Bonduelle – 2023-2024 Annual Results: Bonduelle is launching its 3 year transformation program
BONDUELLE
Head office: “La Woestyne” – 59173 Renescure – France
Bonduelle a French S.C.A (Partnership limited by Shares) with a capital of 57 102 699,50 euros
Registered under number: 447 250 044 (Dunkerque Commercial and Companies Register)
Bonduelle is launching its 3 year transformation program
During a press conference on October 7, 2024, the Bonduelle Group will present its 3 year transformation program “Transform to win” as well as its FY 2023-2024 financial and extra-financial performances.
“Transform to win” is based on a solid strategic review of business activities and aims at restoring the group’s ability to develop as a successful and attractive B Corp company.
The Bonduelle Group closed its fiscal year with higher annual sales and a current operating income above the guidance(1) and is forcasting a stable business activity and profitability for FY 2024-2025(1).
Message from Xavier Unkovic – Chief Executive Officer:
“Transformation is at the heart of our business model, which has been able to reinvent itself in response to the challenge it has faced for over 170 years. Driven by powerful fundamentals – the strong commitment of our teams, healthy and delicious products carried by iconic brands, and our positive impact ambition – the Bonduelle metamorphosis takes on a new dimension.
We operate in a global environment marked by economic and geopolitical uncertainties, consumer tensions and erosion of purchasing power. Facing these challenges, we have kept our commitments and confirmed our ambition to deploy a sustainable business model. With targeted innovations and relevant activations, our brands are expanding.
The coming year will be an important period of transition as we roll out our transformation plan to prepare for a rebound and then an acceleration in our performance in the years ahead.”
“Transform to win”, a transformation supported by 5 pillars:
After a year at the head of the group, which allowed a strategic review of its business activities, Xavier Unkovic announces the launch of a vast transformation program. “Transform to win”, deployed throughout the Bonduelle Group.
This work has confirmed the relevance of the group’s mission regarding plant-rich food and that it operates in attractive market segments in line with strong consumer trends.
The “transform to win” program is built around 5 strategic pillars:
- Performance
- Brands and innovations
- Key geographies
- Operational and organizational efficiency
- Positive impact.
This 3 year plan will create the conditions for transition, then a rebound, and finally an acceleration of the company’s performance around an organization aligned with shared objectives and ambitious strategic planning.
Financial performance
On October 4, 2024, the Supervisory Board, under the chairmanship of Martin Ducroquet, reviewed the statutory and consolidated financial statements for FY 2023-2024 as approved by the General Management and certified by the company’s statutory Auditors.
The Bonduelle Group’s sales for the fiscal year 2023-2024 ended June 30, 2024 amounted to 2,371.8 million euros, an increase of +2.7% on a like-for-like basis(1). After taking into account the exchange rate variations, it shows a decline of -1.4% on reported figures.
Current operating income increased by +30.5% on a like-for-like basis(1) and +14.3% on a reported figures with the current operating margin of 3.2% on a reported figures higher than the communicated guidance.
Key figures
| (In millions of euros) | 2023-2024 | 2022-2023 | Variations |
| Sales | 2,371.8 | 2,406.2 | -1.4% |
| Current operating income | 75.3 | 65.9 | +14.3% |
| Net result | -119.8 | 14.5 | N/A |
Activity by Geographic Region
| Total consolidated sales (In millions of euros) |
2023-2024 | 2022-2023 | Variation Reported figures |
Variation Like-for-like basis(1) |
| Europe Zone | 1,558.2 | 1,508.1 | 3.3% | 2.9% |
| Non-Europe Zone | 813.6 | 898.1 | -9.4% | 2.4% |
| Total | 2,371.8 | 2,406.2 | -1.4% | 2.7% |
Activity by Operating Segments
| Total consolidated sales (In millions of euros) |
2023-2024 | 2022-2023 | Variation Reported figures |
Variation Like-for-like basis(1) |
| Canned | 1,120.1 | 1,126.3 | -0.5% | 6.1% |
| Frozen | 303.0 | 278.8 | 8.7% | 10.3% |
| Fresh processed | 948.6 | 1,001.1 | -5.2% | -3.3% |
| Total | 2,371.8 | 2,406.2 | -1.4% | 2.7% |
Europe Zone
The Europe Zone, representing 65.7% of the business activity over the fiscal year, posted a growth over this period of +3.3% on reported figures and +2.9% on a like-for-like basis(1) despite a slowdown in sales reflecting the sluggish consumer climate in the last quarter.
The canned and frozen private label ranges enjoyed a strong growth over the year, reflecting the pressure on purchasing power while the branded Bonduelle and Cassegrain products showed a significant growth over the period, in both retail and food service channels.
The fresh processed (bagged salads) and prepared segment posted stable sales over the period, with salads in Italy and fresh prepared segments reporting growth, whereas salads in France and in Germany were down in a declining market.
Non-Europe Zone
The Non-Europe Zone, representing 34.3% of the business activity over the fiscal year, grew over the 2023-2024 fiscal year by +2.4% on a like-for-like basis(1) (-9.4% on reported figures).
Over the fiscal year, the Eurasia region and emerging countries continue to grow both in volumes and in value thanks to the solid growth of the Bonduelle canned brand and further sustained acceleration in frozen food in retail.
North American activity remained down over the period, while the market-leading Ready Pac branded bowls and salad-kits both grew in volume and value in retail, while the bagged salad segment declined.
Operating income
| (In millions of euros) | 2023-2024 | 2022-2023 | Variation Reported figures |
Variation Like-for-like basis(1) |
| Sales | 2,371.8 | 2,406.2 | -1.4% | +2.7% |
| Current operating income | 75.3 | 65.9 | +14.3% | +30.5% |
| Current operating margin rate | 3.2% | 2.7% | +44 bps | +74 pbs |
For fiscal year 2023-2024, the Bonduelle Group’s current operating income stands at 75.3 million euros at constant exchange rates compared to 65.9 million euros for the previous fiscal year, i.e., a current operating margin of 3.2% on reported figures higher than the target announced at the beginning of the fiscal year enabled by proactive programs to improve industrial efficiency and tight control of overheads.
