William Sumner
It’s time for your Daily Hit of cannabis financial news for September 12, 2019.
On the Site
Medical CCA’s (Cannabis Cooperative Association) 201
This is the last of the four articles we decided to publish to illustrate the savings for consumers, and additional profits for cultivators, that can be produced through the use of a properly organized Cannabis Cooperative Association (“CCA”). This article describes the savings for consumers, and the additional profits for cultivators, that can be produced through the movement of extracted oil as medical cannabis through a fully integrated CCA.
Dead, Alive, Comatose. Are medical cannabis collectives dead or alive?
Are medical cannabis collectives dead or alive? What about medical cannabis cooperatives? What about adult-use cannabis collectives and cooperatives? Depending on who you ask the answers will be, Yes, No or Maybe. All three of these answers may be correct answers to all of these questions. The questions are not as simple as they appear to be.
In Other News
Innovative Industrial Properties
Innovative Industrial Properties, Inc. (IIP) announced that it has closed on the final parcel of a four-property portfolio in southern California, totaling approximately 79,000 square feet of industrial space, for $17.3 million. The company also entered into a long-term, triple-net lease at each property with a subsidiary of Medical Investor Holdings (Vertical) for continued operation as licensed cannabis cultivation, extraction, manufacturing and distribution facilities. “We are thrilled to add Vertical and its strong management team to our tenant roster,” said Paul Smithers, President and CEO of IIP. “With its breadth of cannabis brands and highly experienced team, Vertical is well-positioned to capitalize on the tremendous growth of the California regulated cannabis industry in the many years to come…”
NewLake Capital Partners
NewLake Capital Partners, Inc., a specialized industrial real-estate company focused on servicing the cannabis industry, announced that it has closed a private placement of $85.5 million in preferred stock. “We are excited to serve the real estate needs of this high-growth industry,” commented Anthony Coniglio, CEO of NewLake. “We have assembled a world class team of professionals that are highly experienced in real estate, cannabis and capital markets.”
