Analytics

Report Includes

  • Analyses of the global market trends, with historic market revenue for 2021, estimates for 2022, and projections of compound annual growth rates (CAGRs) through 2027
  • Estimation of the actual market size for cannabis extraction industry, market forecast, and corresponding market share analysis by equipment, services, extraction method, and geographic region
  • Coverage of the technological, economic and business considerations of the cannabis extraction market with analyses and forecasts provided for global markets
  • Discussion of current and future market potential for market for cannabis extraction tools and services, along with a supply chain analysis, industry regulations, and other forces relevant to this market
  • Regional market outlook with select sub-regional breakdowns for countries with promising market demands for cannabis extraction and applications thereof
  • Emphasis on the trends and developments in the market, global competitive landscape analysis, and innovations in the cannabis industry

Key Topics Covered:

Chapter 1 Introduction

Chapter 2 Summary and Highlights

2.1 Cannabis Extraction in a Post-Pandemic World

Chapter 3 Cannabis Industry Overview

3.1 Cannabis Overview

3.1.1 Different Varieties of Cannabis

3.1.2 Factors Affecting the Cannabis Extraction Efficiency

3.1.3 Stages of Cannabis Extraction

3.1.4 Types of Extracts

3.1.5 Entry into the Global Cannabis Market and Subsequent Growth Face Several Challenges

3.1.6 Sustainability Has Grown in Importance Within the Cannabis Industry

Chapter 4 Market Outlook

4.1 Cannabis Extraction Market Overview

4.1.1 Rapid Expansion and Diversification Are Occurring in Cannabis Extraction Market

4.1.2 Global Market for Cannabis Extraction by Value

4.1.3 Global Market for Cannabis Extraction by Region

4.1.4 Global Market for Cannabis Extraction and Testing Equipment

4.1.5 Global Market for Cannabis Extraction Services

4.2 Recent Developments in the Global Market

Chapter 5 Cannabis Extraction Market by Method

5.1 Global Market Overview

5.1.1 Definition of Extraction

5.1.2 Types of Cannabis Extracts

5.1.3 Refinement of Cannabis Extracts

5.1.4 Entourage Effect

5.2 Methods of Cannabis Extraction

5.2.1 Co2-Based Cannabis Extraction Method

5.2.2 Alcohol/Ethanol-Based Cannabis Extraction Method

5.2.3 Hydrocarbon-Based Cannabis Extraction Method

5.2.4 Other Cannabis Extraction Methods

Chapter 6 Global Market for Cannabis Extraction Equipment

6.1 Solvent-Based Extraction Equipment

6.1.1 Alcohol Cannabis Extraction Equipment

6.1.2 Co2 (Carbon Dioxide) Cannabis Extraction Equipment

6.2 Co-Solvent Extraction Equipment (Ethanol and Co2)

6.2.1 Hydrocarbon Extraction Equipment

6.2.2 Vegetable Oil Extraction Equipment

6.3 Non-Solvent Extraction Equipment

6.3.1 Water Hash Extraction Equipment (Mechanical Separation)

6.3.2 Cold Pressed Oil Extraction Equipment

6.3.3 Rosin/Live Rosin Pressed Extraction Equipment

6.3.4 Screens and Presses Extraction Equipment (Hash/Kief)

6.4 Extraction Lab Solutions

6.4.1 Exp Rooms

6.4.2 Extraction Pods/Containers

6.4.3 Cannabis Extraction Equipment Market Size Analysis

6.5 Cannabis Analytical Testing Equipment

6.5.1 Factors for Selecting Cannabis Lab Testing Equipment

6.5.2 Cannabis Analytical Testing Equipment

6.5.3 Ancillary Equipment

6.5.4 Cannabis Analytical Testing Equipment Market Size Analysis

6.5.5 Cannabis Extraction Equipment and Services Sector Participants

Chapter 7 Global Market for Cannabis Extraction Services

7.1 Global Market Overview

7.1.1 Cannabis Extraction Services

7.1.2 Cannabis Analytical Testing Services

7.1.3 Certificate of Analysis

7.1.4 Cannabis Regulatory and Compliance Services

Chapter 8 North American Market for Cannabis Extraction

8.1 Market Overview

8.1.1 Market Dynamics

Chapter 9 European Market for Cannabis Extraction

9.1 Market Overview

9.1.1 Market Dynamics

Chapter 10 Asia-Pacific Market for Cannabis Extraction

10.1 Market Overview

Chapter 11 South American Market for Cannabis Extraction

11.1 Market Overview

Chapter 12 Middle East & African Market for Cannabis Extraction

12.1 Regional Market Overview

Chapter 13 Trends and Developments

13.1 Competitive Landscape

13.1.1 Innovations in the Cannabis Industry

13.1.2 Safe Banking Act and Cannabis Industry

13.1.3 Cannabis Industry Faces Many Challenges

13.1.4 Governments Are Working to Expand Access to Cannabis for Researchers

13.1.5 New Prop 65 Labeling Requirements for Cannabis Products

13.1.6 Demand for Thc-Free Products on the Rise

Chapter 14 Company Profiles

14.1 Largest Cannabis Extraction Companies

  • Decibel Cannabis Co. Inc.
  • Indiva
  • Medipharm Labs Corp.
  • Neptune Wellness Solutions
  • The Valens Co. Inc.

14.2 Key Cannabis Extraction Equipment Companies

  • Aptia Engineering
  • Deutsche Process
  • Ecodyst
  • Eden Labs LLC
  • Essential Innovations Inc.
  • Extraktlab
  • Gibraltar Industries
  • Green Mill Supercritical LLC
  • Luna Technologies Pvt. Ltd.
  • Mrx Technologies Group
  • Pic Solution Inc.
  • Root Sciences
  • Rotachrom Technologies Ltd.
  • Summit Extraction
  • Trusteel LLC
  • Vanguard Scientific Inc.
  • Vitalis Extraction Technologies
  • World-Class Extractions Inc.

14.3 Key Cannabis Analytical Testing Equipment Companies

  • Agilent Technologies Inc.
  • Gemmacert
  • Orange Photonics Inc.
  • Sage Analytics
  • Strain Genie Inc.

14.4 Key Cannabis Extraction Technology Service Providers

  • Eybna Technologies Ltd.
  • Mile High Labs International Inc.
  • Xs Financial Inc.

14.5 Key Cannabis Testing Service Companies

  • Danaher Corp.
  • Eurofins Scientific
  • Merck Kgaa
  • Perkinelmer Inc.
  • Shimadzu Corp.
  • Sgs Sa
  • Thermo Fisher Scientific Corp.
  • Waters Corp.

14.6 Key Cannabis Extracts Product Companies

  • Absolutextracts
  • Concentrate Supply Co.
  • Craft Cannabis Co.
  • Evolab
  • Kurvana
  • O.Penvape Inc.
  • Select Oil

For more information about this report visit https://www.researchandmarkets.com/r/ds8ryp

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470

For U.S./ CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

This post was originally published on this site



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media