The Europe Zone posted an operating margin of 5.1% on a like-for-like basis(1), up 40 bps over the fiscal year, despite a downturn of the business activity in volumes and an increase in private labels.
Growth in current operating income for the Non-Europe Zone and in current operating margin (0.7% on a like-for-like basis(1) vs. -0.6% the previous year) continued, driven in particular by the turnaround in the North American business activities, which benefited from the competitiveness inititiatives launched in 2022-2023 and pursued throughout the year.
Non-recurring items amounted to -145 million euros over FY, mainly comprising the impairment of intangible assets in the fresh segment in North America on the one hand and the 100% impairment of assets from the Saint-Mihiel plant in the Meuse region (France) on the other hand (5 million euros), which closure was announced in a press release dated August 29, 2024. Despite a turnaround in the fresh segment in North America expected to begin in 2023-2024, the anticipated generation of discounted future cash flow is lower than the value of assets concerned, the group impaired the goodwill of this business by 131 million euros.
After taking into account non-recurring items for the fiscal year, the Bonduelle Group operating income reaches -69.7 million euros on a reported figures, compared to 54.1 million euros the previous year.
Net Income
The net financial income came to -35.1 million euros compared with -31.3 million euros at the end of the previous year. The increase was due partly to a rise in working capital requirements, and in particular inventories (volumes effect due to lower consumption, and value effect due to inflation), and partly to the continuing rise of interest rates on the main currencies in which the group operates, partially limited by the hedging instruments in place. The average financing rate thus rose from 4.01% to 4.39%.
Net income from associates amounted to 3.6 million euros compared with 4.4 million euros the previous year, mainly corresponding to the group’s share of income from its minority holding from Nortera Foods.
Income tax expense came to 18.5 million euros, stable compared with the previous year, as it included the non-activation losses from the North American fresh activity and the non-deductibility of the 131 million euros of impairment booked on the same perimeter as non-recurring items.
After taking into account income from associates, financial income and tax expense, the Bonduelle Group’s net income for fiscal year 2023-2024 came to -119.8 million euros compared with 14.5 million euros for the previous fiscal year.
Financial situation
| June 30, 2022 Reported figures |
June 30, 2022 Excl. IFRS 16 standards |
June 30, 2023 Reported figures |
June 30, 2023 Excl. IFRS 16 standards |
June 30, 2024 Reported figures |
June 30, 2024 Excl. IFRS 16 standards |
|
| Net debt (In millions of euros) | 362.9 | 267.9 | 436.1 | 356.7 | 561.9 | 485.6 |
| Gearing(2) | 0.43 | 0.31 | 0.56 | 0.45 | 0.88 | 0.75 |
| Leverage ratio(3) | 2.63 | 2.28 | 2.94 | 2.84 | 3.57 | 3.56 |
Net debt (excluding IFRS 16) at June 30, 2024 was 485.6 million euros, compared with 356.7 million euros at June 30 of the previous fiscal year. The ratio of debt to the group’s shareholders’ equity (gearing(2)) remains limited to 0.75. The leverage ratio(3) (net debt/REBITDA) amounted to 3.56 compared to 2.84 the previous fiscal year (excluding IFRS 16).
Other significant information and subsequent events
On August 29, 2024 the Bonduelle Group announced plans to sell its packaged salad business in France and Germany.
The Bonduelle Group announced, on August 29, 2024, several projects designed to protect the company’s long-term future:
- the resizing of Bonduelle Frais France, with a plan to streamline head office structures and cease operations at the Saint Mihiel site, with a search for a buyer,
- exclusive negotiations with Les Crudettes, a company of LSDH Group, for the acquisition of its packaged salad business in France,
- and exclusive negotiations with Taylor Farms for the acquisition of its packaged salad business in Germany.
These projects are necessary considering the ongoing decline in the result of the fresh packaged salad business in these countries, to preserve jobs within the Bonduelle Group’s sites in France and Europe. They will shift focus to Bonduelle’s other business operations to enable the group to continue accelerating its activities in the fresh prepared, canned and frozen food markets in these territories.
These transactions are subject to the necessary approvals.
Annual General Meeting on December 5, 2024 – Dividend
During the Annual General meeting to be held on December 5, 2024 a dividend of 0.20 euro per share will be proposed.
Outlook
In a climate of consumption under pressure and consumer concern about their purchasing power, the Bonduelle Group intends to accentuate its policy of accessible innovation through its brand, backed by increased marketing investment, particularly in the American market.
In the meantime, the group will pursue its transformation program initiated in 2023-2024, including the plan to sell its packaged salad business in France and Germany.
In this context, the group’s objective for this transitional year is to achieve a stability of its activity and its current operating income, both on a like-for-like basis(1).
(1) at constant currency exchange rate and scope of consolidation basis. Net sales in foreign currency over the given period are translated into the rate of exchange for the comparable period. The impact of business acquisitions (or gain of control) and divestments is restated as follows
- For businesses acquired (or gain of control) during the current period, net sales generated since the acquisition date is excluded from the organic growth calculation;
- For businesses acquired (or gain of control) during the prior fiscal year, net sales generated during the current period up until the first anniversary date of the acquisition is excluded;
- For businesses divested (or loss of control) during the prior fiscal year, net sales generated in the comparative period of the prior fiscal year until the divestment date is excluded;
- For businesses divested (or loss of control) during the current fiscal year, net sales generated in the period commencing 12 months before the divestment date up to the end of the comparative period of the prior fiscal year is excluded.
