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Debra BorchardtDebra BorchardtOctober 7, 2019
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5min2210

NBA veteran Al Harrington’s Viola closed on a $16 million funding round led by Gotham Green Partners. This is the first institutional investment in the company.

The company said that this latest round of funding will assist with the acquisition of a 34,500 sq. ft cultivation, processing and distribution facility in Adelanto, California as well as the completion of Viola’s 48,000 sq. ft facility in Detroit, Michigan. The funds will also enable Viola to continue to advance the growth of the company’s personnel with key new hires that will continue to establish Viola as a leader in the cannabis marketplace.

“Over the last five years, Viola has been dedicated to creating and producing quality herbal experiences for our customers,” said Al Harrington, CEO of Viola. “With the financial support and investment of Gotham Green Partners, our ability to dedicate more physical space to growing and cultivating our flowers and team will make the possibilities endless.”

Viola was founded in 2011 by NBA veteran Al Harrington.  The brand is named after and inspired by Al’s grandmother, who suffers from glaucoma and diabetes and finds solace in cannabis remedies.

Viola makes a range of cannabis that range from  cultivating premium flower to processing butane extracts. Viola  is currently available in Colorado, Oregon, Michigan and California.

“We are thrilled to be aligned with Viola as the company expands its lifestyle brand into new markets,” said Jason Adler, Managing Member of Gotham Green Partners. “As the firm’s visionary, Al has successfully launched the concept and subsequently surrounded himself with a top-notch management team. Further, Al’s background and the company’s mission resonate with a broad and engaged consumer base, and we are excited to see Viola products on more retail shelves across the country.”

Gotham Green Partners has been deploying capital in the cannabis space with a presence in both New York and California.


Debra BorchardtDebra BorchardtOctober 7, 2019
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4min4020

Surterra Wellness today announced that it has changed its corporate name to Parallel effective today. In June, Private cannabis company Surterra Wellness closed on the initial $100 million Series D funding round and expanded its Board of Directors.  The company noted back then that the participants in the round included existing and new investors including former Patrón Spirits Company CEO, Ed Brown.

Brown was once the President and CEO of The Patrón Spirits Company, until retiring last year after nearly 20 years at the company. Under his leadership, Patrón grew from 118,000 cases sold in 2001 to more than 4.1 million in 2016, and is currently the top-selling ultra-premium tequila in the world.  Brown’s plan to apply his expertise in the premier spirits business to Surterra’s strategic global brand building seems to be paying off.

“The introduction of our new parent company brand, under the name Parallel, reflects our transformational growth over the past year and our long-term vision. We need a corporate name that unites the diverse parts of our organization and all of our associates,” said William “Beau” Wrigley Jr, CEO and Chairman of Parallel. “We chose the name Parallel because we are improving the well-being of our consumers today through our proprietary, innovative brands while at the same time stepping into the future through robust innovation. We like the name because we see well-being along a spectrum of what quality of life means to different people at different points of their lives, and our brands cover the full range of what they need.”

Parallel also announced today the introduction of Goodblend, the company’s new global retail brand. This store brand will become a recognized source across multiple markets where consumers can find a consistent and trusted selection of the company’s cannabinoid brands. Goodblend will roll-out initially in Florida over the course of the next several months. Parallel has a house, or portfolio, of consumer brands. Each of these brands has its own instantly recognizable name, imagery, appeal, and unique and differentiated positioning. Our proprietary consumer brands include Surterra Wellness, Coral Reefer, Endless Summer and Float.

“The philosophy behind our collection of brands is that the consumer is at the heart of everything that we do. Because consumers have different needs states across the well-being continuum, each brand is distinct. Yet, all our brands focus on improving the lives of our consumers and reflect our uncompromising commitment to consistency, quality, safety and efficacy,” said Wrigley. “Goodblend will simply reinvent what retail can be. Goodblend stores will be welcoming and inclusive of all our consumers and will allow each of our distinct brands a chance to shine – having their own stage under one roof.”

Parallel’s integrated footprint includes 37 retail dispensaries across the United States, including 34 in Florida; almost one million total square feet of cultivation and manufacturing operations across the platform; R&D facilities in Massachusetts, Florida, Budapest, Hungary and Medellin, Colombia; and an exclusive partnership with global biotechnology company Intrexon to drive its science and technology-led innovation.


