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CVS Health Drops The Dividend Bombshell
Dec. 10, 2021 7:15 AM ETCVS Health Corporation (CVS)
Summary
CVS cut its shareholder returns a couple of years ago in order to pay for its acquisition of Aetna.
Deleveraging efforts have been successful, and CVS is now in a position where it can ramp up shareholder returns thanks to strong free cash flow.
Shares are inexpensive, offer a reasonable dividend yield, and the growth outlook for both the dividend and CVS' earnings per share is compelling.
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Piggy Bank,3d Render
Article Thesis
CVS Health Corporation (CVS) has focused on deleveraging for the last couple of years in order to clean up its balance sheet following the $69 billion takeover of Aetna. CVS has, thanks to strong cash flows, reduced its debt levels successfully in that time frame and is now in a position where it can start to reward its shareholders more aggressively. CVS announced an attractive 10% dividend increase, and also started a new buyback program worth $10 billion. Combined with solid business growth opportunities, this makes CVS an attractive investment.
Why CVS Had To End Its Dividend Growth Streak
CVS Health Corporation has had a solid dividend growth track record between 2000 and 2017:
CVS dividend
The company raised its dividend regularly, and at an attractive pace, on the back of solid business growth. Since 2017, however, the dividend has been held flat at a level of $0.50 per share per quarter, providing a dividend yield of around 2.2% at current prices -- this is still more than what one can get from the broad market, but without any dividend growth, CVS was not too attractive for dividend growth investors.
The reason for the halt of CVS' dividend growth path was its high debt load following the closing of the acquisition of Aetna in 2018. Management rightfully prioritized debt reduction over dividend increases and buybacks over the last couple of years in order to bring its leverage ratio back down to earth:
CVS liabilities
Source: CVS 10-Q
With $58 billion in short- and long-term debt, offset by $10 billion of cash, CVS had a net debt position of $48 billion at the end of the third quarter. This amount has declined by about $20 billion over the last couple of years. Debt levels still are higher than they were prior to the Aetna takeover, but that is not a disaster -- the company is now generating significantly higher profits and larger cash flows, which makes higher debt levels more sustainable. On a net debt to EBITDA basis, CVS is employing a reasonable amount of leverage:
CVS EBITDA estimates
Based on 2021 EBITDA estimates, current net debt to EBITDA stands at 2.5, while current net debt to EBITDA estimates for next year stands at 2.4. This does not yet account for the debt reduction, in absolute terms, that will likely take place during the current quarter and during next year, as CVS will still use at least some of its cash flows to bring down debt levels further, despite the recent dividend increase. With $3 billion in additional debt reduction in those five quarters, CVS' net debt to EBITDA ratio would drop to 2.3 by the end of 2022, whereas $5 billion in additional debt reduction over those five quarters would result in a 2022 net debt to EBITDA ratio of 2.2. Either way, it seems pretty clear that CVS is now at a point where its debt usage is not overly high, and where its balance sheet looks pretty reasonable.
In retrospect, I believe that CVS would actually have been able to keep its dividend growth track record intact -- with minimal raises of $0.01 per year in 2018-2021, CVS would still be a Dividend Contender, and deleveraging efforts would not have been hampered a lot, as the total dividend payout over those years would have been almost the same compared to what CVS had to pay out in reality. With several years of no dividend increases, the dividend growth track record was broken, of course, and CVS is no longer a Dividend Contender -- which means that becoming a Dividend Aristocrat is not possible in the foreseeable future.
Ramped Up Shareholder Returns
With its deleveraging efforts mostly completed, CVS Health is now in a position where it can finally increase cash returns to equity owners. CVS has announced to do this in two ways. First, the company will increase its dividend by 10% to $2.20 annually in early 2022, and on top of that, the company has announced a new $10 billion share repurchase program.
Looking at the dividend raise, it seems quite attractive to me -- if CVS Health were to keep that dividend growth rate in place, investors would get a combination of a yield slightly north of 2% and 10% annual dividend growth, which could position the company for 10%+ annual returns for as long as CVS is able to keep that growth rate in place.
Calculating a forward yield for when the new dividend is in place, we get to a yield of 2.4%, which is pretty attractive relative to the 1.3% dividend yield we can get from the S&P 500 right now -- CVS will be offering a yield that is almost twice as high as that of the broad market.
With dividends of $2.20 annually, CVS will still have a pretty conservative dividend payout ratio. Based on expected earnings per share of $8.10 next year, the midpoint of management's guidance of $8.00 to $8.20, CVS will pay out 27% of its profits in the form of dividends, which equates to a very strong dividend coverage ratio of 3.7.
Looking at CVS' dividend coverage on a cash flow basis, we again see that there is negligible risk of a dividend cut. Management is guiding for operating cash flows of $12.5 billion to $13.0 billion next year, which should translate into free cash flows of around $10 billion to $10.5 billion once we account for capital expenditures of around $2.5 billion (see CVS' latest 10-K filing). CVS will pay out around $3 billion in dividends next year, which makes for a dividend payout ratio of 30% or a little less than that. When we also account for the fact that CVS' management has a history of being conservative with guidance initially and raising it as the year passes, then actual dividend coverage could be even stronger in 2022 compared to what we can calculate based on current guidance metrics.
When it comes to CVS' buyback program, the wording in the announcement was a little confusing:
CVS capital deployment
Source: CVS announcement, linked above
The "used to at least offset share count dilution" part made some investors worry that CVS would use its shares to pay for an acquisition in 2022, but I don't believe that will be the case. It would, after all, not make a lot of sense to issue new shares just to buy them back, possibly at a higher price, during the same year. Also, CVS' hunger for acquisition doesn't seem to be too large right now from what I can see. Instead, I believe that the offsetting dilution phrase refers to shares being issued to employees and management -- those will be bought back in any case, and CVS might buy back additional shares under its new program. Management likely wants to be flexible with the pace of share repurchases and might deploy a larger amount to them if valuations remain attractive. Management might, however, also prefer to put more money towards further debt reduction instead of pushing all surplus free cash flow towards buybacks. I believe that this approach is reasonable, as the usefulness of buybacks does depend on valuations shares will trade at throughout 2022, of course.
Growth Opportunities And An Inexpensive Valuation
CVS Health has been able to grow its business reliably in the past, and the same should hold true for the future. There are several avenues for that. First, CVS has invested in integrating its businesses and in locking new customers into its ecosystem:
CVS new customers
Source: 2020 Annual Report
This was, for example, done through a massive COVID testing push that has resulted in millions of new customers that have now had their first contacts with CVS and that can now be turned into repeat customers. CVS' subscription program has a similar goal of increasing the loyalty of customers and of generating higher revenue from the existing customer base.
CVS is also increasing its capabilities in the chronic illnesses space, with focus areas being kidney diseases and diabetes:
CVS clinical programs
Source: 2020 Annual Report
CVS has millions of active customers already and is pushing to bring this service to additional customers in the coming years. Since those that require support in these areas do so for their entire lives, locking in one customer generates high lifetime revenue opportunities for CVS.
Digitalization is another focus area of CVS, with improved outreach, virtual care options (that can be less costly than in-house visits), and more consistent health monitoring being some of the measures CVS has been pushing.
Through these growth venues, combined with overall industry growth, CVS Health is expected to grow its revenue at a mid-single-digit rate over the coming years. With debt reduction leading to lower interest expenses, and with buybacks in future years leading to a declining share count, CVS should be able to grow its earnings per share at a higher rate, however. Analysts are forecasting growth of 8%-9% in 2023 to 2025, although I believe that actual growth might be higher, depending on how aggressive CVS will pursue buybacks once debt is at target levels -- with free cash flow of $10+ billion a year, CVS Health could buy back around 5%-7% of the float a year without too much hassle even after paying its dividend.
CVS Health does, despite this solid earnings per share growth outlook, only trade at 11.7x forward earnings, which does not seem expensive at all for a company that grows at a high-single-digit rate and that will offer reliable dividend growth in the coming years. I thus believe that CVS could be a solid longer-term dividend growth investment at current prices, especially since CVS is also suitable for risk-averse investors thanks to its recession-resilient business model.
Takeaway
CVS is a resilient company generating solid business growth, and its shareholder returns will likely rise considerably in the coming years. With the announced dividend increase possibly attracting new investors, I could see CVS Health rise in the coming months, as dividend growth investors might push into the stock that is still trading at pretty inexpensive valuations.
This article was written by
Jonathan Weber profile picture
Jonathan Weber
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Disclosure:
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Disclosure: I/we have a beneficial long position in the shares of CVS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
See Blue --->>> THE VALENS COMPANY COMMENCES TRADING ON NASDAQ CAPITAL MARKET
Common Shares are Now Trading Under the Ticker “VLNS”
https://thevalenscompany.com/press-releases/the-valens-company-commences-trading-on-nasdaq-capital-market/
KELOWNA, BC, Dec. 9, 2021 /CNW/ – The Valens Company Inc. (TSX: VLNS) (NASDAQ: VLNS) (the “Company” “The Valens Company” or “Valens”), a leading manufacturer of cannabis products, announces that the Company’s common shares have commenced trading on Nasdaq Capital Market (“Nasdaq”) as of market open today, December 9, 2021. Shareholders are not required to take any action as a result of the up-listing and symbol change.
Tyler Robson, Chief Executive Officer and Chair of The Valens Company said, “Our Nasdaq listing represents yet another important milestone that reflects our commitment to all of our shareholders as we continue to advance our global growth initiatives by capitalizing on the legalization of cannabis around the world and strengthening our corporate governance. I’m exceptionally proud of our team and the platform we have built here in Canada, we will continue to build a company focused on product innovation and advancing our intellectual property to create products that consumers enjoy. Listing on Nasdaq is the next step to our capital markets strategy. We believe this listing will enable Valens and its shareholders greater access to liquidity, increased corporate visibility, and a broader shareholder base, in an effort to create long-term shareholder value.”
The Company’s listing on Nasdaq remains subject to satisfaction of all applicable listing and regulatory requirements. In conjunction with this Nasdaq listing, Valens’ common shares will become DWAC/FAST eligible for U.S. shareholders.
At Valens, it’s Personal.
ABOUT THE VALENS COMPANY
The Valens Company is a leading manufacturer of cannabis products with a mission to bring the benefits of cannabis to the world. The Company provides proprietary cannabis processing services, in addition to best-in-class product development, manufacturing, and commercialization of cannabis consumer packaged goods. The Valens Company’s high-quality products are formulated for the medical, health and wellness, and recreational consumer segments, and are offered across all cannabis product categories with a focus on quality and innovation. The Company also manufactures, distributes, and sells a wide range of CBD products in the United States through its subsidiary Green Roads, and distributes medicinal cannabis products to Australia through its subsidiary Valens Australia. In partnership with brand houses, consumer packaged goods companies and licensed cannabis producers around the globe, the Company continues to grow its diverse product portfolio in alignment with evolving cannabis consumer preferences in key markets. Through Valens Labs, the Company is setting the standard in cannabis testing and research and development with Canada’s only ISO17025 accredited analytical services lab, named The Centre of Excellence in Plant-Based Science by partner and scientific world leader Thermo Fisher Scientific. Discover more on The Valens Company at http://www.thevalenscompany.com.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jeff Fallows
The Valens Company
Investor Relations
ir@thevalenscompany.com
1 647.956.8254
KCSA Strategic Communications
Phil Carlson / Elizabeth Barker
VLNS@kcsa.com
1 212.896.1233 / 1 212.896.1203
Media
KCSA Strategic Communications
Anne Donohoe
adonohoe@kcsa.com
1 212.896.1265
NOTICE REGARDING FORWARD LOOKING STATEMENTS
All information included in this press release, including any information as to the future financial or operating performance and other statements of The Valens Company that express management’s expectations or estimates of future performance, other than statements of historical fact, constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management’s current expectations and plans relating to the future. Wherever possible, words such as “plans”, “expects”, “scheduled”, “trends”, “forecasts”, “future”, “indications”, “potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “believe”, “intend”, “ability to”, or statements that certain actions, events or results “may”, “should”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, or the negative of these words or other variations thereof, have been used to identify such forward-looking information. Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, future outcomes of transactions, economic conditions, and anticipated courses of action. Investors and other parties are advised that there is not necessarily any correlation between the number of SKUs manufactured and shipped and revenue and profit, and undue reliance should not be placed on such information.
The risks and uncertainties that may affect forward-looking statements include, among others, Canadian regulatory risk, Australian regulatory risk, U.S. regulatory risk, U.S. border crossing and travel bans, the uncertainties, effects of and responses to the COVID-19 pandemic, reliance on licenses, expansion of facilities, competition, dependence on supply of cannabis and reliance on other key inputs, dependence on senior management and key personnel, general business risk and liability, regulation of the cannabis industry, change in laws, regulations and guidelines, compliance with laws, limited operating history, vulnerability to rising energy costs, unfavourable publicity or consumer perception, product liability, risks related to intellectual property, product recalls, difficulties with forecasts, management of growth and litigation, many of which are beyond the control of The Valens Company. For a more comprehensive discussion of the risks faced by The Valens Company, and which may cause the actual financial results, performance or achievements of The Valens Company to be materially different from estimated future results, performance or achievements expressed or implied by forward-looking information or forward-looking statements, please refer to The Valens Company’s latest Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com or on The Valens Company’s website at www.thevalenscompany.com. The risks described in such Annual Information Form are hereby incorporated by reference herein. Although the forward-looking statements contained herein reflect management’s current beliefs and reasonable assumptions based upon information available to management as of the date hereof, The Valens Company cannot be certain that actual results will be consistent with such forward-looking information. The Valens Company cautions you not to place undue reliance upon any such forward-looking statements. The Valens 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 applicable law. Nothing herein should be construed as either an offer to sell or a solicitation to buy or sell securities of The Valens Company.