(2) net financial debt / equity
(3) net financial debt / recurring EBITDA
Alternative performance indicators: the group presents in its financial notices performance indicators not defined by accounting standards. The main performance indicators are detailed in the financial reports available on www.bonduelle.com
Next financial events:
– Analysts and investors meeting: October 7, 2024
– 2024-2025 1st Quarter sales: November 7, 2024 (after market closing)
– Annual Shareholder’s Meeting: December 5, 2024
– 2024-2025 1st Half Year sales: February 4, 2025 (after market closing)
– 2024-2025 1st Half Year Results: March 5, 2025 (after market closing)
– Analysts and investors meeting: March 6, 2025
Find all annual results
and the schedule of financial publications on www.bonduelle.com
About the Bonduelle Group
We want to inspire the transition toward a plant-rich diet, to contribute to people’s well-being and planet health. We are a French family business with 10,409 employees and we have been innovating with our farming partners since 1853. Our ready-to-use products are cultivated on 69,035 acres and marketed in 100 countries, with sales of 2,371.8 million euros (data as of June 30, 2024)
Our 4 brands are: BONDUELLE, READY PAC BISTRO, CASSEGRAIN, GLOBUS.
Bonduelle is listed on Euronext compartment B
Euronext indices: CAC MID & SMALL – CAC FOOD PRODUCERS – CAC ALL SHARES
Bonduelle is part of the Gaïa non-financial performance index and employees shareholder index (I.A.S.)
Code ISIN: FR0000063935 – Code Reuters: BOND.PA – Code Bloomberg: BON FP
This document is a free translation into English and has no other value than an informative one. Should there be any difference between the French and the English version, only the French-language version shall be deemed authentic and considered as expressing the exact information published by Bonduelle.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
SG DevCo Announces Reverse Stock Split
MIAMI, Oct. 4, 2024 /PRNewswire/ — Safe and Green Development Corporation “SG DevCo” SGD, a leading real estate and technology development company, today announced that it will effect a 1-for-20 reverse stock split (“reverse split”) of its common stock, par value $0.001 per share (“Common Stock”), that will become effective at 12:01 a.m. Eastern Time on October 8, 2024. The Company’s Common Stock will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “SGD” and will begin trading on a split-adjusted basis when the Nasdaq opens on October 8, 2024 (“Effective Time”). The new CUSIP number for the Common Stock following the reverse split will be 78637J204.
At the Company’s annual meeting of stockholders held on July 2, 2024, the Company’s stockholders granted the Company’s Board of Directors the discretion to effect a reverse split of the Company’s Common Stock at a ratio of not less than 1-for-2 and not more than 1-for-20, with such ratio to be determined by the Company’s Board of Directors. Subsequently, the final split ratio of 1-for-20 was approved by the Company’s Board of Directors, with such reverse split to be effective as of October 8, 2024.
As a result of the reverse split, every 20 shares of the Company’s Common Stock issued and outstanding will be automatically combined into one share of Common Stock, with no change in the $0.001 par value per share. The 1-for-20 reverse split will proportionally reduce the number of outstanding shares of Company Common Stock from approximately 19 million shares to approximately 0.95 million shares (subject to rounding of fractional shares, which will be paid in cash). The reverse split will affect all stockholders uniformly and will not affect any stockholder’s ownership percentage of the Company’s shares which will remain unchanged other than as a result of fractional shares. Proportional adjustments will be made to the number of shares of SG DevCo’s Common Stock issuable upon exercise or conversion of the Company’s outstanding equity awards, debentures and warrants, as well as the applicable conversion price and exercise price. There will be no change to the total number of authorized shares of Company Common Stock as set forth in the Amended and Restated Certificate of Incorporation of the Company.
The Company’s transfer agent, Equiniti Trust Company, LLC, which is also acting as the exchange agent for the reverse split, will send instructions to stockholders of record regarding the exchange of their shares. Stockholders who hold their shares in brokerage accounts or “street name” are not required to take any action to effect the exchange of their shares.
The reverse split is intended to bring the Company into compliance with the minimum bid price requirement for maintaining the listing of its Common Stock on the Nasdaq Capital Market, and to make the bid price more attractive to a broader group of institutional and retail investors. The Nasdaq Capital Market requires, among other things, that a listed company’s common stock maintain a minimum bid price of at least $1.00 per share.
Any person who would otherwise be entitled to a fractional share of Common Stock as a result of the reclassification and combination following the Effective Time (after taking into account all fractional shares of Common Stock otherwise issuable to such holder) shall be entitled to receive a cash payment equal to the number of shares of the Common Stock held by such stockholder before the reverse split that would otherwise have been exchanged for such fractional share interest multiplied by the average closing sales price of the Common Stock as reported on the Nasdaq for the ten days preceding the Effective Time.
About Safe and Green Development Corporation
Safe and Green Development Corporation is a real estate development company. Formed in 2021, it focuses on the development of sites using purpose-built, prefabricated modules built from both wood and steel. The thesis of development is to build strong, innovative and green, single or multifamily projects across all income and asset classes. Additionally, a majority owned subsidiary of SG DevCo, Majestic World Holdings LLC, is a prop-tech company that has created a real estate AI Platform. The Platform aims to decentralize the real estate marketplace, creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment. MyVONIA Innovations LLC, a wholly own subsidiary, is the owner of MyVONIA which is an AI-powered personal assistant designed to help simplify daily tasks and improve productivity for individuals and businesses. MyVONIA aims to assist with managing both personal and professional tasks.
Forward-Looking Statements
This press release may contain forward-looking statements 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. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, and include, among others, statements regarding the expected trading of the Company’s Common Stock on a reverse split-adjusted basis on October 8, 2024, the reverse split allowing the Company to regain compliance with Nasdaq’s minimum bid price requirement, and the Company’s acquisition of, and investment in, properties nationally that will be developed in the future into green single or multi-family projects.
