In this week's "Rising High," The Fly's recurring series focused on cannabis and psychedelic stock news, The Fly looks back on a short report, an acquisition and distribution deals.
INNOVATIVE INDUSTRIAL PROPERTIES NAMED SHORT: Soren Aandahl from Blue Orca Capital made the case on ZeroesTV on Thursday that Innovative Industrial Properties (IIPR) is "a cannabis bank, masquerading as a REIT" and sees "imminent risk of default" at Innovative's largest tenant. The short-seller also argued that the company has a real estate portfolio that "appears to be worth far less than the carrying value on IIPR's balance sheet," and sees a "significant deterioration in the financial health of its tenant portfolio."
Additionally on Wednesday, IIPR announced that it closed on the acquisition of a Maryland property comprising approximately 84,000 square feet of industrial and greenhouse space. The purchase price for the property was $25M. Concurrent with the closing of the purchase, IIPR entered into a long-term, triple-net lease agreement for the property with a subsidiary of Maryland Cultivation and Processing, which intends to continue to operate the property as a regulated cannabis cultivation facility.
TERRASCEND TO ACQUIRE AMMD: TerrAscend (TRSSF) announced Monday that it has entered into a definitive agreement to acquire Allegany Medical Marijuana Dispensary, a medical dispensary in Maryland from Moose Curve Holdings. Under the terms of the agreement, TerrAscend will acquire 100% equity interest in AMMD for total consideration of $10M in cash, in addition to acquiring the real estate for $1.7M. The transaction is subject to customary closing conditions and regulatory approvals. TerrAscend expects to rebrand the 8,000 square foot dispensary as The Apothecarium. In addition, TerrAscend will be supplying the dispensary with its own branded products, including Gage, Kind Tree and Valhalla edibles, subject to regulatory approval. Following the close of the transaction, TerrAscend's retail footprint will increase to 27 dispensaries nationwide.
CURALEAF SIGNS DISTRIBUTION DEAL WITH WB CANNA: Curaleaf Holdings (CURLF) announced Tuesday that its Select CBD and Curaleaf Hemp products will become available for the first time in the Caribbean market thanks to a new distribution agreement with WB Canna Co. & Wellness. This agreement will bring Curaleaf's lineup of products from its eponymous Hemp and Select CBD product lines to customers in, and traveling throughout, the U.S. Virgin Islands, Puerto Rico, Aruba, Bermuda, Barbados, Cayman, Costa Rica, Guatemala, Jamaica, and Saint Maarten, as well as additional markets in Latin America, travel retail, and the cruise and diplomatic channel. The company said, “The distribution relationship combines Curaleaf's expertise in creating high-quality non-psychoactive hemp products with WB Canna Co.'s ability to navigate the legal and compliance needs across the fragmented geography of the Caribbean, bringing operating efficiencies that will drive further accessibility to Curaleaf's family of CBD products”.
DELIC LABS RECEIVES HEALTH CANADA 56 EXEMPTION: Delic Holdings (DELCF) announced Wednesday that its subsidiary, Delic Labs, received a Health Canada 56 Research Exemption that will allow scientists to conduct research and perform tests on a number of compounds outside of psychedelic mushrooms, including MDMA, LSD, DMT, mescaline and 2C-B. Additionally, Delic Labs has received a Health Canada 56 exemption to acquire 60 grams of psilocybin mushrooms from Nectar Health Sciences Laboratory Division, a wholly-owned subsidiary of Psilobrain Therapeutics. Delic Labs' latest exemptions enable the company to develop innovative analytical methods for psychedelic research. Last year, the lab also applied for a Dealer's License with the intent of commercializing psilocybin research and associated intellectual property for medical and research purposes.