Doing everything right --->>> FIRE & FLOWER TO ACQUIRE PINEAPPLE EXPRESS DELIVERY TO ADVANCE E-COMMERCE DIGITAL PLATFORM STRATEGY
Tilray CEO: There's a potential to grow the business by infusing whiskey with cannabis
I expect there will be a filing tomorrow?
Cresco Labs Wins Clio Cannabis Award for Social Justice Documentary
December 08, 2021
https://investors.crescolabs.com/investors/press-releases/press-release-details/2021/Cresco-Labs-Wins-Clio-Cannabis-Award-for-Social-Justice-Documentary/default.aspx
“The Sentence of Michael Thompson” trailer earned a Silver Clio for creative excellence in film/video
CHICAGO--(BUSINESS WIRE)-- Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, today announced “The Sentence of Michael Thompson” documentary trailer earned a Silver Clio for Film & Video from the Clio Cannabis Awards. In addition, the Discover Some Wonder podcast series from the Company’s Wonder Wellness cannabis brand and the #Wayto420 campaign from its Sunnyside retail brand were shortlisted for Digital & Mobile and Public Relations creative excellence, respectively.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211208005677/en/
“The Sentence of Michael Thompson” documentary trailer earned a Silver Clio from the 2021 Clio Cannabis Awards, the most prestigious program honoring marketing & communications work. (Graphic: Business Wire)
“The Sentence of Michael Thompson” documentary trailer earned a Silver Clio from the 2021 Clio Cannabis Awards, the most prestigious program honoring marketing & communications work. (Graphic: Business Wire)
Expanding on Clio’s longstanding reputation for establishing best-in-class programs honoring creative excellence in a variety of specialized verticals, the Clio Cannabis Awards—now in its third year—honors work and talent that builds a greater understanding of a rapidly growing industry.
“It is an honor for our efforts to be recognized for the second consecutive year by such a prestigious platform. Top recognition for ‘The Sentence of Michael Thompson’ is very special because social equity and social justice are core to the company’s mission, and the film aims to help people truly understand the gravity of the impact of injustice on the lives of people adversely impacted by The War on Drugs,” said Cory Rothschild, SVP of Marketing.
Chima Enyia, EVP of SEED, added, “We appreciate all those involved—Michael Thompson, his family, restorative justice partners and our staff—in the making of this film. More than 40,000 Americans remain in prison for cannabis offenses, and there is much more work to do to right the wrongs of The War on Drugs. We are laser-focused on leveraging our platform and influence to drive awareness of Michael’s story to ensure conversations about legalization address pardoning those currently incarcerated for cannabis offenses and social equity in the cannabis industry.”
On Juneteenth, Cresco released the trailer for “The Sentence of Michael Thompson”, a documentary short film about the story of Michigan’s longest-serving non-violent offender. Granted clemency this past January, Thompson was serving a 60-year sentence in Muskegon Correctional Facility in Michigan for selling 3 pounds of cannabis to a police informant in 1994. The trailer earned the Silver Clio for Film & Video. The documentary will be released in 2022.
Launched in August for National Wellness Month, Wonder Wellness created a one-of-a-kind audio collection designed to help listeners Focus, Relax, Laugh or Sleep, the experiences delivered by its gummy and minis products. The Discover Some Wonder initiative was named a shortlist winner for Digital & Mobile.
Timed with this year’s 420 holiday, Sunnyside released the results of a nationwide survey that demonstrated shifting beliefs and behaviors surrounding cannabis use and translated them into approachable messages about the plant’s functional benefits for every type of consumer. The #Wayto420 campaign was shortlisted in the Public Relations category.
To view the full gallery of winning work, visit www.cliocannabisawards.com.
About Cresco Labs Inc.
Cresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco, High Supply, Mindy's Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry’s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.
Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2020 filed on March 26, 2021, and other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs’ shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211208005677/en/
Media:
Jason Erkes, Cresco Labs
Chief Communications Officer
press@crescolabs.com
Investor Relations:
investors@crescolabs.com
For general Cresco Labs inquiries:
312-929-0993
info@crescolabs.com
Source: Cresco Labs
THE VALENS COMPANY TO BEGIN TRADING ON NASDAQ CAPITAL MARKET
Common Shares are Expected to Begin Trading Tomorrow on December 9, 2021, Under Ticker “VLNS”
KELOWNA, BC, Dec. 8, 2021 /CNW/ – The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) (the “Company” “The Valens Company” or “Valens”), a leading manufacturer of cannabis products, announces that the Company’s application to list its common shares on Nasdaq Capital Market (“Nasdaq”) has been approved. The Company’s common shares (the “Common Shares”) are expected to commence trading on Nasdaq under the symbol “VLNS” on December 9, 2021.
Valens’ common shares will continue to be listed and trade on the Toronto Stock Exchange (TSX) under the symbol “VLNS”. The Company’s shares will continue to trade on the OTCQX under the symbol “VLNCD” until trading on Nasdaq commences. Shareholders are not required to take any action as a result of the up-listing and symbol change.
Tyler Robson, Chief Executive Officer and Chair of The Valens Company said, “Our Nasdaq listing represents yet another important milestone that reflects our commitment to all of our shareholders as we continue to advance our global growth initiatives by capitalizing on the legalization of cannabis around the world and strengthening our corporate governance. I’m exceptionally proud of our team and the platform we have built here in Canada. Looking forward, we will continue to build a company focused on product innovation and advancing our intellectual property to create products that consumers enjoy. Listing on Nasdaq is the next step to our capital markets strategy. We believe this listing will enable Valens and its shareholders greater access to liquidity, increased corporate visibility, and a broader shareholder base, in an effort to create long-term shareholder value.”
The Company’s listing on Nasdaq remains subject to satisfaction of all applicable listing and regulatory requirements. In conjunction with this Nasdaq listing, Valens’ common shares will become DWAC/FAST eligible for U.S. shareholders.
At Valens, it’s Personal.
About The Valens Company
The Valens Company is a leading manufacturer of cannabis products with a mission to bring the benefits of cannabis to the world. The Company provides proprietary cannabis processing services, in addition to best-in-class product development, manufacturing, and commercialization of cannabis consumer packaged goods. The Valens Company’s high-quality products are formulated for the medical, health and wellness, and recreational consumer segments, and are offered across all cannabis product categories with a focus on quality and innovation. The Company also manufactures, distributes, and sells a wide range of CBD products in the United States through its subsidiary Green Roads, and distributes medicinal cannabis products to Australia through its subsidiary Valens Australia. In partnership with brand houses, consumer packaged goods companies and licensed cannabis producers around the globe, the Company continues to grow its diverse product portfolio in alignment with evolving cannabis consumer preferences in key markets. Through Valens Labs, the Company is setting the standard in cannabis testing and research and development with Canada’s only ISO17025 accredited analytical services lab, named The Centre of Excellence in Plant-Based Science by partner and scientific world leader Thermo Fisher Scientific. Discover more on The Valens Company at http://www.thevalenscompany.com.
Notice regarding Forward Looking Statements
All information included in this press release, including any information as to the future financial or operating performance and other statements of The Valens Company that express management’s expectations or estimates of future performance, other than statements of historical fact, constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management’s current expectations and plans relating to the future. Wherever possible, words such as “plans”, “expects”, “scheduled”, “trends”, “forecasts”, “future”, “indications”, “potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “believe”, “intend”, “ability to”, or statements that certain actions, events or results “may”, “should”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, or the negative of these words or other variations thereof, have been used to identify such forward-looking information. Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, future outcomes of transactions, economic conditions, and anticipated courses of action. Investors and other parties are advised that there is not necessarily any correlation between the number of SKUs manufactured and shipped and revenue and profit, and undue reliance should not be placed on such information.
The risks and uncertainties that may affect forward-looking statements include, among others, Canadian regulatory risk, Australian regulatory risk, U.S. regulatory risk, U.S. border crossing and travel bans, the uncertainties, effects of and responses to the COVID-19 pandemic, reliance on licenses, expansion of facilities, competition, dependence on supply of cannabis and reliance on other key inputs, dependence on senior management and key personnel, general business risk and liability, regulation of the cannabis industry, change in laws, regulations and guidelines, compliance with laws, limited operating history, vulnerability to rising energy costs, unfavourable publicity or consumer perception, product liability, risks related to intellectual property, product recalls, difficulties with forecasts, management of growth and litigation, many of which are beyond the control of The Valens Company. For a more comprehensive discussion of the risks faced by The Valens Company, and which may cause the actual financial results, performance or achievements of The Valens Company to be materially different from estimated future results, performance or achievements expressed or implied by forward-looking information or forward-looking statements, please refer to The Valens Company’s latest Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com or on The Valens Company’s website at www.thevalenscompany.com. The risks described in such Annual Information Form are hereby incorporated by reference herein. Although the forward-looking statements contained herein reflect management’s current beliefs and reasonable assumptions based upon information available to management as of the date hereof, The Valens Company cannot be certain that actual results will be consistent with such forward-looking information. The Valens Company cautions you not to place undue reliance upon any such forward-looking statements. The Valens 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 applicable law. Nothing herein should be construed as either an offer to sell or a solicitation to buy or sell securities of The Valens Company.
SOURCE The Valens Company Inc.
For further information: Jeff Fallows, The Valens Company, Investor Relations, ir@thevalenscompany.com, 1.647.956.8254; KCSA Strategic Communications, Phil Carlson, VLNS@kcsa.com, 1.212.896.1233; Media, KCSA Strategic Communications, Anne Donohoe, adonohoe@kcsa.com, 1 212.896.1265
RELATED LINKS
https://thevalenscompany.com/
ABOUT THE VALENS COMPANY
The Valens Company is a global leader in the end-to-end development and manufacturing of innovative, cannabinoid-based products. The Valens Company is focused on being the partner of choice for leading Canadian and international cannabis brands by providing best-in-class, proprietary services including CO2, ethanol, hydrocarbon, solvent-less and terpene extraction, analytical testing, formulation and product development and custom manufacturing. Valens is the largest third-party extraction company in Canada with an annual capacity of 425,000 kg of dried cannabis and hemp biomass at our purpose-built facility in Kelowna, British Columbia which is in the process of becoming European Union (EU) Good Manufacturing Practices (GMP) compliant. The Valens Company currently offers a wide range of product formats, including tinctures, two-piece caps, soft gels, oral sprays and vape pens as well as beverages, concentrates, topicals, edibles, injectables, natural health products and has a strong pipeline of next-generation products in development for future release. Finally, The Valens Company’s wholly-owned subsidiary Valens Labs is a Health Canada licensed ISO 17025 accredited cannabis testing lab providing sector-leading analytical services and has partnered with Thermo Fisher Scientific to develop a Centre of Excellence in Plant-Based Science. For more information, please visit https://thevalenscompany.com. The Valens Company’s investor deck can be found specifically at https://thevalenscompany.com/investors/.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jeff Fallows
The Valens Company
Investor Relations
ir@thevalenscompany.com
1 647.956.8254
KCSA Strategic Communications
Phil Carlson / Elizabeth Barker
VLNS@kcsa.com
1 212.896.1233 / 1 212.896.1203
Media
KCSA Strategic Communications
Anne Donohoe
adonohoe@kcsa.com
1 212.896.1265
NOTICE REGARDING FORWARD LOOKING STATEMENTS
All information included in this press release, including any information as to the future financial or operating performance and other statements of The Valens Company that express management’s expectations or estimates of future performance, other than statements of historical fact, constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management’s current expectations and plans relating to the future. Wherever possible, words such as “plans”, “expects”, “scheduled”, “trends”, “indications”, “potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “believe”, “intend”, “ability to”, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, or the negative of these words or other variations thereof, have been used to identify such forward-looking information. Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, economic conditions and anticipated courses of action.
The risks and uncertainties that may affect forward-looking statements include, among others, regulatory risk, United States border crossing and travel bans, reliance on licenses, expansion of facilities, competition, dependence on supply of cannabis and reliance on other key inputs, dependence on senior management and key personnel, general business risk and liability, regulation of the cannabis industry, change in laws, regulations and guidelines, compliance with laws, reliance on a single facility, limited operating history, vulnerability to rising energy costs, unfavourable publicity or consumer perception, product liability, risks related to intellectual property, product recalls, difficulties with forecasts, management of growth and litigation, many of which are beyond the control of The Valens Company. For a more comprehensive discussion of the risks faced by The Valens Company, and which may cause the actual financial results, performance or achievements of The Valens Company to be materially different from estimated future results, performance or achievements expressed or implied by forward-looking information or forward-looking statements, please refer to The Valens Company’s latest Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com or on The Valens Company’s website at www.thevalenscompany.com. The risks described in such Annual Information Form are hereby incorporated by reference herein. Although the forward-looking statements contained herein reflect management’s current beliefs and reasonable assumptions based upon information available to management as of the date hereof, The Valens Company cannot be certain that actual results will be consistent with such forward-looking information. The Valens Company cautions you not to place undue reliance upon any such forward-looking statements. The Valens 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 applicable law. Nothing herein should be construed as either an offer to sell or a solicitation to buy or sell securities of The Valens Company.