These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, and expected future developments, as well as other factors the Company believes are appropriate in the circumstances. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to effect the reverse split on October 8, 2024 and derive the anticipated benefits from the reverse split, the Company’s ability to regain and maintain compliance with the Nasdaq’s minimum bid price; the Company’s ability to complete joint venture projects as planned; the Company’s ability to create an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment; the Company’s ability to obtain the capital necessary to fund its activities; the Company’s ability to monetize its real estate holdings, and other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and its subsequent filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
For investor relations and media inquiries, please contact:
Barwicki Investor Relations
Andrew@Barwicki.com
516-662-9461
View original content:https://www.prnewswire.com/news-releases/sg-devco-announces-reverse-stock-split-302267502.html
SOURCE Safe and Green Development Corporation
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The Federal Reserve Is Cutting Interest Rates: 3 Stocks to Buy Today
Last month, the Federal Reserve reduced its benchmark interest rate by 50 basis points (0.5%), the first reduction since early 2020 when it cut rates to near zero at the start of the pandemic. It also marked the end of the Fed’s most aggressive interest rate hiking cycle since the 1980s.
The higher interest rates that prevailed since early 2022 weighed on many companies — including some in the lending industry. Consumers have been racking up huge amounts of credit card debt, and Upstart (NASDAQ: UPST) and Lending Club (NYSE: LC) are two personal lenders that could benefit significantly.
Higher interest rates have also weighed on real estate companies. Notably, AGNC Investment (NASDAQ: AGNC) has struggled for the past several years as higher rates raised its borrowing costs and hammered the book value of its mortgage-backed securities portfolio.
With interest rates falling, these three stocks could be smart buys today.
A “historic refinancing opportunity” could await Lending Club and Upstart
The consumer lending business follows the cyclical nature of the economy. Throughout 2021, fiscal policy was loose, consumer balance sheets were strong, and credit was easy to access. As a result, consumer lenders like Upstart and Lending Club saw strong demand for their loans.
However, tides shifted as inflation soared and the Fed began hiking interest rates to get price growth back in check. With the costs of personal loans rising, demand from borrowers waned. Meanwhile, the investors who had been buying that type of debt from lenders pulled back heavily, waiting for more certainty about the path of interest rates. As a result, Upstart’s loan volume plummeted from $11.8 billion in 2021 to $4.6 billion in 2023.
Things are turning around, though. Upstart has found more partners to buy its loans — what it needs now is for consumer demand to come back. And with U.S. consumers sitting on a huge amount of credit card debt, this could be the time for personal lenders to shine.
According to the Federal Reserve Bank of New York, consumer credit card balances hit $1.14 trillion at the end of the second quarter. Not only is credit card debt at an all-time high, but it also comes while interest rates on credit card loans, currently averaging around 23%, are near their highest levels on record.
If interest rates decline meaningfully, Upstart and Lending Club could see a surge in personal borrowing as people look to refinance and consolidate their debts at lower interest rates.
Lending Club Chief Executive Officer Scott Sanborn has called this a “historic refinancing opportunity.” The company has been preparing for it, developing tools to help consumers monitor and manage their debts and allowing members to easily sweep their credit card balances into single payment plans.
With further interest rate reductions expected during the next couple of years, this looks like an excellent time to buy Upstart and Lending Club.
AGNC Investment stands to benefit from lower borrowing costs
Real estate companies have had a tough go of it recently, particularly those that rely on leverage. That category includes AGNC Investment, a mortgage real estate investment trust (mREIT) that uses leverage to buy and hold agency mortgage-backed securities (MBS).
Unlike other real estate investment trusts (REITs) that buy and rent out properties, AGNC makes its money on the difference between the interest income it earns from its MBS portfolio and what it pays in borrowing costs. Because it borrows money on a short-term basis and invests in mortgage-backed securities on a long-term basis, it is very sensitive to changes in the yield curve (the relationship between interest rates and a security’s time to maturity).
This sensitivity has become especially apparent during the Fed’s interest rate hikes. Last year, AGNC’s interest income grew by 28% to $2 billion due to higher rates. However, its borrowing costs rose more, and its interest expenses went from $625 million in 2022 to $2.3 billion. As a result, the REIT’s net interest loss was $246 million in 2023, compared to net interest income of $965 million in 2022 and $1.3 billion in 2021 — before the rate-hiking cycle began.
As the Fed cuts rates, that will help lower quickly short-term borrowing costs, while longer-term borrowing costs could stay higher.
A steepening yield curve, where the difference between short-term and long-term interest rates widens, would benefit AGNC in the form of lower borrowing costs while it is invested in higher-yielding mortgage-backed securities. With its recent investments in higher-yielding mortgage-backed securities, its average asset yield of 4.69% at the end of the second quarter was more than twice its average yield of 2.31% at the end of 2021.
The Fed has officially kicked off an interest rate easing cycle, and according to the CME FedWatch tool, market participants are pricing in a 1.5 percentage point reduction to rates during the next 12 months. Falling rates should help boost AGNC’s net interest spread and the book value of its portfolio, and giving the company and the stock a much-needed boost over the next year or two.
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The Federal Reserve Is Cutting Interest Rates: 3 Stocks to Buy Today was originally published by The Motley Fool
Atmospheric Water Generator Market to Reach $10.8 billion, Globally, by 2033 at 14.8% CAGR: Allied Market Research
Wilmington, Delaware, Oct. 04, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Atmospheric Water Generator Market by Type (Cooling Condensation and Wet Desiccation), Capacity (Up to 60 liters, 61-500 liters, 501-1000 liters, and More than 1000 liters), and Application (Residential and Non-Residential): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the atmospheric water generator market was valued at $2.7 billion in 2023 and is estimated to reach $10.8 billion by 2033, growing at a CAGR of 14.8% from 2024 to 2033.
Prime determinants of growth
Increase in water scarcity, various government-led initiatives, and rise in awareness and environmental concerns drive the growth of the global atmospheric water generator market. However, the market also faces restraints due to high humidity requirements, high initial and operational costs, and continuous need for electricity to perform operations. Despite these challenges, the atmospheric water generator market continues to evolve, driven by innovation and a growing emphasis on sustainability.