MANITOBA DISTRIBUTION DEALS: Delta 9 Cannabis (DLTNF) announced Thursday that, through its new wholly owned subsidiary Delta 9 Logistics, it has entered into a limited cannabis distribution agreement with Manitoba Liquor and Lotteries and the company anticipates becoming one of Manitoba's first licensed cannabis distributors. Under the agreement, Delta 9 intends to work with authorized cannabis suppliers to provide cross-docking and distribution services, fulfilling delivery of orders to licensed cannabis retailers within the province of Manitoba.
Additionally on Thursday, Fire & Flower Holdings (FFLWF) announced that its wholly-owned subsidiary, Open Fields Distribution has entered into a one-year cannabis distribution agreement with Manitoba Liquor & Lotteries. Under the agreement, Open Fields will offer distribution of recreational cannabis products from licensed producers to retailers in the province of Manitoba at the direction of the MBLL.
OTHER CANNABIS/PSYCHEDELIC STOCKS: Publicly-traded companies in the space include Acreage (ACRHF), Akerna (KERN), Aleafia (ALEAF), Atai Life Sciences (ATAI), Awakn Life Sciences (AWKNF), Audacious (AUSAF), Aurora Cannabis (ACB), AYR Wellness (AYRWF), BC Craft (CRFTF), Body and Mind (BMMJ), CanaFarma (CNFHF), Cannara Biotech (LOVFF), Canopy Growth (CGC), RIV Capital (CNPOF), Chicago Atlantic (REFI), Clever Leaves (CLVR), Columbia Care (CCHWF), CordovaCann (LVRLF), Cresco Labs (CRLBF), Cronos Group (CRON), Compass Pathways (CMPS), CV Sciences (CVSI), CURE Pharmaceutical (CURR), Flora Growth (FLGC), FluroTech (FLURF), Gage Growth (GAEGF), General Cannabis (CANN), Goodness Growth (GDNSF), Greenlane (GNLN), Green Thumb (GTBIF), GrowGeneration (GRWG), Harborside (HBORF), Hemp (HEMP), HEXO (HEXO), High Tide (HITI), IM Cannabis (IMCC), India Globalization Capital (IGC), Indiva (NDVAF), InterCure (INCR), Ketamine One (KONEF), Khiron Life Sciences (KHRNF), Lowell Farms (LOWLF), Lotus Ventures (LTTSF), MediPharm (MEDIF) MedMen Enterprises (MMNFF), MJardin Group (MJARF), Neptune Wellness (NEPT), NewLake Capital (NLCP), Thermic Science (ENDO), Organigram (OGI), Planet 13 (PLNHF), Relmada (RLMD), RYAH Group (RYAHF), Skye Bioscience (SKYE), Sproutly (SRUTF), Stem Holdings (STMH), Small Pharma (DMTTF), Sundial Growers (SNDL), Sunniva (SNNVF), Tetra Bio-Pharma (TBPMF), Tilray (TLRY), Trulieve (TCNNF), Valens (VLNCF), Verano Holdings(VRNOF), Village Farms (VFF), Wesana Health (WSNAF), Entourage Health (ETRGF), Zynerba (ZYNE) and 4Front Ventures (FFNTF).
IGC Pharma
+
Innovative Industrial Properties
-6.76 (-3.69%)
TerrAscend
+0.02 (+0.36%)
Curaleaf
+0.23 (+3.48%)
Delic Holdings
+
Delta 9 Cannabis
+
Fire & Flower
+0.01 (+0.27%)
Aurora Cannabis
-0.13 (-3.52%)
CV Sciences
+
CannTrust
+
Canopy Growth
-0.28 (-3.94%)
Cronos Group
-0.105 (-3.01%)
Trees Corporation
+
Goodness Growth
+0.03 (+1.63%)
Green Thumb Industries
+0.36 (+2.20%)
Tilray
-0.29 (-4.52%)
Trulieve Cannabis
-0.206 (-1.10%)
ZYNE
+
Atai Life Sciences
+0.09 (+1.73%)
Compass Pathways
-0.355 (-2.70%)
Relmada Therapeutics
+0.095 (+0.36%)