Agreed
CVS Health announces $1.74 million commitment to maternal health as part of Biden-Harris Maternal Health Call to Action Day
Tuesday, December 7, 2021
Investment will help further address maternal health disparities nationwide
WOONSOCKET, R.I. — CVS Health® (NYSE: CVS) has announced as part of today’s Biden-Harris Maternal Health Call to Action Day it is advancing its commitment to addressing maternal health disparities with a $1.74M investment. The funding will support initiatives led by America’s Essential Hospitals, Every Mother Counts and the National Association of Free & Charitable Clinics.
According to the Centers for Disease Control and Prevention, Black women in the U.S. are three times more likely to die due to pregnancy-related causes compared to white women. Overall, the U.S. has the highest maternal mortality rate among developed countries; 60 percent of those deaths are likely preventable.
“We have an unwavering commitment to addressing the maternal health crisis that our country is facing – one of which disproportionally impacts Black women,” said Joneigh Khaldun, MD, MPH, Chief Health Equity Officer, CVS Health. “We fully support the Administration’s efforts to address racial inequities in pregnancy and childbirth and to improve maternal health outcomes. We will continue to do our part by investing in community-based programs that help reduce maternal mortality so that all birthing people receive the high quality care they need and deserve.”
CVS Health’s $1.74M commitment to maternal health will support the following initiatives:
• Every Mother Counts: “Choices in Childbirth” ($650,000)
A series of educational videos and resources that will empower expecting parents through their maternal care journey with the goal to improve maternal health and birth equity in the United States. The materials will become available on January 1, 2022.
• America’s Essential Hospitals: “Improving Obstetric Outcomes for Black Maternity Patients in Essential Hospitals” ($847,000 grant from the CVS Health Foundation)
A new learning collaboration by America’s Essential Hospitals to reduce morbidity and mortality for women and improve their obstetric outcomes. It will include 12 hospitals across the country that have maternal mortality rates above the national average, especially among Black patients. The learning collaboration will launch in January 2022.
• National Association of Free & Charitable Clinics: Preeclampsia Prevention Initiative for Black Women ($250,000 grant from the CVS Health Foundation)
A program implemented in nine clinics across the country that provides educational and clinical training for providers to help identify women at risk for preeclampsia, high blood pressure that comes on suddenly during pregnancy. Preeclampsia, which is 60 percent more common in Black women vs. white women, is a leading, preventable cause of severe maternal morbidity, maternal death, preterm birth, and low birthweight. CVS Health began donating low-dose aspirin, an intervention recommended by medical societies that can reduce the risk of preeclampsia by more than 30 percent, for women at these clinics in July 2021.
As part of its commitment to addressing maternal health disparities, CVS Health is also donating 1,000 blood pressure monitoring machines to health care systems in counties that have some of the highest maternal mortality and morbidity numbers in the country. This donation is expected to impact 10,000 mothers each year that the new machines are in use.
About CVS Health
CVS Health is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that’s managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Learn more at www.cvshealth.com.
Media contact
Eva Pereira
781-686-4200
Eva.Pereira@CVSHealth.com
Cresco Labs Announces Opening of 44th Dispensary in Pensacola, FL
December 07, 2021
https://investors.crescolabs.com/investors/press-releases/press-release-details/2021/Cresco-Labs-Announces-Opening-of-44th-Dispensary-in-Pensacola-FL/default.aspx
CHICAGO--(BUSINESS WIRE)-- Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, announced today the opening of a new Sunnyside dispensary located at 3900 N 9th Ave. in Pensacola, FL. Sunnyside Pensacola is the Company’s second store in the Panhandle region. With today’s opening, Cresco Labs operates 12 Florida stores and 44 nationwide.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211207005308/en/
Cresco Labs’ new Pensacola dispensary is its second in Florida’s Panhandle and 44th nationwide. (Photo: Business Wire)
Cresco Labs’ new Pensacola dispensary is its second in Florida’s Panhandle and 44th nationwide. (Photo: Business Wire)
“This is our fourth Florida new store opening since the closing of the Bluma Wellness acquisition, and we’re on target to double our store count in the state by the anniversary date,” said Charlie Bachtell, CEO and Co-founder of Cresco Labs. “We’re going deeper and expanding accessibility to our branded products in the two biggest medical markets, Florida and Pennsylvania. We’re already the top seller of branded cannabis in Pennsylvania, and we’re excited to expand access to those same amazing products to patients throughout Florida.”
Sunnyside Pensacola is centrally located in the city near Cordova Mall, across the bridge from Pensacola Beach and the suburb of Gulf Breeze, and a few blocks away from Interstate 110—offering broad accessibility to daily commuters and residents.
The store will serve patients with a medical card issued by the state of Florida. Patients can place orders online through the Sunnyside.shop website or utilize next-day delivery. Orders can also be placed both in-store or via phone at 877-395-1009. Regular store hours are Monday through Saturday, 10AM to 8PM, and Sunday, 10AM to 5PM.
About Cresco Labs Inc.
Cresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco, High Supply, Mindy's Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry’s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.
Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2020 filed on March 26, 2021, and other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs’ shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211207005308/en/
Media:
Jason Erkes, Cresco Labs
Chief Communications Officer
press@crescolabs.com
Investor Relations:
investors@crescolabs.com
For general Cresco Labs inquiries:
312-929-0993
info@crescolabs.com
Source: Cresco Labs
GEEEZZZ I am hoping--->>>FIRE & FLOWER TO ANNOUNCE THIRD QUARTER 2021 FINANCIAL RESULTS
DECEMBER, 08, 2021
https://investors.fireandflower.com/news/news-details/2021/Fire--Flower-to-Announce-Third-Quarter-2021-Financial-Results/default.aspx
TORONTO, Dec. 8, 2021 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF) and its wholly-owned subsidiary Hifyre™ Inc. ("Hifyre"), will release its financial and operational results for the third quarter of 2021 ended October 30, 2021 before financial markets open on December 14, 2021.
Fire & Flower (CNW Group/Fire & Flower Holdings Corp.)
Fire & Flower's third quarter financial and operational results will be available on SEDAR and on the Company's website at https://fireandflower.com/investor-relations.
Following the release of the results, Fire & Flower will host a conference call with Trevor Fencott, President and Chief Executive Officer, and Judy Adam, Chief Financial Officer at 8:30 a.m. EDT on December 14, 2021. The conference call will discuss Fire & Flower's third quarter financial and operational results.
Dial-In Information
Toll-Free (Canada): 1-833-950-0062
Toll-Free (United States): 1-844-200-6205
Access code: 621339
Webcast sign-up: https://event.on24.com/wcc/r/3560110/0E01D852F2FC2D317AF59ACB09B578DF
Replay Information (Available until January 4, 2022)
Toll-Free (Canada): 1-226-828-7578
Toll-Free (United States): 1-866-813-9403
Replay Code: 831677
Upon completion of the live conference call, a replay of the conference call will be accessible on Fire & Flower's website at https://fireandflower.com/investor-relations.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
Fire & Flower is a multi-banner cannabis retail operator that owns and operates the Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox brands. Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc. and Friendly Stranger Holdings Corp., licensed cannabis retailers that own and operate cannabis retail stores in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
About Hifyre
The Hifyre Digital Retail and Analytics Platform is a proprietary ecosystem of products that includes the Spark Perks member program, Hifyre ONE retail software platform and the Hifyre IQ cannabis data and analytics platform.
The Hifyre platform also supports Fire & Flower's advanced operations and provides a competitive advantage in providing a tailored digital experience and understanding consumer behaviours in the evolving cannabis market.
To learn more about Hifyre, visit www.hifyre.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "project" and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of management of Fire & Flower at the date the statements are made based on information then available to the Fire & Flower. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of Fire & Flower, which may cause Fire & Flower's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include: regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the impact of the COVID-19 pandemic; the ability of the Company to successfully achieve its business objectives and political and social uncertainties.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form dated April 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for quarter ended July 31, 2021 filed on its issuer profile on SEDAR at www.sedar.com . The forward-looking statements contained in this new release are made as of the date of this news release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
It's awesome news "12 hunter"--->>>Tilray Strengthens Strategic Position in the U.S. with Acquisition of Breckenridge Distillery
December 8, 2021 at 7:00 AM EST
Your PPS Down? Here's Why --->>> Marijuana banking legislation stripped from federal defense spending bill
By John Schroyer, Chief Correspondent
December 7, 2021
The SAFE Banking Act – which holds the keys to the U.S. financial system for marijuana companies – has been removed from an omnibus defense spending bill in Congress, possibly shattering the hopes of the cannabis industry for meaningful federal reform in 2021.
U.S. Rep. Ed Perlmutter, a Democrat from Colorado, confirmed on Twitter on Tuesday that the SAFE Banking legislation was removed by a conference committee this week.
The banking initiative had been amended into the National Defense Authorization Act (NDAA) in September by the House of Representatives.
“I’m disappointed #SAFEBanking is not included in the NDAA bill text released today,” Perlmutter wrote.
“The Senate insists on burying its head in the sand and deny every opportunity to reform our outdated cannabis laws to align state and federal law to improve public safety.”
Perlmutter pledged to file an amendment during a House Rules Committee hearing on Tuesday to get SAFE Banking re-attached to the NDAA. But the committee ultimately declined to do so.
“My work on this bill is far from over,” Perlmutter said in a statement after the panel’s decision. “I plan to pursue every possible avenue to get SAFE Banking signed into law.”
U.S. Cannabis Council CEO Steve Hawkins said in a statement that he, too, was “disappointed” that SAFE Banking was stripped out of the bill.
“We see the consequences every day of the lack of banking access, from the rash of dispensary robberies to the ongoing challenges of minority and small business owners to secure capital,” Hawkins said.
He also reiterated a call for Congress to pass the bill.
Both Hawkins and Perlmutter noted that there’s solid bipartisan support for SAFE Banking.
But the measure ran up against opposition from key Senate Democrats and the Drug Policy Alliance.
Both groups urged lawmakers not to approve SAFE Banking before passing a more comprehensive marijuana legalization bill, such as the MORE Act, which the House has approved multiple times but which the Senate has ignored.
“By slipping SAFE into the Defense Authorization bill ahead of moving the MORE Act, Congress is sending a clear message that the industry and huge multi-state operators take precedent before the countless people that have had their lives devastated by punitive and racially-motivated drug policies,” the Drug Policy Alliance said in a news release earlier this month.
Democratic Sen. Cory Booker also has made clear his opposition to passing SAFE Banking before a broader legalization bill such as the Cannabis Administration and Opportunity Act, which Booker is co-sponsoring with Senate Majority Leader Chuck Schumer and Oregon Democrat Ron Wyden.
John Schroyer can be reached at john.schroyer@mjbizdaily.com.
Your PPS Down? Here's Why --->>> Marijuana banking legislation stripped from federal defense spending bill
By John Schroyer, Chief Correspondent
December 7, 2021
The SAFE Banking Act – which holds the keys to the U.S. financial system for marijuana companies – has been removed from an omnibus defense spending bill in Congress, possibly shattering the hopes of the cannabis industry for meaningful federal reform in 2021.
U.S. Rep. Ed Perlmutter, a Democrat from Colorado, confirmed on Twitter on Tuesday that the SAFE Banking legislation was removed by a conference committee this week.
The banking initiative had been amended into the National Defense Authorization Act (NDAA) in September by the House of Representatives.
“I’m disappointed #SAFEBanking is not included in the NDAA bill text released today,” Perlmutter wrote.
“The Senate insists on burying its head in the sand and deny every opportunity to reform our outdated cannabis laws to align state and federal law to improve public safety.”
Perlmutter pledged to file an amendment during a House Rules Committee hearing on Tuesday to get SAFE Banking re-attached to the NDAA. But the committee ultimately declined to do so.
“My work on this bill is far from over,” Perlmutter said in a statement after the panel’s decision. “I plan to pursue every possible avenue to get SAFE Banking signed into law.”
U.S. Cannabis Council CEO Steve Hawkins said in a statement that he, too, was “disappointed” that SAFE Banking was stripped out of the bill.
“We see the consequences every day of the lack of banking access, from the rash of dispensary robberies to the ongoing challenges of minority and small business owners to secure capital,” Hawkins said.
He also reiterated a call for Congress to pass the bill.
Both Hawkins and Perlmutter noted that there’s solid bipartisan support for SAFE Banking.
But the measure ran up against opposition from key Senate Democrats and the Drug Policy Alliance.
Both groups urged lawmakers not to approve SAFE Banking before passing a more comprehensive marijuana legalization bill, such as the MORE Act, which the House has approved multiple times but which the Senate has ignored.
“By slipping SAFE into the Defense Authorization bill ahead of moving the MORE Act, Congress is sending a clear message that the industry and huge multi-state operators take precedent before the countless people that have had their lives devastated by punitive and racially-motivated drug policies,” the Drug Policy Alliance said in a news release earlier this month.
Democratic Sen. Cory Booker also has made clear his opposition to passing SAFE Banking before a broader legalization bill such as the Cannabis Administration and Opportunity Act, which Booker is co-sponsoring with Senate Majority Leader Chuck Schumer and Oregon Democrat Ron Wyden.
John Schroyer can be reached at john.schroyer@mjbizdaily.com.