Download Sample Copy @ https://www.alliedmarketresearch.com/request-sample/A17057
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $2.7 billion |
| Market Size in 2033 | $10.8 billion |
| CAGR | 14.8% |
| No. of Pages in Report | 245 |
| Segments Covered | Type, Capacity, Application, and Region. |
| Drivers | Increase in Water Scarcity Government-Led Initiatives Rise in Awareness and Environmental Concerns |
| Opportunities | Technical Advancements |
| Restraints | High humidity requirements High initial and operational cost and continuous need for electricity to perform operation |
The cooling condensation segment to maintain its leadership status throughout the forecast period
By type, the cooling condensation segment held the highest market share in 2023, accounting for nine-tenths of the global atmospheric water generator market revenue, and is estimated to maintain its leadership status throughout the forecast period. Cooling condensation is a process used in atmospheric water generators (AWGs) to extract water from the air. It involves cooling humid air to below its dew point, causing the water vapor to condense into liquid water. Cooling condensation is one of the most common and efficient techniques employed in AWGs to produce potable water from atmospheric humidity. On the other hand, the wet desiccation segment is projected to manifest the highest CAGR of 16.0% from 2024 to 2033. Wet desiccation is the process of water generation which uses a concentrated brine solution to adsorb the water from humid air. The water is extracted by heating slightly the desiccant followed by cooling to condense the water.
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The 61-500 liters segment to maintain its leadership status throughout the forecast period
By capacity, the 61-500 liters segment held the highest market share in 2023, accounting for more than one-third of the global atmospheric water generator market and is estimated to maintain its leadership status throughout the forecast period. These 61-500 liters AWGs are commonly installed in small residential communities as well as in institutional and commercial locations such as schools, hospitals, malls, and others. However, the up to 60 liters segment is projected to manifest the highest CAGR of 16.3% from 2024 to 2033. Atmospheric water generators (AWG) with a capacity less than 60 liters are primarily demanded by homes or small offices. In addition, portable atmospheric water generators are also bought by a considerable number of consumers to harvest water from the atmosphere, especially when they are traveling.
The non-residential segment to maintain its lead position during the forecast period
By application, the non-residential segment accounted for the largest share in 2023, contributing to more than nine-tenths of the global atmospheric water generator market revenue, and is projected to maintain its lead position during the forecast period. The non-residential applications of the atmospheric water generator to produce fresh potable water in commercial spaces including industrial buildings. However, the residential segment is expected to portray the largest CAGR of 17.3% from 2024 to 2033. Residential applications of the atmospheric water generator are to produce clean and pure water in residential buildings such as apartments, houses, villas, bungalows, and others. Commonly, AWGs having capacity 60 liters and less are primarily used for residential applications owing to less consumers of water in domestic settings.
Asia-Pacific to maintain its dominance by 2033
By region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for more than one-third of the atmospheric water generator market revenue, and is expected to dominate the market during the forecast period. Moreover, the LAMEA region is expected to witness the fastest CAGR of 16.9% from 2024 to 2033. Asia-Pacific and LAMEA regions have experienced a shortage of fresh drinkable water, which eventually drives the market for atmospheric water generators.
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Leading Market Players: –
- SkyWater Air Water Machines
- Water Technologies International, Inc.
- Drinkable Air Technologies
- Akvo Atmospheric Water Systems Pvt. Ltd
- FUJIAN WANJUAN TECHNOLOGY CO. LTD.
The report provides a detailed analysis of these key players in the global atmospheric water generator market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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HarborOne Bancorp Forms 'Hammer Chart Pattern': Time for Bottom Fishing?
The price trend for HarborOne Bancorp HONE has been bearish lately and the stock has lost 8.7% over the past two weeks. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.
The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case for the stock. On the fundamental side, strong agreement among Wall Street analysts in raising earnings estimates for this bank holding company enhances its prospects of a trend reversal.
Understanding Hammer Chart and the Technique to Trade It
This is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a ‘hammer.’
In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day’s close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.
When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. And, the success of bulls in stopping the price from falling further indicates a potential trend reversal.
Hammer candles can occur on any timeframe — such as one-minute, daily, weekly — and are utilized by both short-term as well as long-term investors.
Like every technical indicator, the hammer chart pattern has its limitations. Particularly, as the strength of a hammer depends on its placement on the chart, it should always be used in conjunction with other bullish indicators.
Here’s What Makes the Trend Reversal More Likely for HONE
An upward trend in earnings estimate revisions that HONE has been witnessing lately can certainly be considered a bullish indicator on the fundamental side. That’s because empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
The consensus EPS estimate for the current year has increased 1.8% over the last 30 days. This means that the Wall Street analysts covering HONE are majorly in agreement about the company’s potential to report better earnings than what they predicted earlier.
If this is not enough, you should note that HONE currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market.
Moreover, a Zacks Rank of 2 for HarborOne Bancorp is a more conclusive indication of a potential trend reversal, as the Zacks Rank has proven to be an excellent timing indicator that helps investors identify precisely when a company’s prospects are beginning to improve.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
This MINISO Group Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Friday
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
- Goldman Sachs analyst David Roman initiated coverage on Tandem Diabetes Care, Inc. TNDM with a Neutral rating and announced a price target of $46. Tandem Diabetes Care shares fell 1.7% to close at $40.46 on Thursday. See how other analysts view this stock.
- Raymond James analyst Laura Prendergast initiated coverage on Mural Oncology plc MURA with a Strong Buy rating and announced a price target of $18. Mural Oncology shares gained 2.6% to close at $3.20 on Thursday. See how other analysts view this stock.
- Canaccord Genuity analyst George Gianarikas initiated coverage on ASP Isotopes Inc. ASPI with a Buy rating and announced a price target of $4.5. ASP Isotopes shares gained 11.1% to close at $3.01 on Thursday. See how other analysts view this stock.