Debra BorchardtDebra BorchardtOctober 3, 2019
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2min2350

Beverage giant  Constellation Brands, Inc. (NYSE: STZ and STZ.B) stock fell over 6% after the company reported a $484 million write-down on its $4 billion Canopy Growth investment. The cut drove its net loss to $525.2 million, or $2.52 a share, for the quarter to Aug. 31, after income of $1.149 billion, or $5.41 a share, in the year-earlier period. Excluding those charges, the company had per-share earnings of $2.72, ahead of the $2.63 FactSet consensus. Overall for Constellation. the company’s sales edged up 2% to $2.344 billion, meeting the FactSet consensus.

Canopy Growth investors didn’t seem to mind. That stock rose almost 2% and was lately trading at $22.38. This was especially comforting to the cannabis community since these stocks have been in a bear market for most of 2019.

The company had signaled this summer that it was losing its warm and fuzzy feeling towards Canopy when it terminated the CEO Bruce Linton. Linton is widely respected within the cannabis community and the termination was seen as a sign that Constellation was flexing against the smaller cannabis company. In a previous analyst call,

“While we remain happy with our investment in the cannabis space and its long-term potential, we were not pleased with Canopy’s recent reported year-end results,” Chief Executive William Newlands told analysts. “However, we continue to aggressively support Canopy on a more focused long-term strategy to win markets and form factors that matter, while paving a clear path to profitability.”

Having said that Constellation said it has been actively developing a range of CBD products and hopes to bring them to the U.S. market by the end of its fiscal year.

Constellation did note that it was planning on going further into the seltzer category by introducing four new flavors of a Corona-brand product planned for Spring 2020. It was described as being “heavily accretive,” but also as a product that could take beer sales. Wine in a can is also turning into a popular product.

 


Debra BorchardtDebra BorchardtOctober 3, 2019
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3min2230

Just about every cannabis stock has suffered a drop in valuation in 2019. As a result, companies seem to feel they need to hold the investor’s hands by issuing statements of company health. The latest is Aurora Cannabis Inc.  (NYSE: ACB) who provided a corporate update that didn’t really give any ‘new’ news.

“Aurora takes its leadership position in the global cannabis industry seriously, and is committed to being open and transparent with all of our stakeholders,” said Terry Booth, CEO of Aurora. “The Aurora team is working to advance several major strategic initiatives in Canada, the United States and abroad aimed at further strengthening Aurora’s global position. We are laser-focused on delivering on our business plan and prudently managing our investors’ capital.”

The market though didn’t respond in the manner that was hoped for as the stock sold off another 7% and was lately trading at $4.12, which is lower than the 52-week high of $12.52. The update mostly reviewed the various grow facilities and construction status.

Update on Facilities in Construction:

As Aurora executes on its strategy of leading scalable, purpose-built cultivation, it continues to prudently manage capital allocation decisions driven by global forecasts for demand. Many of the Company’s significant construction projects are nearing completion of major milestones with significant capital investments concluded.

Aurora Sun and Aurora Nordic 2 Construction Update

Aurora continues to progress construction of its 1.6 million square foot facility, Aurora Sun, located in Medicine Hat, Alberta, and its 1 million square foot facility, Nordic Sky, strategically located in Odense, Denmark. The new purpose-built, “Sky Class” facilities Aurora are constructing will have full control over all anticipated environmental and harvest conditions, resulting in the production of consistently high yielding, high-quality cannabis at low-cost.

Mr. Booth added, “Aurora Sun in Medicine Hat and Aurora Nordic in Denmark represent the next evolution of our “Sky Class” cultivation philosophy and construction of these projects is proceeding well. Aurora Sun is nearing completion with the majority of capital investment now behind us, while at Aurora Nordic the primary outdoor construction, including the enclosure of the facility, nears completion. Our design philosophy allows for flexibility in licensing and commissioning in-line with the long-term growth in global demand for medical cannabis.”


Debra BorchardtDebra BorchardtOctober 2, 2019
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8min3240

Vape products, once considered the rising stars of the legal cannabis marketplace have struggled under the weight of the vaping crisis. Massachusetts banned all vape products for four months in order to err on the side of caution while the issue is investigated. Around the middle of August, vape product sales began dropping according to data from Headset, however, it seems the group may be slowly recovering. The following table was provided by Headset.