Kinder Morgan Announces 2022 Financial Expectations
$1.11 dividend per share; up to $750 million available for share repurchases; $2.5 billion net income attributable to KMI; and 9% growth in DCF per share1
12/06/2021
HOUSTON--(BUSINESS WIRE)-- Kinder Morgan, Inc. (NYSE: KMI) today announced its preliminary 2022 financial projections. “We expect 2021 to be a record year for Kinder Morgan financially, attributable to our outperformance related to winter storm Uri in the first quarter, along with solid project execution across our business units, and two important acquisitions. Our strong performance is also reflected in our debt metric, as we expect to end the year with a Net Debt-to-Adjusted EBITDA ratio of 4.0 times, much better than our budgeted ratio of 4.6 times,” said Steve Kean, KMI chief executive officer.
“For 2022, with our market fundamentals remaining robust, a full year of earnings from our Stagecoach acquisition, and the completion of several projects in the fourth quarter of 2021, we project a very strong year,” said Steve Kean, KMI chief executive officer. “We expect to generate net income attributable to KMI per share of $1.09 and distributable cash flow (DCF) per share of $2.07. Our growth will continue to be supported by an unparalleled network of interconnected assets, important energy infrastructure expansion opportunities, and new investments in the energy evolution,” continued Kean.
Below is a summary of KMI’s expectations for 2022:
• Generate $1.09 of net income attributable to KMI per share, up $0.33 compared to our current 2021 forecast of $0.76 and up $0.70 compared to a calculation of the 2021 forecast of $0.39 that excludes the largely nonrecurring outperformance in the first quarter related to winter storm Uri. This expected increase is largely due to asset impairments taken in 2021.
• Generate $2.07 DCF per share, down 13% with the outperformance due to Uri reflected in the current forecast for 2021 and up 9% without it.
• Generate $7.2 billion of Adjusted EBITDA, up 5% from the 2021 forecast excluding the outperformance related to winter storm Uri).
• Invest $1.3 billion in expansion projects and contributions to joint ventures, or discretionary capital expenditures, in 2022.
• Generate DCF in excess of discretionary capital expenditures and dividends of approximately $870 million.
• Return additional value to shareholders in 2022 through an anticipated $1.11 per share dividend (annualized) and opportunistic share repurchases of up to $750 million.
• End 2022 with a Net Debt-to-Adjusted EBITDA ratio of 4.3 times, below our long-term target of approximately 4.5 times.
• The expected $2.07 of DCF per share and the 4.3 times leverage metric do not reflect the impact of possible opportunistic share repurchases.
Please see “Non-GAAP Financial Measures” below for definitions of DCF, Adjusted EBITDA and Net Debt, and the accompanying tables for reconciliations of 2022 budgeted net income attributable to KMI to budgeted DCF and budgeted Adjusted EBITDA.
KMI’s expectations assume average annual prices for West Texas Intermediate (WTI) crude oil and Henry Hub natural gas of $72.50 per barrel and $4.25 per MMBtu, respectively, consistent with forward pricing during the budget process. The vast majority of cash generated by KMI is fee-based and therefore is not directly exposed to commodity prices. The primary area where KMI has commodity price sensitivity is in its CO2 segment, where KMI hedges the majority of its next 12 months of oil production to minimize this sensitivity. For 2022, the company estimates that every $1 per barrel change in the average WTI crude oil price impacts DCF by approximately $8.7 million and each $0.10 per MMBtu change in the price of natural gas impacts DCF by approximately $0.6 million.
The KMI board of directors has preliminarily reviewed the 2022 budget and will take formal action on it at the January board meeting.
Management will discuss the budget in detail during the company’s annual investor day conference on Jan. 26, 2022, in Houston, Texas. Kinder Morgan remains committed to transparency and will continue to publish its budget on the company’s website as presented at the investor day conference. The 2022 budget will be the standard by which KMI measures its performance next year and will be a factor in determining employee compensation.
About Kinder Morgan, Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines and 144 terminals. Our pipelines transport natural gas, renewable fuels, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, chemicals, ethanol, metals and petroleum coke. Learn more about our renewables initiatives on the low carbon solutions page at www.kindermorgan.com.
Important Information Relating to
MediPharm Labs Announces Changes to Board of Directors
December 07, 2021
https://www.medipharmlabs.com/news/press-releases/detail/198/medipharm-labs-announces-changes-to-board-of-directors
BARRIE, Ontario, Dec. 07, 2021 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a pharmaceutical company specialized in precision-based cannabinoids, is pleased to announce changes to its Board of Directors (the “Board”).
Effectively immediately, Pat McCutcheon, Warren Everitt and Keith Strachan will be resigning from the Board. The change is being made as a next step in the Company’s transformation to an operating pharmaceutical cannabis manufacturing company, maturing beyond the founder-lead phase of the business.
“I would like to thank Pat, Warren and Keith for their vision and execution as founders of MediPharm Labs,” said Chris Taves, Chairman, MediPharm Labs. “Accomplishments like the first non-cultivation processing license in Canada, a fully functional GMP facility in Australia and the only domestic GMP license in North America for the extraction of natural cannabinoids, could not have been achieved without the vision and foresight of these leaders. We look forward to Warren and Keith’s continued involvement in management of the Company and Pat’s continued support as a major long-term shareholder.”
The Board is now composed entirely of Independent Directors with Bryan Howcroft, MediPharm Labs’ new CEO, being the only Executive Director. With MediPharm Labs’ strong cash position, the Board will oversee the Company’s execution of its global pharmaceutical cannabinoid strategy. The Board now consists of:
Chris Taves, Chairman
Bryan Howcroft, CEO
Chris Halyk
Shelley Martin
Miriam McDonald
Dr. Paul Tam
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, MediPharm Labs formulates, develops (including through sensory testing), processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets.
In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a domestic Good Manufacturing License for the extraction of natural cannabinoids. The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.
Cautionary Note Regarding Forward-Looking Information:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, statements regarding: transformation to an operating pharmaceutical cannabis manufacturing company; maturing beyond the founder-lead phase of the business; the Company’s strong cash position; and execution of the Company’s global pharmaceutical cannabinoid strategy. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
Green Thumb Industries Opens Rise Reno in Nevada, Its 67th Retail Location in the Nation, on December 6
DECEMBER 6, 2021
https://investors.gtigrows.com/investors/news-and-events/press-releases/press-release-details/2021/Green-Thumb-Industries-Opens-Rise-Reno-in-Nevada-Its-67th-Retail-Location-in-the-Nation-on-December-6/default.aspx
CHICAGO and RENO, Nev., Dec. 06, 2021 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise dispensaries, today announced the opening of Rise Reno, the Company’s 67th store nationwide. Profits from the first day of sales will be donated to Helping our Brothers and Sisters (HOBS) which provides mentoring and short-term financial assistance to U.S. combat Veterans with an emphasis on those living with PTSD and other chronic issues, as well as LGBTQ Veterans denied recognition and support due to their sexual orientation.
“Rise Reno marks our 67th store in the nation and our first Rise store in the Biggest Little City in the World,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “We are proud to support HOBS, a local organization that is doing crucial work to aid our Veterans living with PTSD, including our LGBTQ Veterans who have been wrongly denied support. We all owe our Veterans so much and we are happy to make this contribution, while introducing more consumers and tourists alike to the Rise experience.”
Dr. Marvin Carter, Founder of HOBS said: “We appreciate the support of Green Thumb and other community minded businesses to ensure the care of our country’s military Veterans. This support means a lot in showing us that we are not alone in facing the challenges of combat, which in many cases creates a lifetime of challenges.”
In addition to Rise Reno, the Company owns and operates a Rise store in Carson City, along with retail locations throughout the greater Las Vegas area, including stores in Henderson, South Durango, South Rainbow and Tropicana. Earlier this year, Green Thumb partnered with COOKIES to open the brand’s first location in Nevada, COOKIES on the Strip.
In addition to its retail business, Green Thumb manufactures and distributes its branded products including Dogwalkers pre-roll joints; Doctor Solomon’s medical-grade drops, lotions and balms; incredibles gummies, chocolates and tarts; and RYTHM premium vape products.
Rise Reno is located at 2881 Northtowne Lane in Reno. Regular hours are Monday through Sunday from 9 a.m. to 9 p.m. Visit www.risecannabis.com for more information.
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, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called Rise. Headquartered in Chicago, Illinois, Green Thumb has 16 manufacturing facilities, 67 open retail locations and operations across 14 U.S. markets. Established in 2014, Green Thumb employs approximately 3,500 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.
Tilray: $4 Billion Market Opportunity In German Adult Recreational Cannabis
Dec. 03, 2021 11:12 AM ET
Tilray, Inc.
https://seekingalpha.com/article/4473230-german-recreational-cannabis-market-offers-opportunity-for-tilray?utm_campaign=RTA+Articles&utm_medium=email&utm_source=seeking_alpha&utm_term=RTA+Article+Smart
Summary
The German soon-to-be-three-party coalition government recently announced its plans to legalize the use of adult recreational cannabis.
The nation of 80 million people is poised to grow its annual cannabis sales market to $4 billion within three years of legalization.
Tilray is currently the market leader in German medical cannabis extracts sales. The company will likely dominate the region's adult recreational cannabis market as well.
We believe that Tilray’s 5x 2023 forward EV/sales multiple, while expensive, suggests that investors have yet to price in the German opportunity.
The German soon-to-be-three-party coalition government recently announced its plans to legalize the use of adult recreational cannabis. In response, investors have rushed to invest in German cannabis companies, causing their valuations to increase significantly in the last 10 days; for example, SynBiotic and Cannovum moved up by 100% and 60%, respectively. However, investors seem to have forgotten or are unaware that the Canadian cannabis LPs, such as Tilray (TLRY) and Aurora Cannabis (NASDAQ:ACB), are the leaders in the German medical cannabis market. Aurora ranks number one in dried cannabis sales, while Tilray leads in the cannabis extracts market. We believe that Tilray's 5x 2023 forward EV/sales multiple, while expensive, suggests that investors have yet to price in the market opportunity that is poised to grow to $4 billion in annual sales in three years.
Furthermore, we believe that Tilray can extend its market leadership in Germany when the country legalizes adult recreational use due to two reasons. One, Tilray can leverage its domestic Canadian adult recreational cannabis expertise to the German market. And, two, Tilray has a first-mover advantage with its leading production and distribution capacity in Germany.
Germany's Adult Recreational Cannabis Legalization
Following the German election that took place in October 2021, three German political parties - the Social Democratic Party, the Greens, and the Free Democratic Party - reached a deal to form a coalition government that will end the 16-year reign of Chancellor Angela Merkel. The coalition agreement is now expected to go to the wider set of party members for their support. Barring any last-minute upsets, German finance minister and leader of the Social Democratic Party, Olaf Scholz, is expected to be sworn in as chancellor by next month.
Among the many promises made in the three-party coalition, government deal is the legalization of adult recreational cannabis in Germany. The soon-to-be coalition government is expected to introduce a cannabis legalization bill that will begin the sales and distribution of adult recreational cannabis in Germany through channels such as tobacco stores, pharmacies, or even coffee shops similar to those found in Amsterdam:
We're introducing the controlled distribution cannabis to adults for consumption in licensed stores. This will control the quality, prevent the transfer of contaminated substances, and guarantee the protection of minors. We will evaluate the law after four years for social impacts.
While many details of the legalization have yet to be disclosed, we believe the nation of 80 million people represents the single largest and most exciting cannabis market opportunity outside of North America. With the potential legalization, it is expected to direct cannabis users from illicit black markets to regulated and approved channels - research forecasts market consumption to be at least 400,000 KG per year. This represents a market opportunity similar to California's with $4 billion in sales, which is double the size of the Canadian recreational market at C$2.6 billion (in 2020).
We believe most analysts have yet to price in this opportunity in their valuation for Tilray. Prior to October's election, it was not within the market's expectations for a coalition government without the Christian Democratic Union party. Merkel and the Christian Democratic Union party have previously dominated both the Bundesrat and Bundestag, which rejected the Green party's proposal for cannabis legalization in 2020.
The surprise coalition government and the potential adult recreational cannabis bill have caused German cannabis stocks to trade up significantly in the last 10 days, as suggested by the headline "German Cannabis Firm Shares Pop After New Government Pledges to Legalize the Drug" (linked to above). More specifically, SynBiotic - a German-listed cannabis company that focuses on the CBD market - traded up from $20.20 on Nov. 22 to $39.40 on Dec. 1, which represents close to a 100% gain in less than two weeks. SynBiotic is now valued at a market capitalization of 79 million euros. Similarly, Cannovum AG - a Berlin-based medical cannabis importer, wholesaler, and distributor - saw its share price traded up from $5 on Nov. 22 to $9.15 on Dec. 1.
We believe the legalization of adult recreational cannabis in Germany was a "surprise," as suggested by the German cannabis stocks' sudden and explosive upward price action. We also believe the legalization of the adult recreational cannabis will increase the German cannabis market by 10x from a $400 million medical market to a $4 billion medical and recreational market. In our opinion, the $4 billion in annual sales will materialize within three years after adult recreational cannabis is legalized in Germany, which is similar to the pace of development observed in the Canadian recreational cannabis market.
Investors Are Unaware of Tilray's Leading Position in Germany
As mentioned earlier, while German cannabis stocks (e.g., Cannovum and BioSynthetic) saw their share prices move up significantly in the last 10 days, the Canadian cannabis LPs traded flat. What investors should know is that Canadian cannabis LPs (e.g., Tilray and Aurora) are actually Germany's medical cannabis market leaders; Aurora is the number one in dried cannabis flower sales, while Tilray leads the market in cannabis extracts. Neither company's valuations have improved, while the German cannabis stocks rallied. Both Tilray and Aurora actually traded lower on Dec. 1 along with the industry, as the broader market tanked in response to increased fears regarding both inflation and the COVID variant Omicron. Tilray traded down by -8.40% along with the industry (NYSEARCA:MJ) by -5.06%, while the broader market (NASDAQ:QQQ) traded down by -1.7%.