- JP Morgan analyst Michael Mueller initiated coverage on Curbline Properties Corp. CURB with a Overweight rating and announced a price target of $25. Curbline Properties shares gained 4.3% to close at $22.60 on Thursday. See how other analysts view this stock.
- Citigroup analyst Xiaopo Wei initiated coverage on MINISO Group Holding Limited MNSO with a Buy rating and announced a price target of $26.8. MINISO Group shares fell 0.2% to close at $18.96 on Thursday. See how other analysts view this stock.
Considering buying MNSO stock? Here’s what analysts think:
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ADQ Appoints Modon as Master Developer for Ras El Hekma Megaproject in Egypt
In the presence of Mohamed bin Zayed Al Nahyan and Abdel Fattah El-Sisi
- The event marked the signing of several significant agreements aimed at driving the development of the new destination
ABU DHABI, UAE, Oct. 4, 2024 /PRNewswire/ — In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, ADQ, an Abu Dhabi-based investment and holding company, appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject.
In addition to being master developer for the entire development spanning 170 million square metres, Modon Holding will undertake the responsibility of the developer role for the first phase of the envisaged city consisting of 50 million square metres.
The remaining 120 million square metres, which are part of the master plan presented by Modon Holding, will be developed in partnership with prominent developers from Egypt, the UAE, and the international community under the oversight of the recently established ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.
This iconic project represents a major milestone for Modon Holding by significantly increasing its land under development outside the UAE. Ras El Hekma is located around 350 kilometres northwest of Cairo and envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline.
The project is expected to become a powerful economic engine, with cumulative investments anticipated to reach US$110 billion by 2045, an annual GDP contribution of around US$25 billion, and approximately 750,000 jobs to be created, both directly and indirectly.
Upon completion, the development will be home to two million people and feature more than 40 kilometres of green spines, set to make Ras El Hekma the greenest megaproject in the region.
As a result of Ras El Hekma’s location within a four-hour flight for over 400 million outbound tourists, the establishment of tourism infrastructure will be a priority during the first phases of the development, encompassing an international airport as well as high-speed rail connectivity. The masterplan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities.
Ras El Hekma will have an international marina and a special free zone. Additionally, Modon Holding will look to develop infrastructure to support a range of high-growth industries, including business services, financial services, light manufacturing, and technology.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “Ras El Hekma is destined to become a regional crown jewel in a country already famed for its rich and diverse attractions. Modon Holding is proud to bring this 170-million-square-metre visionary megaproject to life, leveraging our expertise and innovative approach. With our partners, we are poised to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development.”
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said, “As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses and stimulate tourism. Modon Holding brings a wealth of expertise in master planning and will pioneer state-of-the-art, innovative solutions, creating a destination that will deliver long-term value for Egypt and its people.”
Bill O’Regan, Group CEO of Modon Holding, said, “The Ras El Hekma destination is one of the Group’s most significant investment and development projects outside the UAE. The project provides an incredible development pipeline, and Modon Holding looks forward to delivering a destination that will be an exceptional experience for visitors and residents alike.”
During the ceremony, Modon Holding PSC engaged with the initial major partners to join in the development of the Ras El Hekma megaproject on Egypt’s stunning Mediterranean coast.
Ras El Hekma is set to become a leading urban and tourist hub, boasting a wide array of attractions and amenities. Modon Holding aims to harness its large-scale development expertise, collaborating with local, regional, and global partners to bring this visionary destination masterplan to life.
These collaborative efforts, combined with a focus on diverse entertainment, sports, cultural events, and top-tier community management, will position Ras El Hekma as a premier Mediterranean destination.
While the immediate focus is on tourism and hospitality, Modon’s long-term vision for the 170-square-metre site also includes business services, financial services, light manufacturing, and technology.
Modon Engages First Batch of Investors and Partners in Landmark Ceremony
On 4th October, in a momentous ceremony attended by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi, Modon proudly initiated the engagement of its first group of investors and partners.
The event marked the signing of several significant agreements aimed at driving the development of the new destination:
– A framework agreement with Orascom Construction, designating them as one of the primary contractors for the initial phase of the project.
– A memorandum of understanding with Elsewedy Electric to explore opportunities for supplying building materials and collaborating on industrial parks, manufacturing, operations, and maintenance.
– A memorandum of understanding with Abu Dhabi Airports to collaborate in airport strategic planning, design, development, and operational support.
– A memorandum of understanding with TAQA to explore cooperation opportunities in relation to the development, financing, and operation of greenfield utilities infrastructure projects, water desalination projects, electricity transmission and distribution projects and wastewater projects.
– A memorandum of understanding with Valderrama for the development and operation of golf communities.
– A memorandum of understanding with e& Egypt to facilitate the design and implementation of smart city infrastructure, including digital connectivity, fiber networks, and 5G; smart building technologies and IoT-enabled solutions for residential and commercial properties; city-wide data collection, monitoring, and analytics systems; smart utilities, encompassing automated energy management, water, and waste systems; smart transportation systems; and any other mutually agreed smart city services.
– A memorandum of understanding with Candy International aims to explore luxury real estate development opportunities, leveraging Candy’s extensive international reach.
– A memorandum of understanding with Montage International for the development and management of luxury hotels in Ras El Hekma.
– A memorandum of understanding with Accor and Ennismore to operate hotels and resorts in Ras El Hekma.
– Finally, a memorandum of understanding with Burjeel Holding to develop multi-specialty healthcare facilities, implement innovative healthcare solutions, provide medical training programmes, and collaborate on public health initiatives and community wellness programmes.
These strategic partnerships underscore Modon’s commitment to creating a world-class destination, fostering innovation, and enhancing the quality of life for Ras El Hekma’s future residents.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, said, “Ras El Hekma represents a visionary and multifaceted endeavour that promises to make a substantial contribution to the Egyptian economy. Crafting a masterplan of such scale demands specialised expertise and capabilities across diverse industries, which can only be realised through robust strategic partnerships. We look forward to working with our partners present and future in harnessing the full potential of this extraordinary location.”