Sales in Nevada and Washington both began to pick back up, while California seems to have stabilized. Most consumers are learning that the issues with vapes stemmed from products purchased outside the regulated channels. 

A report from the CDC (Center for Disease Control) stated, “In addition, the report from Illinois and Wisconsin showed that nearly all THC-containing products reported were packaged, prefilled cartridges that were primarily acquired from informal sources such as friends, family members, illicit dealers, or off the street.”

It seems illicit market and unregulated vape producers were using thickening agents like Vitamin E with disastrous results. The industry, in general, has suggested that regulation will solve this issue and many are trying to convince the consumer that they can trust a regulated brand.

“The widely publicized public health issue relating to the use of liquid vapes is something that SLANG takes extremely seriously,” said SLANG Worldwide (OTC: SLGWF) CEO Peter Miller. “We encourage investigation and research into the causes of this issue and hope that our collective understanding of the results leads to more thorough and effective regulation of the industry.”

SLANG said it is not aware of any of its products being identified as a contributor to any of the recent illnesses associated with vaping technology. SLANG is not currently operating in Massachusetts and had postponed plans to enter that state. It doesn’t expect to be adversely impacted by Massachusetts’ temporary ban on vaping products.

1933 Industries (CSE: TGIF) (OTCQX: TGIFF) said, “All our branded THC and CBD vape products do not contain vitamin E acetate, vegetable glycerin, or propylene glycol. All our products are made with ingredients that are known to be safe for consumers. All packaging contains our product ingredients, which are also listed on our website. Each and every product is third-party lab tested, and the results can be tracked via a QR code.”

Testing Boom

Of course, in order to be sure testing is the best way to go and this crisis could present an opportunity for the lab group to capitalize. CannaSafe, California’s leading accredited cannabis testing laboratory said it will expand contaminant testing to Vitamin E additives, in response to ongoing concerns around consumer vaping safety. CannaSafe is the first laboratory to offer this service and will also provide testing for additional additives including medium-chain triglycerides, vegetable glycerin, and propylene glycol in the coming weeks.

“Trusted cannabis companies are taking it upon themselves to impose high-quality standards on consumer products, and we are ready to work with any business that wants to show customers that their products are free of toxic additives,” said Aaron Riley, CEO of CannaSafe. “We also urge brands and retailers to share test results with their customers as a gesture of good faith.”

Modern wellness company, dosist, is the first brand to voluntarily undergo Vitamin E testing with CannaSafe. Other brands that will utilize Cannasafe’s testing technology include Orchid Essentials, Select, Heavy Hitters, Stiiizy, King Pen, Lowell Herb Co., Pure Vape, Tikun, and Raw Garden. The Vitamin E test is available to brands and manufacturers across the state for an additional $225.

 


Debra BorchardtDebra BorchardtOctober 2, 2019
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7min1930

Canopy Growth Corporation  (TSX: WEED) (NYSE: CGC)  has completed an all-cash transaction to purchase a majority stake in sports nutrition company BioSteel Sports Nutrition Inc. The amount of the acquisition was not disclosed. The deal gives Canopy a significant entry into the sports nutrition and hydration category and lays the groundwork for cannabidiol (CBD) products to be sold in the U.S.

BioSteel was founded in 2009 and focuses on premium natural ingredients with a reputation for being the hydration beverage of choice for high-performance athletes. According to the company statement, BioSteel products have been purchased by over 70% of the teams in North America’s four major sports leagues and ambassadors of the brand include: Ezekiel Elliott, of the Dallas Cowboys; Connor McDavid, of the Edmonton Oilers; WTA player, Eugenie BouchardAndrew Wiggins with the Minnesota Timberwolves; Tyler Seguin with the Dallas Stars; Jalen Ramsey, with the Jacksonville Jaguars; NHL Hall of Famer, Wayne Gretzky; Gleyber Torres, with the New York Yankees; and Smiths Falls very own, LPGA golfer Brooke Henderson. In particular, Elliott’s agreement with BioSteel allows them to activate the star running back as the leading endorser of CBD products once permitted by the NFL. To date no active player has been able to do so.