Tilray and Its German Operations
We've already discussed why we believe the German market will become a massive opportunity. Now, we will discuss why we believe Tilray is likely to outperform local German cannabis competitors and extend its leadership to the German recreational cannabis market.
Tilray is a global cannabis company with principal business in production, distribution, and sales of cannabis and cannabis-derived products in over 20 countries. In April 2021, Tilray and Aphria completed a business combination with an intention to combine the two companies' complementary assets to create a global leader in the cannabis business. The business combination brought the two companies together, creating the world's largest cannabis company by revenue and geographic footprint.
As mentioned earlier, Tilray is Germany's market leader in medical cannabis extract sales. We believe Tilray's German medical market success will be extended to the region's recreational market after legalization for two reasons.
Tilray's Domestic (Canadian) Expertise in Recreational Market
First, we believe Tilray can leverage its domestic expertise and success in operating within the Canadian adult recreational market to their future German recreational cannabis operations. Tilray is the number one market leader within the Canadian adult recreational cannabis market by revenue. Amid ongoing impacts due to COVID-related shutdowns and other industry-wide retail challenges, Tilray continued to post strong top-line growth within the segment. In Q1 2022, Tilray generated over $70 million in revenue from the Canadian adult recreational segment alone, which represents 37% growth vs. the year prior.
Tilray offers one of the most successful portfolios of cannabis brands within the Canadian recreational market. Their retail brands are consistently ranked as top choice within the Canadian cannabis community and are often the best seller found on OCS. During the Q1 2021 earnings call, CEO Irwin Simon announced that the top five brands by sales in Canada were all part of Tilray's retail portfolio. Furthermore, Tilray offers one of the largest product portfolios, covering the widest price points in the Canadian market. It also includes a total of 15 brands, addressing different market needs from economy to premium plus quality of dried cannabis flower. As per the earnings call transcript:
Good Supply, our top selling adult-use brands, reached net revenue on an annualized basis of $225 million … And, in fact, five brands in our portfolio ranked in the top five sales leading brands across all adult-use product categories, including Good Supply, Chowie Wowie, which recently won a Budtender Choice Award in Canada.
Tilray's experience in operating in the Canadian recreational cannabis market and its quality product offering within the retail market will likely distinguish the company from local German operators that have previously focused solely on the medical market.
Tilray's Leading Production and Distribution Capacity
Second, we believe Tilray's leading local production and distribution capacity in Germany will secure the company a first-mover advantage as soon as the adult recreational market legalizes.
Tilray acquired CC Pharma in 2019, a leading German importer and distributor of pharmaceuticals for the German and European markets. Tilray acquired the company with an intention to utilize the pharmaceutical company's network and distribution capacity for future cannabis sales. CC Pharma currently delivers Tilray's medical cannabis products to over 13,000 wholesalers and retailers across Germany. We believe the distribution capacity and network offered by CC Pharma will prove to be tremendously valuable to Tilray's future cannabis operations.
Tilray is also one of the few companies licensed to produce cannabis domestically in Germany. In 2019, Tilray was awarded with a license to produce by the German Federal Institute for Drugs and Medical Devices (BfArM), which granted Tilray five of the 13 available tender lots for domestic production. Each tender lot requires a minimum production capacity of 200kg. Tilray recently announced their first successful harvest and distribution of medical cannabis grown in Germany.
While Germany's production licenses set minimum production requirements, there is no ceiling to production; Simon confirmed during the Q1 2021 earnings call that there is no restriction on how much cannabis Tilray can produce with their cannabis facility in Germany. Given that there are currently a limited number of licensed local cannabis producers in Germany (again, Tilray holds five out of a total of 13), Tilray stands to supply a significant portion of the market and acquire a first-mover advantage as soon as the German adult recreational cannabis legalizes. As per the transcript (linked to above):
Question: There's a great limit to the amount of cannabis Tilray can grow and sell in Germany. Will there be new permits issued to Tilray for continued growth and production?
Irwin Simon: First of all, there's no limit that we can grow in Germany, and if we did grow - if we're able to hit the limits that we grow, we have plenty of [additional] capacity in Portugal. And I think that's the big thing within Tilray.
To summarize, we believe because 1) Tilray can leverage its domestic expertise in the Canadian recreational market, and 2) Tilray has already front-loaded investments in developing leading production and distribution capacity in Germany, the company is likely to gain significant market share and a first-mover advantage in the German adult recreational cannabis market.
Valuation
Tilray is currently trading at $10.57, which implies a market enterprise value of $5.36bn and a TTM EV/sales multiple of approximately 9.5x. Tilray's earnings estimate is forecast to be $879.9mm for 2022 and $990.80mm for 2021, which represents YoY growth of 43.91% and 18.85%, respectively. The two revenue figures imply forward price/sales of 5.57x and 4.94x, respectively.
We believe the market consensus revenue only incorporated Tilray's previous guidance that the international market (German, Israel, and the UK) will likely become a $1 billion market by 2024, instead of $4 billion in Germany alone as adult recreational legalizes. Neither $879 million in 2022 nor $990 million in 2023 reflects the 80 million population market opportunity and Tilray's position in the market as discussed above.
Risks
There are several risks to consider here. First, Tilray is not a profitable company, and its operating losses have widened from one-time events and increasing costs due to acquisitions. Tilray's Q1 2022 top-line improved significantly compared to the prior year: $168 million compared to $117.5 million, which represents a 46% improvement. But Tilray's operating expenses increased by more than double (+175%) from $43 million to $119.5 million. As a result, Tilray's net loss almost doubled from -$21 million to -$34 million. Management guided that the increase in operating expenses was due to full-quarter reporting for SweetWater and Tilray post-acquisition. The increase in operating expenses also includes non-cash amortization charges associated with intangible assets acquired during acquisition. The rest are contributed by one-time transaction costs and non-recurring acquisition expenses.
Second, Tilray operates at negative free cash flow. In our view, it is possible that the company will issue more shares to fund future investment opportunities, which will result in share dilution and damage the interest of its current shareholders. In Q1 2022, after adjustments, Tilray generated cash flow from operations of -$93 million compared to the year prior of -$56 million. Net cash flow also decreased to -$112 million from -$54 million in Q1 2021. The increasing negative cash flow has resulted in Tilray's declining cash position by over $100 million in the last two quarters.
Management has explained that the increasing negative cash flow was due to one-time costs associated with its Aphria merger, income tax expenses incurred at Aphria's facilities, and increased account receivables due to increased sales. While costs associated with the merger should significantly decline moving forward, we will remain cautious as Tilray's increasing negative cash flow from operations will deteriorate our thesis that Tilray operates a strong balance sheet of $400 million cash vs. its local competitors in Germany.
Third, there are uncertainties in Germany's recreational cannabis market legalization. We acknowledge that there's currently little to no information on the detail of the country's potential recreational market in regard to the framework, process, timeline, etc. Details regarding the market's distribution, retail channel, and license types are also yet to be announced. All of these things are important in accurately assessing Tilray's future profitability. However, we'd like to remind our readers that our thesis is much narrower - if the market has jumped the gun and reacted to the legalization news by trading the local German cannabis stocks up significantly, then why not the current and potential future market leader Tilray?
Conclusion
We believe the upcoming legalization of German adult recreational cannabis to be a tremendous opportunity for Tilray. The country's population of 80 million represents a market opportunity that is poised to grow to at least $4 billion in annual sales within three years following legalization. With the potential chancellor Olaf Scholz expected to get sworn to office in December, we should receive more details to the legalization process and framework soon; the market is expected to react then.
Lastly, given Tilray's domestic expertise and track record in operating in the Canadian recreational market and its leading distribution and production capacity in Germany, we believe the company will likely secure significant market share through its first-mover advantage.
CVS Health and Microsoft announce new strategic alliance to reimagine personalized care and accelerate digital transformation
Thursday, December 2, 2021
WOONSOCKET, R.I. and REDMOND, Wash. — CVS Health (NYSE: CVS) and Microsoft Corp. (NYSE: MSFT) today announced a new strategic alliance focused on developing innovative solutions to help consumers improve their health, while empowering over 300,000 CVS Health employees including frontline workers with tools to better serve more than 100 million people.
Since the start of the COVID-19 pandemic, organizations in every industry health care in particular have grappled with the need to adapt quickly. According to an Economist Intelligence Unit study commissioned by Microsoft, organizations have accelerated transformation initiatives and have begun to rely more heavily on digital tools. From creating hybrid environments to help employees work from home virtually, to deploying new applications to better support frontline workers, digital transformation has become a fundamental necessity for business resilience, accelerating growth, and driving efficiencies.
"We are rapidly transforming into a consumer-centric, integrated health solutions company, taking a digital-first, technology forward approach to all that we do," said Roshan Navagamuwa, Chief Information Officer, CVS Health. "Business services at this scale requires a new level of partnership. Our collaboration with Microsoft will accelerate this work and empower our employees to provide quality care that is more personal and affordable."
Customized care
The collaboration with Microsoft will help CVS Health accelerate a data-driven, personalized customer experience, while complying with the company's patient privacy and confidentiality policies. By combining information from different areas across the company with high agility, CVS Health will enhance its omnichannel pharmacy capabilities and deliver customized health recommendations when and where consumers need them. CVS Health will also scale up retail loyalty and personalization programs that use advanced Machine Learning models running on the cloud computing service Azure.
In addition to creating a more personalized and seamless experience for consumers, data science will also be used to improve access to care and health outcomes. The ability to create a simple, easy-to-use patient experience has been critical to CVS Health's role in the national COVID-19 vaccination effort, delivering insights and recommendations to ensure equitable and efficient administration of approximately 43 million vaccines.
Enabling frontline workers
Throughout the pandemic, CVS Health retail employees have continued to support their communities by staying focused on their day-to-day responsibilities. Through the use of Microsoft Teams and Office products, CVS Health will be more agile, enabling retail employees to more easily consume key information needed to answer common questions and solve customer needs faster.
Digitalizing operations
CVS Health currently leverages Azure cognitive services like Computer Vision and Text Analytics for Health that automate tasks. In Specialty Pharmacy, for example, CVS Health has digitized intake using these services including the 40 percent of prescriptions that arrive as paper or fax helping technicians fill prescriptions, faster and easier than previous methods. Microsoft will continue to expand and partner with CVS Health to reimagine and simplify processes, as part of CVS Health's technology-driven digitalization program.
Expanding cloud services
CVS Health selected Microsoft as a preferred cloud provider for applications based on a successful history of engineering and co-innovation. As a strategic platform, Azure will play a key role in CVS Health's acceleration of its digital transformation by expanding the company's already formidable multi-cloud presence to over 1,500 new and existing business applications in Azure cloud.
Innovative solutions
Microsoft and CVS Health will also explore innovative technology solutions that will support consumers, employees, and ecosystem partners. Microsoft HoloLens, Dynamics 365 Guides, and Remote Assist can simplify complex procedures with intuitive tools to help support CVS Health employees. Microsoft Azure AI and cognitive capabilities can also extend to automate administrative and predictive processes and reduce waste through co-innovation with CVS Health's deep community presence and health care expertise.
"We are excited to partner with CVS Health on its digital transformation journey, collaborating together on how the company manages health data at scale, improves the customer experience, and drives operational efficiency," said Judson Althoff, Microsoft's Chief Commercial Officer. "With the Azure platform and its AI capabilities, we will combine the power of data, the expansive reach of CVS Health's world-class solutions, and Microsoft Teams to connect health care experts and create customized care and services that enable people to live healthier lives."
About CVS Health
CVS Health is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues - including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health - whether that's managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system - and their personal health care - by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Learn more at www.cvshealth.com.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
For more information, press only:
Microsoft Media Relations
WE Communications for Microsoft
425-638-7777
rapidresponse@we-worldwide.com
CVS Media Relations
Ethan Slavin
860-273-6095
Ethan.Slavin@cvshealth.com
Manitoba Harvest Introduces Hemp Hearts Health Hack to Thrive During the Holidays
December 2, 2021 at 8:30 AM EST
Competition to Kin-Slips--->>> Launch of Tilray’s Fast-Acting Oral Strips Highlights Commitment to Medical Cannabis Innovation and Patient Care
December 2, 2021 at 7:30 AM EST
https://ir.tilray.com/news-releases/news-release-details/launch-tilrays-fast-acting-oral-strips-highlights-commitment
Aphria Branded Medical Cannabis Oral Strips Powered by QuickStrip™ Innovation Now Available to Patients Throughout Canada
NEW YORK and LEAMINGTON, Ontario, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Tilray, Inc. (“Tilray”) (NASDAQ | TSX: TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, today announced that its medical subsidiary, Aphria, has launched medical cannabis oral strips in THC and CBD-rich varieties. Powered by QuickStrip’s™ proprietary technology, each Aphria medical strip contains a thin, edible film that contains rapidly dissolving, micronized cannabinoids that absorb directly into the bloodstream, providing patients with a fast-acting, convenient, and precise dosing experience for relief from a range of conditions.