Bill O’Regan, said, “Ras El Hekma is an extraordinarily ambitious and complex project that will significantly contribute to the Egyptian economy through various stages of planning, design, and construction, ultimately bringing this new destination to life. Developing and delivering a masterplan of this magnitude requires sector-specific expertise and capabilities across a wide range of industries and is achievable only through strong strategic partnerships.”
About ADQ
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics, amongst others. As a strategic partner to the Government of Abu Dhabi, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to media@adq.ae. You can also follow ADQ on Instagram, LinkedIn and X.
About Modon Holding
Modon develops vibrant communities, unique hospitality and lifestyle experiences, and world-class sports facilities. Based in Abu Dhabi, Modon Holding is a Private Joint Stock company listed on the ADX Growth Market with the shareholding of ADQ and the IHC Group being our majority shareholders. Through a diversified business portfolio in the UAE, we are engaged in strategic investment and innovation on an unrivalled scale, shaping future smart living. Our goal is to deliver long-term, sustainable value, laying the foundations for intelligent, connected living.
Ras El-Hekma Urban Development Project Company
A wholly owned subsidiary of ADQ, an Abu Dhabi-based investment and holding company, Ras El Hikma Urban Development Project Company S.A.E. (RED) is mandated to oversee the execution of the Ras El Hekma project, a 170 million square meter visionary megacity located on Egypt’s north coast. Established in March 2024 and based in Egypt, RED holds the ownership rights of the Ras El-Hekma as well as responsibility for the implementation of the multi-phase project together with its partners, which include Modon Holding as the master developer.
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SOURCE Modon Holding
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Love cities? Join WRLDCTY | The Bay Awards Urban Summit October 8 – 10 in Bilbao. Or virtually for free.
BILBAO, Oct. 04, 2024 (GLOBE NEWSWIRE) — For the fifth year in a row, WRLDCTY gathers more than 50 speakers and thousands of professionals in urban planning, economic development and government to share the best ideas about cities from the best cities in the world. Since 2020, WRLDCTY’s online and in-person forums have established a global network of more than 6,000 city-builders spanning more than 50 countries and 250 cities.
Sign up for the free virtual event here, Oct. 9 – 10, 2024 and available on-demand after the live stream.
WRLDCTY is produced by Resonance, a leading global advisor on placemaking, branding and marketing for the world’s best cities, communities, regions and destinations.
This year’s summit is held in partnership with Bilbao Metropoli30 (a non-profit public-private steward of the Bilbao metropolitan area) and their Bay Urban Visioning Awards, taking place in-person across venues in Bilbao from Oct. 8 – 10, and streaming virtually and for free Oct. 9 – 10 around the world.
More than 250 city leaders are expected in Bilbao, including global urban innovators from C40 Cities, Greater Paris, JLL, Centre for Livable Cities, Launch Africa, and dozens of other innovative urban organizations and cities.
“The post-pandemic re-emergence of our urban existence offers the perfect conditions for reimagining cities and their purpose,” says Chris Fair, president and CEO of Resonance, and founder of WRLDCTY.
“We created WRLDCTY as an opportunity to bring the world’s leading urban innovators together to help change our cities for good,” says Fair.
With Bilbao as its sandbox, WRLDCTY bridges the gap between culture, design and innovation, with actionable insights, data-driven knowledge and innovative ideas to shape the future of cities.
The program takes place at the Euskalduna Congress and Concert Hall, while the Bay Urban Visioning Awards will be fêted at the iconic Frank Gehry-designed Guggenheim museum. The summit also includes guided tours and experiences across Bilbao, where leaders behind some of this ascendant city’s most compelling projects and neighborhoods will be highlighted across workshops and tours.
- Daria (Dasha) Krivonos, CEO, Copenhagen Institute for Futures Studies
- Lana Abdelhameed, Director, Centre for the Planet Programme, Expo City Dubai
- Greg Clark, Author and Urbanist
- Hélène Chartier, Director, Urban Planning and Design at C40
- Gabriella Gómez-Mont, Founder and CEO of Experimentalista
- Sarah Ichioka, Urbanist, Strategist, Curator, & Author
- Stephen D. Willacy, Architect & Urban Advisor
- Geci Karuri-Sebina, Associate Professor, Wits School of Governance
- Bruce Katz, Author & Co-Founder of New Localism Advisors
- Farah Naz, Director of ESG and Innovation
- Carlos Moreno, Author & Urbanist
- Idoia Postigo, General Director, Bilbao Metropoli 30
- Michel Poulain, Blue Zones Conceptor, Professor, UCLouvain & Tallinn University
- … and many others.
The WRLDCTY All-Access International Pass includes access to the Oct. 8 Learning Journey, full summit access, and The Bay Awards Gala and cocktail reception.
Can’t make it to Bilbao in person, join the virtual summit for free, starting Oct. 9.
Check out the full agenda here.
Sign up for the free virtual event here, Oct. 9 – 10 and available on-demand after the live stream.
ABOUT WRLDCTY
WRLDCTY is a global community of urbanists pursuing inclusive, equitable and sustainable approaches to urban development. Join us as we continue a movement to inspire a revolution in urban innovation through in-person urban forums, virtual events, podcasts and seminars with the world’s leading urban designers, placemakers, policymakers and thought leaders. WRLDCTY.com | #WRLDCTY
ABOUT RESONANCE
Resonance creates transformative strategies, brands and campaigns that empower destinations, cities and communities to realize their full potential. As leading advisors in real estate, tourism and economic development, Resonance combines expertise in research, strategy, branding and communications to make destinations, cities and developments more valuable and more vibrant. ResonanceCo.com
ABOUT BILBAO METROPOLI 30 & THE BAY URBAN VISIONING AWARDS
Bilbao Metropoli 30 is a non-profit public-private association, created in 1991, which reflects on the future of the Bilbao metropolitan area. It currently has more than 140 associated public entities, companies, universities, technological and educational centers and social organizations representing different sectors of the metropolis. Its fundamental task is to promote a shared long-term vision for Metropolitan Bilbao and to align the public and private efforts of its associated entities in the achievement of this vision, through the promotion of transformative projects.
