ATB Capital Markets Hosts Fall Life Sciences and Energy Investor Conferences in New York
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"Our conference participants benefited from our industry analysts' deep insights, complemented by perspectives from
Life Sciences Outlook
U.S.Cannabis Market: The recent U.S. Department of Health and Human Services (HHS) recommendation to reschedule cannabis to a Schedule III drug has improved the outlook for the sector. Conference participants see this move as potentially improving cash flow generation and creating additional equity value through the elimination of tax constraints imposed by 280E. They also view potential adult-use legalisation in Ohio, Pennsylvania, and Floridaas accelerating industry growth that has otherwise been largely absent in 2023. Unlicensed sales continue to challenge the industry, which should be successfully addressed with improved regulatory conditions. With major regulatory improvements expected to occur in the next 6-12 months, the panellists agreed the long-term growth opportunity in the U.S.remains attractive.
- Canadian Cannabis Market: While the market remains challenging, following an industry-wide developmental cycle of oversupply, fragmentation and price competition, participants were optimistic about the growth potential in
Canada, with some panellists estimating the industry could grow into a $10 billionbusiness. Meanwhile, continued consolidation presents a potential tailwind for retailers, giving way to better valuations and strengthening the value of large retail chains. In terms of expansion, Canadian cannabis companies are considering opportunities overseas—namely in European medical cannabis markets due to higher margin profiles, production knowledge and regulatory alignment with Europe—and monitoring the recent regulatory developments in the U.S.
"The incredible engagement at our Life Sciences conference reflects the upbeat sentiment of companies and investors over the regulatory progress in the
- Capital Budget Season Previews 2024 Outlook: As the Q3 2023 reporting season approaches, company announcements on capital spend and production growth plans for 2024 are front of mind, with key implications for free cash flow and return of capital to shareholders outlooks, will play a pivotal role in shaping the sector's direction.
- Focus on Upcoming Projects: while there was diversity of strategies among participants, discussions were predominantly constructive, in general, highlighting the relative inventory depth and business sustainability merits of the
Western Canadian Sedimentary Basin("WCSB") when compared to their peers in the lower 48 states. The improving pricing risk profile was emphasised, given the near-term completion of the Trans Mountain Expansion ("TMX") pipeline.
- Full Steam Ahead on LNG Canada: Producers are gearing up production in the
Northeastern British Columbiaregion in anticipation of LNG Canada, which stands as the largest Canadian export project under construction. The project's substantial expansion potential is expected to continue supporting development in the WCSB+ for decades to come.
"The notable level of interest shown by institutional investors at this conference speaks directly to the high quality of assets and expertise in the Canadian upstream oil and gas industry," said Patrick O'Rourke, Managing Director of Institutional Research, Exploration & Production. "The world needs secure, reliable and responsible energy, and
ATB Capital Markets offers holistic corporate and capital markets advice, combined with customised financial solutions to help businesses thrive. We're a full-service investment dealer for key industries on the cusp of a new era. Established in 2020, ATB Capital Markets helps clients with services that include investment and corporate banking, sales and trading, institutional research, and risk management.
ATB Capital Markets Inc. is Broker/Dealer #03 on the Toronto Stock Exchange.
For more information about ATB Capital Markets Inc. visit www.atbcapitalmarkets.com.
For interview requests, please contact:
ATB Financial, Media Relations [email protected]
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SOURCE ATB Financial
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