Irwin D. Simon, Tilray’s Chairman and Chief Executive Officer, said, “Tilray’s medical brands, Aphria, Symbios, and Tilray, are relentlessly committed to investing in patient wellness through a portfolio of new innovative product offerings, GMP-certified cultivation, and the earned trust of the medical community. The launch of the Aphria-branded medical strips is a compelling proof point in this regard, and, given the growing expansion of medical cannabis across the globe, we believe we are exceptionally well-positioned in this high-growth, high-margin market moving forward. We look forward to extending our leadership in medical cannabis and to delivering value for patients and shareholders alike.”
Blair MacNeil, President at Tilray Canada, added, “At Aphria Medical, our goal is to be the trusted partner for patients by providing them with high-quality, precise, and efficacious medical cannabis treatment. Delivering on this mission means meeting patients ‘where they are,’ including those who are unable or reluctant to swallow medication or do not prefer the taste of cannabis oil. To address this need, Aphria has pioneered a superior, non-combustible, discreet, and easy-to-use method of consumption that utilizes micronized cannabinoids for rapid absorption and relief from a range of conditions.”
The strips, which are now available throughout Canada, are available in three different cannabis ratios: THC 10, CBD 20:1, and THC:CBD 10:10 (coming soon). Each pack of Aphria oral strips comes with 30 individually wrapped strips for precise, single-dose delivery.
About Aphria Medical
Aphria Medical started in 2014 in Leamington, Ontario, as one of the first companies to provide access to legal medical cannabis. Since then, the Aphria brand has grown to be one of the top medical cannabis providers globally, with operations in Canada and international markets. Aphria remains committed to supplying its growing patient base with safe, affordable, consistent, and effective medical cannabis products.
For more information, visit: www.aphria.ca
About Tilray
Tilray, Inc. (Nasdaq: TLRY; TSX: TLRY) is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people's lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages.
For more information about Tilray medical cannabis products, visit: www.Tilray.ca
For more information about Tilray, visit www.Tilray.com
Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the Company’s ability to become the world's leading cannabis-focused consumer branded company with our target of $4 billion of revenue by 2024; the Company’s position and plans to be the #1 Canadian LP in total sales on a consolidated basis; management’s projected growth in market share and revenue in the EU cannabis market and its Sweetwater and Manitoba Harvest businesses; and expectations regarding the Company’s achievement of synergy targets. Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
For media inquiries, please contact:
Jaydon Case
news@tilray.com
For investor inquiries please contact:
Raphael Gross
203-682-8253
Raphael.Gross@icrinc.com
Launch of Tilray’s Fast-Acting Oral Strips Highlights Commitment to Medical Cannabis Innovation and Patient Care
December 2, 2021 at 7:30 AM EST
https://ir.tilray.com/news-releases/news-release-details/launch-tilrays-fast-acting-oral-strips-highlights-commitment
Aphria Branded Medical Cannabis Oral Strips Powered by QuickStrip™ Innovation Now Available to Patients Throughout Canada
NEW YORK and LEAMINGTON, Ontario, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Tilray, Inc. (“Tilray”) (NASDAQ | TSX: TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, today announced that its medical subsidiary, Aphria, has launched medical cannabis oral strips in THC and CBD-rich varieties. Powered by QuickStrip’s™ proprietary technology, each Aphria medical strip contains a thin, edible film that contains rapidly dissolving, micronized cannabinoids that absorb directly into the bloodstream, providing patients with a fast-acting, convenient, and precise dosing experience for relief from a range of conditions.
Irwin D. Simon, Tilray’s Chairman and Chief Executive Officer, said, “Tilray’s medical brands, Aphria, Symbios, and Tilray, are relentlessly committed to investing in patient wellness through a portfolio of new innovative product offerings, GMP-certified cultivation, and the earned trust of the medical community. The launch of the Aphria-branded medical strips is a compelling proof point in this regard, and, given the growing expansion of medical cannabis across the globe, we believe we are exceptionally well-positioned in this high-growth, high-margin market moving forward. We look forward to extending our leadership in medical cannabis and to delivering value for patients and shareholders alike.”
Blair MacNeil, President at Tilray Canada, added, “At Aphria Medical, our goal is to be the trusted partner for patients by providing them with high-quality, precise, and efficacious medical cannabis treatment. Delivering on this mission means meeting patients ‘where they are,’ including those who are unable or reluctant to swallow medication or do not prefer the taste of cannabis oil. To address this need, Aphria has pioneered a superior, non-combustible, discreet, and easy-to-use method of consumption that utilizes micronized cannabinoids for rapid absorption and relief from a range of conditions.”
The strips, which are now available throughout Canada, are available in three different cannabis ratios: THC 10, CBD 20:1, and THC:CBD 10:10 (coming soon). Each pack of Aphria oral strips comes with 30 individually wrapped strips for precise, single-dose delivery.
About Aphria Medical
Aphria Medical started in 2014 in Leamington, Ontario, as one of the first companies to provide access to legal medical cannabis. Since then, the Aphria brand has grown to be one of the top medical cannabis providers globally, with operations in Canada and international markets. Aphria remains committed to supplying its growing patient base with safe, affordable, consistent, and effective medical cannabis products.
For more information, visit: www.aphria.ca
About Tilray
Tilray, Inc. (Nasdaq: TLRY; TSX: TLRY) is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people's lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages.
For more information about Tilray medical cannabis products, visit: www.Tilray.ca
For more information about Tilray, visit www.Tilray.com
Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the Company’s ability to become the world's leading cannabis-focused consumer branded company with our target of $4 billion of revenue by 2024; the Company’s position and plans to be the #1 Canadian LP in total sales on a consolidated basis; management’s projected growth in market share and revenue in the EU cannabis market and its Sweetwater and Manitoba Harvest businesses; and expectations regarding the Company’s achievement of synergy targets. Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
For media inquiries, please contact:
Jaydon Case
news@tilray.com
For investor inquiries please contact:
Raphael Gross
203-682-8253
Raphael.Gross@icrinc.com
FIRE & FLOWER ANNOUNCES KEY RETAIL AND DIGITAL MILESTONES
DECEMBER, 02, 2021
https://investors.fireandflower.com/news/news-details/2021/Fire--Flower-Announces-Key-Retail-and-Digital-Milestones/default.aspx
Launch of PotGuide and Wikileaf Canadian E-Commerce Platforms Leverage a Milestone 100 Cannabis Retail Store Network with 360,000 Spark Perks™ Members
TORONTO, Dec. 2, 2021 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF) and its wholly-owned subsidiary Hifyre™ Inc. ("Hifyre"), today announced significant, interconnected milestones driving the Company towards a leading position as an omni-channel, e-commerce and brick-and-mortar retailer.
Fire & Flower Logo (CNW Group/Fire & Flower Holdings Corp.)
Launch of PotGuide and Wikileaf E-Commerce
Canadian customers of PotGuide and Wikileaf can now shop for cannabis products online. Products are available for purchase and fulfilled by the entire Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox retail network. Purchases are available to be delivered to customers in Ontario, Manitoba, British Columbia and Saskatchewan, and will soon be available for delivery in Alberta, or available for Fastlane "Click-and-Collect" at retail stores.
Visit https://shop.potguide.com and https://shop.wikileaf.com for more information or to place an order for cannabis products.
100 Retail Store Milestone
Fire & Flower's 100th cannabis retail store opened earlier this week in Scarborough, Ontario, making the Company one of the largest cannabis retail chains in North America. As Fire & Flower looks to evolve its retail business, 100 cannabis retail stores provide brick-and-mortar consumer traffic opportunities as well as a network of dispensaries for e-commerce fulfillment.
360,000 Spark Perks™ Members
On average, active Spark Perks™ members spend 31% more per transaction than non-members. The milestone of 360,000 Spark Perks™ members demonstrates the Company's continued growth of the first cannabis membership program in Canada and cements our position as a leader in digital customer engagement. To the Company's knowledge, Spark Perks™ is the largest cannabis member and loyalty program in the world.
"Our milestone of exceeding 100 corporate-owned stores across our network allows us to serve customers in every Canadian cannabis market where private retail is permitted. As we evolve our business, we look to driving traffic to our stores through e-commerce and convenience retail. An omni-channel, convenience-oriented strategy offers a clear value proposition to our customers and is aligned with our strategic partner, Alimentation Couche-Tard, owner of Circle K," shared Trevor Fencott, Chief Executive Officer of Fire & Flower.
"We have also recently announced the expansion of our store co-location program with Circle K and envision that the growth of this program will further amplify the ability to build a large and cost-effective retail network that is strategically placed adjacent to convenience hubs that generate high retail traffic. In addition, the co-location program will provide greater efficiencies in servicing customers who transact in e-commerce, the way they have traditionally purchased in the illegal market."
"As we enter the next stage of growth in our Company, we will build off these milestones and continue to innovate and deliver an experience that truly provides value to our customers," concluded Fencott.
Expanding upon one of the largest retail networks for cannabis in Canada, Fire & Flower is evolving to take a greater focus on digital engagement with customers and using its existing infrastructure to find unique ways to deliver products to new and existing customers across Canada. Utilizing its Hifyre platform, the Company's proprietary technology and data and analytics tool, Fire & Flower continues to implement a more personalized and consumer-centric retail experience by delivering real-time actionable insights and sophisticated analysis of what customers want and when they want it.
Earlier this year, Fire & Flower's acquisitions of PotGuide and Wikileaf enhanced Hifyre's asset-light approach and provided a scalable entry point to capture new customers and Spark Perks™ members in both Canada and the United States. Sparks Perks™ continues to aid the Hifyre IQ data and analytics platform in building a real-time understanding of cannabis consumer preferences and purchasing trends across North America to the benefit of Fire & Flower and its strategic partners.
Members of the Spark Perks™ program receive exclusive benefits including: Fastlane "Click and Collect" checkout, curbside pickup, Rapid Delivery where permitted, special deals, member-only events and exclusive offers. Spark Perks™ is free to join and no cannabis purchase is required to enroll in the program.
To receive Company updates and be added to the email distribution list please sign up here.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with over 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre Inc., to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the HifyreTM digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
Fire & Flower is a multi-banner cannabis retail operator that owns and operates the Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox brands. Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc. and Friendly Stranger Holdings Corp., licensed cannabis retailers that own and operate cannabis retail stores in the provinces of Alberta, Saskatchewan, Manitoba, British Columbia and Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "project" and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of management of Fire & Flower at the date the statements are made based on information then available to the Fire & Flower. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of Fire & Flower, which may cause Fire & Flower's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include: regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the impact of the COVID-19 pandemic; the ability of the Company to successfully achieve its business objectives and political and social uncertainties.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form dated April 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended July 31, 2021 filed on its issuer profile on SEDAR at www.sedar.com . The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Trulieve Celebrates Grand Opening of New Tampa Dispensary
December 1, 2021 at 8:45 AM EST
https://investors.trulieve.com/news-releases/news-release-details/trulieve-celebrates-grand-opening-new-tampa-dispensary
Florida's leading medical cannabis company to open its 110th dispensary in the state, invites Tampa community to join ribbon cutting and grand opening celebration
TALLAHASSEE, Fla., Dec. 1, 2021 /PRNewswire/ - Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the United States, today announced the opening of its newest dispensary located on North Dale Mabry Highway in Tampa, Florida. Trulieve will host a ribbon cutting and begin serving patients at this location at 9:00 am on Thursday, December 2 and will continue the celebration with all-day festivities and deals. The new location is Trulieve's 110th dispensary in Florida and its 157th nationwide.
"We are thrilled to open our newest dispensary in Tampa, a city and community that has been an integral part of the Trulieve growth story," said Trulieve CEO, Kim Rivers. "We are honored to provide an improved and unrivaled retail experience for patients in the greater Tampa-Hillsborough area and look forward to continuing our work with the many community-based organizations that have welcomed us here over the years. We were one of the first operators to begin serving patients here in Tampa, and our commitment to this community is as strong as ever."
ANNOUNCING: Trulieve Tampa - North Dale Mabry Grand Opening & Ribbon Cutting
WHERE: 8602 N Dale Mabry Hwy, Tampa, FL 33614
WHEN: Thursday, December 2nd, 2021 at 9:00 am
Trulieve invites the Tampa community to join the grand opening festivities, which will include complimentary breakfast and lunch from Simply Done Donuts and Panera Bread, custom t-shirt screen printing from St. Petersburg-based Craft Tee, music, partner swag giveaways, and all-day deals. All registered patients will be eligible for a 25% in-store discount at the new Tampa dispensary on opening day, and first-time Trulieve customers are always eligible for a 50% new customer discount. Additionally, Trulieve is hosting a Toy Drive in all Florida locations through December 5. Each patient who donates a new, unwrapped toy will receive an additional 10% discount and donations will benefit four non-profits across Florida: Dreams Come True, Boys and Girls Club of the Big Bend, Little Smiles, and Operation Toy Soldier.
The new location on North Dale Mabry Hwy will feature Trulieve's broad product selection, including the recently-launched TruTonic drink mixes and Muse Live Sauz Cartridges, which launch December 1 across all Florida stores. As Florida's first, largest and leading medical cannabis provider, Trulieve's employees are experts in cannabis products and the process of becoming a medical cannabis patient. From those interested in applying for a card to long-time patients, the Trulieve team looks forward to welcoming Tampa-area patients to the new dispensary at 8602 N Dale Mabry Highway. Trulieve also offers statewide home delivery, convenient online ordering, and in-store pickup.
For more information, or to learn how to become a registered patient, please visit Trulieve.com.
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
To learn more about Trulieve, visit Trulieve.com.
Cision View original content:https://www.prnewswire.com/news-releases/trulieve-celebrates-grand-opening-of-new-tampa-dispensary-301434992.html
SOURCE Trulieve Cannabis Corp.