The Bay Urban Visioning Awards hosts its inaugural Bay Awards Gala on Oct. 9 at the Guggenheim Museum Bilbao and will serve as a stage to announce the winners of the first edition of the awards promoted by Bilbao Metropoli 30 to recognize good practice in the development of cities and urban life worldwide.
- October 8-10, 2024 The 2024 WRLDCTY Urban Summit, virtual and in-person in Bilbao
- October 8-10, 2024 The 2024 WRLDCTY Urban Summit, virtual and in-person in Bilbao
Tom Gierasimczuk Resonance Consultancy 604-649-8664 tom@resonanceco.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
‘I feel like I’m missing something’: I’m 68, divorced with two children. I’ve $750,000 and rent my home. Do I need a trust?
Dear Quentin,
I am 68 years old, do not own any real estate or an automobile, I am divorced and have two adult children. I am on Social Security and have approximately $750,000 invested. I continue to reinvest the dividends and interest so my investments continue to grow. I feel like I’m missing something. Besides a will and healthcare directive, I’m curious to know if I need to add a revocable trust?
Retiree
Most Read from MarketWatch
Dear Retiree,
Get ready. I’m going to answer a lot of questions that you didn’t ask.
A revocable trust is necessary if you want to control how your assets are used after you die. If your estate is straightforward and you are happy for your two adult children to be your beneficiaries, you can — if you choose — split it down the middle 50/50.
Adding your children as beneficiaries on your bank accounts, brokerage accounts and any life insurance policies you may have will mean those assets won’t go through probate — the public accounting of your assets and liabilities.
Yes, there’s also a lot you can do for yourself. An advanced healthcare directive informs your doctors what action you want them to take if or when you are unable to make those decisions yourself. You could list your children as your healthcare proxies to carry out those decisions.
Having a long-term care policy would also help to alleviate the potential financial burden that lies ahead. Nursing-home care costs can vary significantly depending on the type of care, where you live and the kind of institution (up to $125,000 a year, believe it or not).
LTC policies cost more the older you get. A man who waits until 65 to purchase such a policy pays around $3,135 a year, according to the AARP. “The man who purchases a long-term care policy at age 65 will pay $3,135 in annual premiums or $47,025 by the age of 80.
“A 65-year-old couple waiting until age 75 to get coverage would see their premium nearly double,” it says, citing the American Association for Long-Term Care Insurance. “Seeking coverage at age 70 or older also reduces your odds of getting covered at all by nearly 50%.”
An elder-law attorney could cost $100 to $600 an hour, depending on the kind of services you may need. An attorney and financial adviser will help you take an accounting of your assets, income, expenses and projected long-term care costs, and help you plan accordingly.
Power of attorney
Other answers to questions you didn’t ask: Think about appointing one or both of your sons as a financial power of attorney (assuming they get along) should you become incapacitated. Update your beneficiaries and write and/or review your will to ensure it’s up to date.
You have $750,000 invested in the stock market. Do you have other less risky investments? At 68, employing the “100 minus your age” rule, you should have no more than 32% of your assets in the stock market; if there’s a major downturn you will have less time to recover.
Tax diversification is another priority in your 60s. “If you don’t currently have money saved in a Roth IRA, you may want to consider Roth contributions, if you qualify, or a Roth conversion during lower-income years,” according to T. Rowe Price.
“Roth IRAs and Roth 401(k) assets aren’t subject to required minimum distributions — the minimum withdrawals required by the IRS from retirement accounts once you turn 73. Therefore, you can leave the money to continue growing tax-free if you don’t need it.”
It’s all to play for — with or without a revocable trust.
More columns from Quentin Fottrell:
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Chicago Cannabis Giant Verano To Report Quarterly Financial Results Post Major Acquisition
Multi-state cannabis operator Verano Holdings Corp. (Cboe CA: VRNO) VRNOF will release financial results for the third quarter ended Sept. 30, 2024, before the market opens on Thursday, Nov. 7, 2024.
A conference call and webcast with analysts and investors is scheduled for the same day at 8:30 am ET to discuss the results and answer investor and participant questions, Chicago-based Verano said in a press release.
Verano’s second quarter financial results for the period ended June 30, 2024, revealed a 5% revenue drop year-over-year and a 0.5% sequential increase to $222 million.
The recent earnings announcement came on the heels of the company’s announcement to acquire assets from The Cannabist Company Holdings Inc. CBSTF 3LP.
The $105 million acquisition, strategic to expanding its national footprint was wrapped up in August, included one of Cannabist’s Virginia licenses, along with all operations in Arizona.
George Archos, Verano’s chairman and CEO, said the opportunity “greatly increases Verano’s growth trajectory as we gain access to the coveted market of Virginia ahead of an adult use program and deepens our footprint in Arizona.”
Read Also: Arizona Cannabis Market Faces Decline In Sales Though Valuations Remain Strong
- Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you’re serious about the business, you can’t afford to miss out.
In August, Verano partnered with Mike Tyson‘s TYSON 2.0 to bring the brand’s products to Florida and Illinois markets.
Verano’s state-of-the-art cultivation facilities and dispensaries – MÜV in Florida and Zen Leaf in Illinois – are expected to scale TYSON 2.0’s impact.
Tyson, co-founder and chief brand officer of TYSON 2.0, praised the collaboration with Verano.
“This partnership represents a major step forward in our mission to deliver exceptional cannabis experiences to a wider audience. With Verano’s unparalleled industry knowledge and resources, we are in a position to make a significant impact in Florida and Illinois,” Tyson said.
Read Next:
VRNOF Price Action
Verano’s shares traded 1.66% lower at $3.383 per share at the time of writing on Friday.
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