“BioSteel has a reputation for being a best-in-class provider of natural sports nutrition products and all of its products are well positioned to benefit from the increasing trend of plant-based and all-natural products, preferred not only by professional athletes, but active consumers as well,” commented Mark Zekulin, CEO, Canopy Growth. “This acquisition allows us to enter the sports nutrition space with a strong and growing brand as we continue towards a regulated market of food and beverage products that contain cannabis. We view the adoption of CBD in future BioSteel offerings as a potentially significant and disruptive growth driver for our business.”

“The use and acceptance of CBD-based products in the professional sports landscape has changed. We have witnessed the negative effects of prescription painkillers and athletes are looking for healthier alternatives,” said Michael Cammalleri, Co-Founder and Co-CEO, BioSteel Sports Nutrition. “Its presence is already commonplace amongst NHL players and as a regular CBD user myself, I couldn’t be more proud to champion BioSteel’s evolution and leadership in this space.”

In addition, BioSteel has national organizational partnerships with USA Hockey, Canada Basketball, Athletics Canada and the Professional Hockey Players Association. The company has 10,000+ points of distribution in Canada and the U.S. and continues to expand in both markets and into Europe.

Canopy Rivers

Venture capital firm Canopy Rivers Inc.  (TSX: RIV)(OTC: CNPOF) completed a $10 million investment ( in TerrAscend Canada Inc., a subsidiary of its portfolio company TerrAscend Corp. (CSE: TER)(OTCQX: TRSSF). The investment includes the purchase of 13,243 units, with each unit consisting of: (i) one unsecured convertible debenture of TerrAscend Canada with a principal amount of CA $1,000, and (ii) 25.2 common share purchase warrants of TerrAscend exercisable until October 2, 2024.

“We think TerrAscend is uniquely positioned to meet the evolving consumer demands in the three largest cannabis markets worldwide,” said Narbe Alexandrian, President & CEO of Canopy Rivers. “We strongly believe in TerrAscend’s ability to execute on its global strategy, market a diversified brand portfolio, and build on its recent acquisitions, and this additional investment is an affirmation of that belief.”

“We are privileged to have the continued confidence and support of Canopy Rivers, one of the preeminent investment firms specializing in cannabis,” said Michael Nashat, CEO of TerrAscend. “This growth capital enables us to accelerate our organic and acquisition-driven investments in our key markets across the globe, as we execute our strategic vision of being a truly global cannabinoid company.”

Canopy Rivers, along with Canopy Growth Corporation, first invested in TerrAscend in November 2017. In October 2018, both parties restructured their investment in TerrAscend. This restructuring enabled TerrAscend to pursue strategic international transactions in the cannabis space while ensuring all parties remained compliant with industry and securities regulations.

The investment was part of a larger raise of approximately $25 million through the issuance of units of each of TerrAscend and TerrAscend Canada Inc. The first tranche of the Canadian Offering was the $10 million lead order from Canopy Rivers Inc. The company expects to close on additional tranches by mid-October 2019


Debra BorchardtDebra BorchardtOctober 1, 2019
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3min1890

Fire & Flower Holdings Corp. (TSX: FAF) its financial results for the second fiscal quarter ending August 3, 2019, with total revenue of $11.1 million versus $9.5 million for the same time period in 2018. The net loss for the quarter was $6.4 million versus last year’s net loss of $4.2 million for the same quarter. The net loss per share remained flat at ($0.06). 

Fire & Flower‘s financial and operational results for the quarter demonstrate that the company is continuing to build the infrastructure required to support the rapid growth of our retail network and deliver on our objectives,” shared Trevor Fencott, Fire & Flower’s, Chief Executive Officer. “Our strategic partnership with Alimentation Couche-Tard is transformative for the Company and the Hifyre digital retail platform continues to showcase Fire & Flower as a leading data-driven, ‘retail 2.0’ company.”

Breaking Down The Revenue

$9.7 million of $11.1 million in revenue was cannabis-related accessory sales with wholesale sales accounting for $0.9 million and digital development revenue of $0.5 million. During the first quarter, cannabis-related accessory sales were $7.7 million, wholesale sales of $1.3 million and digital development revenue of $0.5 million. The company said that revenues were expected to continue to increase as it acquires new licenses, opens additional retail cannabis stores, and continues to commercialize the HifyreT digital retail and analytics platform.