Media Contact: Teresa Coulter, Public Relations, +1 (850) 681-8530, tcoulter@vancorejones.com; Investor Contact: Christine Hersey, Director of Investor Relations, +1 (424) 202-0210, Christine.Hersey@Trulieve.com
It's a sad predicament. Worse, I believe NASDAQ will do nothing for us.
Revenues and profits are all The Street cares about. Valens is making a lot of the right moves. Unfortunately, we over valued the company. Now is a much better time to get in.
Trulieve Cannabis Corp. Issues Inaugural Environmental, Social, and Governance Report
November 29, 2021 at 8:00 AM EST
https://investors.trulieve.com/news-releases/news-release-details/trulieve-cannabis-corp-issues-inaugural-environmental-social-and
The company's first ESG report outlines efforts to operate with integrity and support
long-term sustainability
TALLAHASSEE, Fla., Nov. 29, 2021 /PRNewswire/ - Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), the largest multi-state operator (MSO) in the United States, today announced the publication of its first Environmental, Social, and Governance (ESG) Report (the "Report"). The Report contains standard disclosures from the Global Reporting Initiative (GRI) Sustainability Reporting Standards, The Sustainability Accounting Standards Board (SASB) as well as the United Nations Sustainable Development Goals. The Report highlights ESG achievements to date and serves as a foundation for demonstrating how the Company's ESG approach, strategies and commitments are embedded within its core business.
"Since Trulieve was founded, our patients, customers and employees have been at the heart of everything we do. We believe in the power of cannabis for all and take great pride in providing access to innovative products for our customers, building engagement in the communities where we work and live, advocating for our industry, and ensuring a positive social approach to social justice and equality," stated CEO, Kim Rivers.
"While this is our first report, these principles and initiatives have been core to our business since its beginning. Our high standards of ethics and governance are integrated into the way we do business every day. We recognize that what we do from an environmental, social and governance perspective is important to our stakeholders, and we are proud of our commitment to transparency and responsibility as the first U.S. MSO to issue an ESG report."
Rivers added, "Cannabis is a generational opportunity. We know there's still work to do as we advance our sustainability journey, and we are committed to communicating our progress, holding ourselves accountable and being good corporate stewards to ensure the cannabis industry is safe, inclusive, equitable and sustainable for generations to come."
Key takeaways from the ESG report include:
Conducted our inaugural materiality assessment with an ESG consultant to identify and prioritize key non-financial topics for our business and stakeholders
Formed a cross functional ESG Steering Committee to collaboratively gather and validate baseline information and plan future initiatives
Established ESG targets for 2022 with key activities of reducing our carbon footprint, broadening our Diversity, Equity, and Inclusion (DEI) activities, and establishing a board committee
Reviewed Trulieve's environmental sustainability, approach to community engagement and social responsibility, and corporate governance protocols
Discussed DEI initiatives across our company and within our communities
Provided case studies to illustrate the Reports theme: The Trulieve Way
To download the full report, please visit the Company's ESG webpage: trulieve.com/esg-dei-initiatives
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
To learn more about Trulieve, visit trulieve.com.
Cision View original content:https://www.prnewswire.com/news-releases/trulieve-cannabis-corp-issues-inaugural-environmental-social-and-governance-report-301432650.html
SOURCE Trulieve Cannabis Corp.
ESG Contact, Lynn Ricci, (850) 270-5691, esg@trulieve.com; Media Contact, MATTIO Communications, trulieve@mattio.com; Investor Contact, Christine Hersey, +1 (424) 202-0210, Christine.Hersey@Trulieve.com
Could this be any less exciting? --->>> MediPharm Labs Completes Medical Cannabis Export to Barbados
My misery isn't relieved by company.
Too bad--->>>FIRE & FLOWER ANNOUNCES SHARE CONSOLIDATION AS PART OF UPCOMING NASDAQ LISTING
NOVEMBER, 29, 2021
https://investors.fireandflower.com/news/news-details/2021/Fire--Flower-Announces-Share-Consolidation-as-Part-of-Upcoming-NASDAQ-Listing/default.aspx
NASDAQ listing is expected to provide greater exposure to U.S. markets
TORONTO, Nov. 29, 2021 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower", or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading, technology-powered, cannabis retailer today announced that, in connection with the potential additional listing of the common shares in the capital of the Company (the "Shares") on the Nasdaq, it has filed articles of amendment implementing a consolidation of the Shares on the basis of ten (10) pre-consolidation Shares for every one (1) post-consolidation Share (the "Consolidation"). The Consolidation was previously approved by the Company's shareholders at its annual and special meeting of shareholders held on June 9, 2021.
Fire & Flower (CNW Group/Fire & Flower Holdings Corp.)
Trevor Fencott, Chief Executive Officer of Fire & Flower commented, "The share consolidation is an important step in our U.S. expansion strategy. It enables Fire & Flower to qualify for a listing on the NASDAQ and expand its shareholder base which, in turn, provides the Company with increased flexibility and enhanced liquidity to accelerate its strategic growth plans."
"We have built an industry-leading cannabis consumer technology platform and, as demand for our technology platform continues to build in the U.S., now is the right time to advance our NASDAQ listing and make our shares more accessible to a larger investor audience."
"Along with our previously announced acquisitions of trusted cannabis strain information destination, Wikileaf (www.wikileaf.com) and best-in-class dispensary, culture and cannabis marketplace, PotGuide in Denver, Colorado (www.potguide.com), the share consolidation is the next important step in our U.S. expansion strategy. We look forward to completing the listing in the upcoming weeks as we announce continued growth of our cannabis consumer technology platform and execution on our asset-light business model," said Trevor Fencott, CEO of Fire & Flower.
Notice of the Consolidation has been provided to the Toronto Stock Exchange ("TSX"). The Shares will continue to be listed on the TSX under the symbol "FAF", and the Shares are expected to begin trading on a post-Consolidation basis on the TSX on or about December 1, 2021. Following the Consolidation, the new CUSIP number for the Shares is 318108305 and the new ISIN for the Shares is CA3181083054.
As a result of the Consolidation, the 358,146,179 Shares issued and outstanding prior to the Consolidation have been reduced to approximately 35,814,617 Shares (disregarding the treatment of any resulting fractional shares). Each shareholder's percentage ownership in the Company and proportional voting power remains unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any resulting fractional Shares. The Company will not be issuing fractional post-Consolidation Shares. Where the Consolidation would otherwise result in a shareholder being entitled to a fractional Share, the number of post-Consolidation Shares issued to such shareholder will be rounded down to the nearest whole number of Shares.
The Company's transfer agent, Computershare Investor Services Inc. ("Computershare"), will act as the exchange agent for the Consolidation. In connection with the Consolidation, Computershare has sent a letter of transmittal to registered shareholders holding their Shares in certificated form to exchange their old Share certificates for new Share certificates, in accordance with the instructions provided in the letter of transmittal. Registered shareholders will be able to obtain additional copies of the letter of transmittal through Computershare. Until surrendered, each certificate representing pre-Consolidation Shares will represent the number of whole post-Consolidation Shares to which the holder is entitled as a result of the Consolidation.
Registered holders holding their Shares by way of a Direct Registration System Advice/Statement, and non-registered beneficial holders holding their Shares through intermediaries (securities brokers, dealers, banks, financial institutions, etc.) will not need to complete a letter of transmittal. Non-registered beneficial holders holding their Shares through an intermediary should note that such intermediaries may have specific procedures for processing the Consolidation. Shareholders holding their Shares through such an intermediary and who have any questions in this regard are encouraged to contact their intermediary.
The exercise or conversion price and the number of Shares issuable under any of the Company's outstanding warrants, convertible debentures, stock options and other securities exercisable for or convertible into Shares will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof.
The Company's proposed listing on the Nasdaq remains subject to satsifying all of the listing standards of the Nasdaq and there is no assurance that such listing will be completed.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 95 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre Inc., to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the HifyreTM digital and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
Fire & Flower is a multi-banner cannabis retail operator that owns and operates the Fire & Flower™, Friendly Stranger™, Happy Dayz™ and Hotbox™ brands. Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc. and Friendly Stranger Holdings Corp., licensed cannabis retailers that own and operate cannabis retail stores in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit https://fireandflower.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "project" and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information in this news release includes, but is not limited to, when the Shares will commence trading on a post-Consolidation basis and the Shares qualifying for a listing on the Nasdaq and the timing of any such listing.
Forward-looking statements are based on the opinions and estimates of management of Fire & Flower at the date the statements are made based on information then available to the Fire & Flower. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of Fire & Flower, which may cause Fire & Flower's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include: regulatory and other approvals or consents.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form dated April 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for quarter ended July 31, 2021 filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this new release are made as of the date of this news release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
Indiva’s CEO, Niel Marotta, will be presenting online Wednesday, Dec 1 within MoneyShow’s Virtual Conference at 2:45 pm ET, 11:45 am PT; and will host an Interactive Investor Update on Thursday, Dec 2 after-market at 1 pm PT, 4 pm ET. Please click below to register.
https://online.moneyshow.com/2021/november/canada-virtual-expo/speakers/873bdb49673f42969b06389873c5141f/niel-marotta/?scode=054796&_kx=NHjxLRdLG_MrA5mRXF_UTCvF2cc3Zo4xlAt2Eh_Flgk%3D.P6GTmJ
Not to sound too puffy with bluster, but the negativity associated with an R/S and the PPS pummeling may just be presenting The Street with a fabulous buying opportunity.
Once Valens bottom line is black, investors fortunes should turn rosy.
Bipartisan Senators Urge Passage Of Marijuana Banking Through Defense Bill
Published 16 hours ago on November 23, 2021
By Kyle Jaeger
https://www.marijuanamoment.net/bipartisan-senators-urge-passage-of-marijuana-banking-through-defense-bill/
Bipartisan members of a key Senate committee sent a letter on Tuesday urging the chamber to adopt language from a House-passed national defense bill that would protect banks that service state-legal marijuana businesses.
The House approved its version of the must-pass National Defense Authorization Act (NDAA) in September, with an amendment that would prevent financial institutions from being penalized by federal regulators solely for working with cannabis companies operating in compliance with state law.
Now a group of five members on the Senate Armed Services Committee have asked leadership to ensure that the final package that comes out of bicameral conference committee retains that language before the measure is sent to President Joe Biden for his signature.
Led by Sen. Jacky Rosen (D-NV), the letter states that “financial institutions are often reluctant to transact with cannabis-related businesses, even in states that have some form of legalized cannabis, due to legal and regulatory risks arising from inconsistent federal and state laws.”
“Allowing cannabis businesses operating legally and in compliance with state law to access financial services without federal reprisal would address public safety and compliance challenges, helping communities reduce cash-motivated crimes,” it continues.
Passing the Secure and Fair Enforcement (SAFE) Banking Act through NDAA “would support a rapidly growing industry that creates jobs, supports small businesses, and raises revenue in states that have chosen to legalize cannabis, while reducing safety risks,” the letter—which was also signed by Sens. Gary Peters (D-MI), Angus King (I-ME), Kevin Cramer (R-ND) and Mark Kelly (D-AZ)—says.
NEW: @SenJackyRosen + four other senators sent a letter to leaders of the Senate and House Armed Services Committees asking that the #SAFEBankingAct language be included in the NDAA — which the Senate will take up after the Thanksgiving break. pic.twitter.com/u9PY7z9R4c
— Natalie Fertig (@natsfert) November 23, 2021
Bipartisan Senators Urge Passage Of Marijuana Banking Through Defense Bill
Published 16 hours ago on November 23, 2021
By Kyle Jaeger
https://www.marijuanamoment.net/bipartisan-senators-urge-passage-of-marijuana-banking-through-defense-bill/
Bipartisan members of a key Senate committee sent a letter on Tuesday urging the chamber to adopt language from a House-passed national defense bill that would protect banks that service state-legal marijuana businesses.
The House approved its version of the must-pass National Defense Authorization Act (NDAA) in September, with an amendment that would prevent financial institutions from being penalized by federal regulators solely for working with cannabis companies operating in compliance with state law.
Now a group of five members on the Senate Armed Services Committee have asked leadership to ensure that the final package that comes out of bicameral conference committee retains that language before the measure is sent to President Joe Biden for his signature.
Led by Sen. Jacky Rosen (D-NV), the letter states that “financial institutions are often reluctant to transact with cannabis-related businesses, even in states that have some form of legalized cannabis, due to legal and regulatory risks arising from inconsistent federal and state laws.”
“Allowing cannabis businesses operating legally and in compliance with state law to access financial services without federal reprisal would address public safety and compliance challenges, helping communities reduce cash-motivated crimes,” it continues.
Passing the Secure and Fair Enforcement (SAFE) Banking Act through NDAA “would support a rapidly growing industry that creates jobs, supports small businesses, and raises revenue in states that have chosen to legalize cannabis, while reducing safety risks,” the letter—which was also signed by Sens. Gary Peters (D-MI), Angus King (I-ME), Kevin Cramer (R-ND) and Mark Kelly (D-AZ)—says.
NEW: @SenJackyRosen + four other senators sent a letter to leaders of the Senate and House Armed Services Committees asking that the #SAFEBankingAct language be included in the NDAA — which the Senate will take up after the Thanksgiving break. pic.twitter.com/u9PY7z9R4c
— Natalie Fertig (@natsfert) November 23, 2021
Agreed. An R/S is never done for a good reason.
Remaining hopeful.
Your astute observations are spot on.
