In this week's "Rising High," The Fly's recurring series focused on cannabis stock news, The Fly looks back at an earnings report, regulatory approvals and a stake increase.
IIPR REPORTS Q1 EARNINGS: On Wednesday, Industrial Innovative Properties (IIPR) reports first quarter adjusted funds for from operations of $1.12 on a revenue of $21.1M, which compares to analyst estimates of 99c and $21.41M respectively. Total revenues represented a 201% increase from the prior year’s first quarter. "One of the pillars of our business strategy has consistently been a conservative, flexible balance sheet, and we believe we are exceptionally well positioned to not only weather this unprecedented health crisis and economic disruption, but to continue to make real estate investments on a long-term basis with best-in-class tenant operators," said Alan Gold, Executive Chairman of IIP. "We remain steadfast in our support of this industry and its bright long-term future, and are working every day through this crisis with our tenant partners toward continuing to build a tremendous future forward of growth and strength for many years to come. When we overcome this crisis through the collective ingenuity of our top medical professionals and researchers, the regulated cannabis industry will continue to thrive and be one of the top drivers of growth and good jobs across the country."
GENERAL CANNABIS RECEIVES COLORADO APPROVAL: General Cannabis (CANN) announced Monday that the State of Colorado's Marijuana Enforcement Division has granted it regulatory approval as a qualified and suitable buyer of licensed cannabis operations in the State. This authorization, known as a Suitability Approval, allows the company to acquire licensed cultivation, manufacturing and retail operations throughout the state of Colorado. As a result of obtaining Suitability Approval, General Cannabis is positioned to complete its previously announced acquisitions of SevenFive Farm and Cannasseur. The company also announced Wednesday that Boulder County has approved the transfer of ownership of SevenFive Farm to General Cannabis. General Cannabis will now work with the Colorado Marijuana Enforcement Division to establish a date for the formal change of ownership, which the company anticipates will occur within the next two weeks.
ALEAFIA SECURES LICENSE AMENDMENT: Aleafia Health (ALEAF) announced Monday that its wholly owned subsidiary Emblem Cannabis has secured a Health Canada license amendment for its Paris Facility's 30,000 sq. ft. Phase II expansion, entirely dedicated to the extraction, production, packaging and distribution of finished cannabis products. The Paris Facility license amendment, granted on May 1, 2020, authorizes cannabis production in the entire expanded building. The company expects to commence production and packaging operations at the Phase II expansion in the next two weeks. Additionally, the company announced Thursday that indirect subsidiary Emblem Germany has formally submitted its application to German regulators for EU Good Manufacturing Practices certification. The application, if successful, would allow the Company's Paris Facility to produce and export EU-GMP certified cannabis products to the European Union.
MEDIPHARM SIGNS WHITE-LABEL SUPPLY DEAL: MediPharm Labs (MEDIF) announced Monday that its subsidiary, MediPharm Labs Australia, has entered into an agreement to supply white-label,cannabis oil products to Cannasouth Plant Research New Zealand, a subsidiary of Cannasouth. Under the two-year agreement, MediPharm Labs Australia will supply a range of GMP certified cannabis oil products that meet the standards set by the New Zealand Ministry of Health's Medicinal Cannabis Scheme. Also under the agreement, Cannasouth will be the exclusive New Zealand purchaser of certain formulations and dosage forms. The products will be supplied with Cannasouth's branding. Additionally, the company announced Thursday that MediPharm Labs Australia has been granted its GMP certification and license to Manufacture Therapeutic Goods. The license was granted by the Australian Therapeutic Goods Administration. With this license in place, MediPharm expects to ramp up supply of GMP-compliant products and begin fulfilment of new and upcoming supply agreements upon receiving final product approvals.
CONSTELLATION RAISES STAKE IN CANOPY: Constellation Brands (STZ, STZ.B) and Canopy Growth (CGC) announced Friday the exercise by Greenstar Canada Investment Limited Partnership of an aggregate of 18,876,901 warrants to purchase common shares of Canopy Growth. The warrants, which were originally issued on November 2, 2017, were exercised at an exercise price of C$12.9783 per common share for an aggregate of approximately C$245M. Upon issuance, the common shares represented approximately 5.1% of the issued and outstanding common shares of Canopy Growth. Constellation Brands now indirectly holds, in the aggregate, 142,253,802 common shares, 139,745,453 warrants to purchase common shares and C$200M principal amount of senior notes. Collectively, the common shares increase Constellation Brands' ownership of Canopy Growth to 38.6% of the issued and outstanding common shares. Assuming full exercise of all remaining warrants and full conversion of the notes, Constellation Brands would own approximately 55.8% of the issued and outstanding common shares of Canopy Growth.
OTHER CANNABIS STOCKS: Other publicly-traded companies in the space include Akerna (KERN), Aphria (APHA), Aurora Cannabis (ACB), Auxly Cannabis Group (CBWTF), Biome Grow (BIOIF), CannTrust (CTST), Canopy Rivers (CNPOF), Cresco Labs (CRLBF), Cronos Group (CRON), CV Sciences (CVSI), Delta 9 (VRNDF), DionyMed Brands (DYMEF), Elixinol Global (ELLXF), FluroTech (FLURF), Green Thumb Industries (GTBIF), Greenlane (GNLN), GrowGeneration (GRWG), Harborside (HSDEF), Hemp Inc. (HEMP), HEXO (HEXO), India Globalization Capital (IGC), Indiva (NDVAF), ICC International Cannabis (WLDCF), Khiron Life Sciences (KHRNF), Liberty Health Sciences (LHSIF), MedMen (MMNFF), Mjardin (MJARF), Neptune Wellness Solutions (NEPT), Organigram (OGI), Origin House (ORHOF), Planet 13 (PLNHF), Real Brands (RLBD), Sproutly (SRUTF), Sunniva (SNNVF), Supreme Cannabis (SPRWF), Tetra Bio-Pharma (TBPMF), Tilray (TLRY), Trulieve (TCNNF), Valens (VLNCF),Vireo Health (VREOF), Wayland Group (MRRCF), WeedMD (WDDMF), Westleaf (WSLFF), Wildflower Brands (WLDFF) YSS Corp. (YSSCF) and Zynerba (ZYNE).
Innovative Industrial Properties
-2.29 (-2.93%)
Trees Corporation
+ (+0.00%)
Aleafia Health
+ (+0.00%)
Medipharm Labs
+ (+0.00%)
Constellation Brands
-0.36 (-0.22%)
Constellation Brands; also tag STZ
+ (+0.00%)
Canopy Growth
-0.02 (-0.13%)
APHA
+
Aurora Cannabis
-0.0053 (-0.77%)
CV Sciences
+ (+0.00%)
CannTrust
+ (+0.00%)
Cronos Group
-0.06 (-1.08%)
IGC Pharma
+0.0011 (+0.22%)
Tilray
+ (+0.00%)
Trulieve Cannabis
+ (+0.00%)
ZYNE
+