Here Come The Convenience Stores

In August, Fire & Flower closed a strategic investment by Alimentation Couche-Tard, a company known for its convenience stores like Circle K. The company noted in its statement that this transaction allows for Couche-Tard to obtain a controlling interest and provides more than $380 million of growth capital for global expansion. It provides significant, new possible commercialization and innovation leadership opportunities for Fire & Flower’s proprietary Hifyre digital platform and access to Couche-Tard’s leadership team.

The Hifyre platform provides real-time reporting and analysis to the Company’s marketing, retail experience, and merchandising teams and is supplied to Licensed Producers to assist in demand forecasting, product development and sales reporting. This platform is integral to Fire & Flower operating as a data-driven “retail 2.0” company.

 


Debra BorchardtDebra BorchardtSeptember 30, 2019
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5min1710

Gotham Green Partners has invested an additional $20 million in iAnthus Capital Holdings, Inc. (CSE: IAN)(OTCQX: ITHUF) through the purchase of senior secured convertible notes. Green Gotham said it was part of a broader $100 million financing plan to support the buildout of all existing markets in which iAnthus currently operates.

iAnthus has been building its market share at a rapid pace. Over the past 16 months, Chief Operating Officer Pat Tiernan said in a statement that the company currently has 27 open dispensaries, 11 of which have opened in the last ten months and the company is aggressively working to open another 12 in the next six months. Tiernan added, “We are growing in each of our markets and are one of the only MSOs that has meaningful revenue in multiple states, including ArizonaColoradoFloridaMarylandMassachusetts and Nevada, with strong same-store sales growth across our footprint.”

“We are pleased to be working with a leading financial investor in the U.S. cannabis sector. The new notes will allow us to build out operations in our key markets and continue to develop our retail and product brands,” said Hadley Ford, CEO of iAnthus.   “We believe this level of support from GGP will fully fund the development of our existing assets and provide the necessary capital for iAnthus to achieve positive and sustainable EBITDA and operational free cash flow in 2020.”

Terms

The notes have an annual coupon of 13%, payable quarterly, which will mature on May 14, 2021, subject to the iAnthus’ right to extend the maturity date by twelve months, and are exchangeable into common shares of the company at a conversion price of $1.89, which represents a 25% premium to the closing price of the common shares on Friday, September 27, 2019. The notes are being issued with $10 million of attached three-year warrants with an exercise price of $1.97.  Any additional notes will have substantially the same terms, including conversion price and warrant coverage, subject to compliance with the policies of the CSE. The note purchase agreement provides GGP the right to purchase additional notes of up to $66.5 million for a total of $86.5 million. The company may obtain an additional $13.5 million from potential financing sources, including GGP or others, to fulfill its $100.0 million plan, with any such additional financing subject to the negotiation of pricing, terms, and conditions in the context of the market.

“We have viewed iAnthus as a key partner since our initial investment in May 2018 and have closely watched the Company’s evolution as it has continued to execute on its operational strategy across multiple markets. The Company has made significant strides in broadening and operationalizing its footprint, which we do not believe is reflected in the Company’s current trading price,” said Jason Adler, Managing Member of Gotham Green Partners. “We look forward to working alongside iAnthus and continuing to support the growth of the Company.”

 


Debra BorchardtDebra BorchardtSeptember 30, 2019
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4min1580

Arizona-based DNA testing technology company PathogenDx, Inc. announced $7.5 million in Series B funding. This latest investment round was led by Cresco Capital Partners with participation from Altitude Investment Management, Arcadian Investment Partners, Panther Opportunity Fund LLC, Salveo Capital, Flatiron Venture Partners and other investors. PathogenDx was able to close this round of funding in just under three months.

PathogenDx wants to become the new standard in DNA-based testing through widespread adoption of its advanced microarray testing platform for the cannabis, hemp, agriculture, food, and beverage industries. PathogenDx’s technology can rapidly identify and detect up to 50 pathogens all in a single test, in 6 hours providing triplicate data per analyte for certainty in results with a simple and easy process. This additional capital raise will allow PathogenDx to continue expanding its breakthrough technology into food and agriculture testing while continuing to build on its leadership position with current portfolio of domestic and international clients in the cannabis industry.