CVS Health Completes Rollout of Time Delay Safes in All 851 Texas Pharmacies
https://cvshealth.com/news-and-insights/press-releases/cvs-health-completes-rollout-of-time-delay-safes-in-all-851-texas
A woman enters a CVS Pharmacy location. A Sign on the door reads "Warning: Time-Delay Pharmacy Safes In Use. Monitored by 24-Hour Surveillance. Emergency Alarm Systems. For Safety And Security. CVS Pharmacy"
Tuesday, November 23, 2021
New safes for controlled substances anticipated to help reduce robbery incidents
The company previously implemented time delay safe technology in all 223 CVS Pharmacy locations in Houston
WOONSOCKET, R.I. — As part of an ongoing commitment to helping build healthier and safer communities, CVS Health® (NYSE: CVS) today announced the completed installation of time delay safe technology in all 851 CVS Pharmacy locations, including those in Target stores, across Texas. The company implemented the new safes initially in September at all 223 CVS Pharmacy locations in Houston.
The safes are anticipated to help prevent pharmacy robberies and the potential for associated diversion of controlled substance medications — including opioid medications such as oxycodone and hydrocodone — by electronically delaying the time it takes for pharmacy employees to open the safe. In addition, the safes are anticipated to benefit the safety and well-being of CVS Pharmacy customers and employees.
CVS Health first implemented time delay safe technology in 2015 in CVS Pharmacy locations across Indianapolis, a city experiencing a high volume of pharmacy robberies at the time. The company saw a 70% decline in pharmacy robberies among the Indianapolis stores where time delay safes had been installed.
Since then, the company has introduced time delay safes across 19 states and the District of Columbia, resulting in a 50% decline in robberies at CVS pharmacies in those local communities.
“While our company continues to focus on moving the country one step closer to a post-pandemic world by increasing access to COVID-19 vaccines, testing and other measures to help create healthy communities, the misuse of prescription drugs also remains a focus,” said Tom Moriarty, Chief Policy Officer and General Counsel, CVS Health. “Time delay safes can help reduce the theft and diversion of opioid medications and bring added security to our stores which creates a safe environment for our patients and colleagues.”
The time delay function cannot be overridden and is designed to serve as a deterrent to would-be pharmacy robbers whose goal is to enter and exit their robbery targets as quickly as possible. All CVS Pharmacy locations across Texas with time delay safes display visible signage warning that time delay safes are in use to prevent on-demand access to controlled substance narcotics.
CVS Health’s time delay safe program is one of many company initiatives to help address and prevent prescription opioid misuse and diversion. Through its Safe Medication Disposal Program in Texas, for example, the company has installed 252 drug disposal units in select CVS Pharmacy locations and donated 69 units to local police departments in the state. To date, approximately 250,000 pounds of unwanted and expired medication have been collected in Texas.
Presently, the company supports over 4,000 safe medication disposal units in CVS Pharmacy locations and through local law enforcement organizations nationwide. Together, these existing medication disposal units have collected more than 3 million pounds of unwanted medications that might otherwise have been diverted, misused or ended up in the water supply.
Additionally, CVS Pharmacy locations that do not offer a safe medication disposal kiosk offer DisposeRx® packets at no cost to patients filling an opioid prescription for the first time. According to the manufacturer, when warm water and the DisposeRx powder are added to a container, the combination breaks down medications — including powders, pills, capsules, tablets, liquids or patches — to a non-divertible biodegradable gel, allowing for safe disposal in the trash at home.
CVS Health’s commitment to helping prevent and address drug misuse and diversion also extends to community education and increasing access to the opioid overdose-reversal drug naloxone.
Our Pharmacists Teach Program connects volunteer CVS pharmacists with local students to encourage conversation and teach youth about the dangers of prescription drug misuse.
Since 2015, our pharmacists have volunteered their time and delivered curriculum to more than 600,000 teens and parents across the country. We’ve partnered with Discovery Education to expand the reach of Pharmacists Teach into more classrooms with a no-cost digital prevention program called Dose of Knowledge. This program provides standards-aligned resources to educators and pharmacists across the U.S. and strives to empower educators and pharmacists to address substance misuse and educate students to make good decisions for the health and well-being of themselves and their community. The Pharmacists Teach Program together with Dose of Knowledge have impacted more than 1.2 million lives.
Finally, CVS Pharmacy patients can now access the opioid overdose-reversal drug naloxone without an individual prescription at every CVS Pharmacy location nationwide, including all 50 states, Washington, D.C., and Puerto Rico. CVS Health has also worked with Google to help people locate naloxone at CVS Pharmacy and other locations in their community using Google’s locator tool.
With its national reach and local presence, CVS Health has been working hard to help address opioid misuse and diversion with an enterprise-wide approach. To learn more about CVS Health’s efforts, visit the company’s Opioid Response website.
For downloadable time delay safe photos, please visit the Media Resource Center.
About CVS Health
CVS Health is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that’s managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Learn more at www.cvshealth.com.
Media contact
Monica Prinzing
831-241-8294
Monica.Prinzing@CVSHealth.com
CVS Health to Invest $7.7 Million in Affordable Housing in Tampa
Monday, November 22, 2021
https://cvshealth.com/news-and-insights/press-releases/cvs-health-to-invest-77-million-in-affordable-housing-in-tampa
WOONSOCKET, R.I. /PRNewswire/ — CVS Health® (NYSE: CVS) announced it will invest $7.7 million with Raymond James Tax Credits Funds to build a 61-unit multifamily apartment home development called Uptown Sky for families in Tampa. This investment is part of the company’s commitment to address racial inequity and social determinants of health in underserved communities.
“When people have access to high-quality, affordable housing, it puts them in a better position to take care of their health and manage chronic disease,” said David Casey, SVP and Chief Diversity Officer, CVS Health. “As part of our commitment to address social justice and racial inequity, we're addressing social determinants of health at the community level in Tampa, which is where we can make a meaningful and lasting impact.”
The new Uptown Sky development will be located at 13603 North 12th Street in Tampa. Data compiled from the Census indicates that approximately 75% of residents identify as Black or Latino, and 60% live below the poverty line. Additionally, according to a recent report from the National Low-Income Housing Coalition, nearly half of American workers don’t earn enough to afford a one-bedroom apartment, and Tampa is reaching its highest rates to date, with rent increasing more than 20% in the last year.
CVS Health is working with co-developers Blue Sky Communities and University Area Community Development Corporation, a Tampa-area nonprofit, to develop Uptown Sky and provide comprehensive support to residents. Blue Sky Communities is a leading advocate for helping nonprofits and local governments reach their affordable housing goals by developing state of the art, environmentally-sound affordable housing units. University Area Community Development Corporation is focused on championing positive change in the economic, educational and social levels of the Tampa community through youth programs, adult education, affordable housing, workforce and resource assistance, and community engagement.
“This investment by CVS Health provides a vital link between big business and urban redevelopment,” said Shawn Wilson, President of Blue Sky Communities. “Many organizations recognize the impact that quality affordable housing and access to health care have on someone’s health and well-being, but it takes the financial commitment of partners like CVS Health and Aetna to help provide those services to communities in need.”
Uptown Sky will provide two and three-bedroom housing units at a reduced rent to families with demonstrated need. Additionally, all residents will have access to on-site supportive services in the neighborhood center located on the bottom floor of the building. It will serve as a hub for residents and will offer computer training, homeownership programs, workforce training and financial management programs. It will also include a multi-purpose classroom where individuals will have access to classes to encourage healthy habits, including art, dance, yoga and karate.
“We know that housing insecurity can have a major impact on a person’s health and well-being,” said Richard Weiss, President of the Florida Market for Aetna, a CVS Health company. “Our investment in the Florida community will ensure that individuals and families have access to quality, affordable housing.”
About CVS Health
CVS Health is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health whether that's managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system and their personal health care by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Learn more at www.cvshealth.com.
Media contact
Eva Pereira
781-686-4200
Eva.Pereira@CVSHealth.com
See Trivia tidbit --->>> Trulieve Debuts Bhang Cannabis-Infused Edibles in Florida
November 22, 2021 at 4:15 PM EST
Tilray Hosts 2021 Annual Meeting of Shareholders
November 22, 2021 at 5:15 PM EST
https://ir.tilray.com/news-releases/news-release-details/tilray-hosts-2021-annual-meeting-shareholders
Chairman and CEO Irwin D. Simon Affirms Global Growth Strategy, Driven by Strong Positioning across the EU, Canada, and the U.S.
Tilray’s Leading European Footprint and Market Leadership in Germany Positions the Company to Seize Recreational Cannabis Opportunity
NEW YORK, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Tilray, Inc. (“Tilray” or the “Company”) (NASDAQ | TSX: TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, today held its first Annual Meeting of Shareholders as the ‘new’ Tilray, the leading cannabis-lifestyle and consumer packaged goods company with the largest global geographic footprint in the industry.
Irwin D. Simon, Chairman and CEO, said, “In just six months, we have made concrete and measurable progress integrating our operations while capitalizing on the fast-growing consumer demand for wellness and consumer lifestyle products. Our assets in pursuit of this goal – a portfolio of highly sought-after, high-quality brands, significant operational scale, a broad global distribution footprint, and a commitment to operational excellence – provide clear and differentiated benefits as we plan to build long-term, sustainable shareholder value.”
He continued, “At the same time, in fiscal 2021, our brand platform generated positive Adjusted EBITDA with the added benefit of enhanced operational efficiencies, infrastructure, production facilities, and distribution networks to capitalize on the long-term growth opportunity that comes with ongoing cannabis legalization. This ‘current value plus upside' model is the backbone of the pursuit of our target of delivering $4 billion in revenue by the end of fiscal 2024. I remain highly optimistic about the future.”
Strong Presence in the E.U.: In the E.U., a growth market with nearly twice the population of the US, Tilray expects to generate $1 billion in revenue by the end of fiscal 2024 with a mix of organic growth and acquisitions. The Company has state-of-the-art cultivation facilities in Portugal and Germany that supply pharmaceutical-grade medical cannabis across international markets, as well as sales and distribution arrangements to supply cannabis through major pharmaceutical distribution channels. Further, we believe that Tilray’s reputation for product quality puts it in an excellent position to capture the opportunity for adult-use legalization in the E.U. when the time comes.
Last week, leaders in Germany’s incoming government coalition made substantial progress towards legalizing recreational cannabis in that market. Tilray is ideally positioned when legalization happens based on its market leadership in medical cannabis, production capacity, and strength in brand-building.
Building on Leadership Position in Canada through Strength of Brand Portfolio: In Canada, Tilray remains the #1 licensed producer in the CAD$4.62 billion cannabis market, driven by its portfolio of carefully curated brands across the medical, wellness, and cannabis 2.0 product segments and its processing capacity and distribution. Five brands in the Tilray portfolio rank in the top five sales brands across adult-use categories based on HiFyre sales data for August through October 2021. The Company is making strategic investments in sales and distribution to grow its market share to a target of 30% by the end of fiscal year 2024. It has also expanded its medical business in Canada through Tilray-branded cannabis edibles and the launch of its Symbios brand to offer patients a broader spectrum of cannabis formats and cannabinoid ratios at a better price point.
Focused on Cultivating Brand Recognition and Deepening U.S. Footprint: In order to drive current revenue generation while positioning the business for accelerated future growth, Tilray is building its U.S. business on several fronts. In 2020, Tilray acquired Sweetwater, the 11th largest craft brewer in the U.S. We plan to grow Sweetwater further by expanding distribution, building awareness, and new product development. Tilray is also committed to growing our Manitoba Harvest business, a pioneer in branded hemp and wellness products, with access to 17,000 stores in North America. Together, Sweetwater and Manitoba are combined $100-plus million businesses and have exciting potential for future growth, including in the CBD market today and over time in THC-based products. In addition, to further reinforce its ability to seize the U.S. market opportunity when federal legalization allows, Tilray acquired the majority of the Convertible Notes of MedMen, a leading cannabis retail brand.
Commitment to Operational Excellence: Since the closing of the merger with Aphria, Tilray’s leadership team has increased quarterly reported sales and delivered on the Company’s synergy commitments to drive bottom-line results.
In the fiscal year ended May 31, 2021, Tilray generated $513 million in revenue, a 27% increase compared to the prior year, and in the first quarter of fiscal 2022, revenue growth increased to 43% year over year.
Tilray delivered Adjusted EBITDA of more than $40 million in the fiscal year ended May 31, 2021, and its 10th consecutive quarter of positive Adjusted EBITDA in the first quarter of fiscal 2022.
Tilray achieved $55 million in synergies on a run-rate basis through the end of the first quarter of fiscal 2022. The Company currently expects to deliver approximately $80 million of annual pre-tax cost synergies by one year from now, ahead of its original plan.
About Tilray
Tilray, Inc. (Nasdaq: TLRY; TSX: TLRY) is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people's lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages.
For more information about Tilray, visit www.Tilray.com
Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the Company’s ability to become the world's leading cannabis-focused consumer branded company with our target of $4 billion of revenue by 2024; the Company’s position and plans to be the #1 Canadian L.P. in total sales on a consolidated basis; management’s projected growth in market share and revenue in the E.U. cannabis market and its Sweetwater and Manitoba Harvest businesses; and expectations regarding the Company’s achievement of synergy targets. Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Contacts
For media inquiries, please contact:
Berrin Noorata
news@tilray.com
For investor inquiries, please contact:
Raphael Gross 203-682-8253
Raphael.Gross@icrinc.com