“PathogenDx has pioneered one of the most precise and cutting-edge pathogen testing technologies on the market. This investment is a critical vote of confidence by industry leaders that our technology can and will make a significant impact across all pathogen testing industries,” said CEO Milan Patel. “Our goal for the next year is to expand our DNA processing so other industries have access to affordable and reliable pathogen test results to improve product safety and protect consumer health.”

This news comes not long after the company’s announcement earlier this year regarding the broader application of their proprietary microarray technology for rapid strain identification that can reveal bacterial and fungal test results in 6 hours or less, compared to the industry standard of 72 hours or longer. As the cannabis sector matures to full federal level acceptance, PathogenDx is leading the path and taking a proactive approach of obtaining federal approval by the AOAC of its technology for Food and Environmental testing applications by the first half of 2020.  

“We are constantly looking for innovative businesses to build a robust cannabis market, and we were thoroughly impressed by Milan Patel’s long term vision for both his company and the industry,” said Matt Hawkins, Managing Partner at Cresco Capital Partners. “Patel and his team have the experience and passion to create the next standard-bearer in pathogen testing technology, and we are thrilled to partner with them.”  

“We saw great value investing in a company that improves the overall safety of the cannabis supply chain,” said Jon Trauben from Altitude Investment Management. “With safety top of mind these days, backing a company that ensures clean cannabis provided a compelling opportunity to invest in a business that’s doing well by doing good.”

 


Debra BorchardtDebra BorchardtSeptember 27, 2019
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5min3220

Cannabis REIT company Innovative Industrial Properties Inc. (NYSE: IIPR) picked up another cannabis facility this week. Illinois-based Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) signed a binding agreement to sell its Joliet and Kankakee, Illinois properties to Innovative Industrial Properties (IIPR) for roughly $46.3 million, which includes funding for additional tenant improvements at the Kankakee property.

This follows an announcement earlier this month that IIPR closed on the final parcel of a four property portfolio in southern California with the company Vertical. A long-term, triple-net lease was signed for each property with Medical Investor Holdings who is known as Vertical, for continued operations as licensed cannabis cultivation, extraction, manufacturing, and distribution facility.

This is becoming a typical strategy for cannabis companies. Most buy their facilities since banks don’t want to offer mortgages. Then they are able to sell those assets and quickly put some cash in the coffers. “This strategic transaction with IIP allows us to unlock our capital tied to our real estate and redeploy those proceeds into the tremendous opportunities we see ahead in the cannabis industry, in California and beyond,” said Bill Sutman, CFO of Vertical.

“We are thrilled to add Vertical and its strong management team to our tenant roster,” said Paul Smithers, President and Chief Executive Officer 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, and we look forward to continuing to support Vertical and its long-term growth initiatives.”

Cresco Labs

Similar to the Vertical deal, Cresco Labs will enter into a long-term, triple-net lease agreement with IIP and will continue to operate each property as a licensed cannabis cultivation and processing facility. The two properties represent approximately 100,000 square feet of industrial space in aggregate. The agreement is expected to close within the next 30 days.

“This sale-and-leaseback agreement with IIP represents a non-dilutive capital solution for Cresco Labs that will support the expansion of our Illinois operations in preparation for the legalization of adult-use cannabis on January 1, 2020,” said Cresco Labs CEO and Co-founder Charlie Bachtell. “A portion of the proceeds from the sale of the two properties will be utilized to create the scale in our cultivation capacity and retail dispensary network necessary to meet the significant increase in demand projected from the legalization of adult-use cannabis and the expansion of the medical-use program in Illinois. With the Illinois cannabis market projected to reach $2 billion to $4 billion in annual sales at maturity, the expansion of our operations will position Cresco Labs to build upon our leading market share and significantly increase the revenue we generate from Illinois in the coming years.”

IIPR is one of the few cannabis stocks that has managed to keep its head above water in the cannabis sector selloff. The stock was lately trading at $95, higher than its 52-week low of $39.45. While it is lower than its year high of $139, many cannabis stocks have fallen much further.



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