It’s a shortened trading week as markets are closed on Friday to celebrate the Fourth of July. The good news is that 2020 is half over.
Despite the continued pressure on cannabis stocks, investors continue to pour money into the industry. The companies most favored are those with consistent and reliable sources of revenue. This week Innovative Industrial Properties, Inc. (IIP) (NYSE:IIPR) priced its underwritten public offering of $225 million. The deal is expected to close on or about July 2, 2020. The underwriters also have a 30-day option to purchase up to an additional 402,504 shares of its common stock.
Bhang reported that it had revenue of $4.7 million in 2019, but net losses of $15 million.
There was also a lot of news from the pharma side. GW Pharmaceuticals outlined its plans for its other cannabis drug Sativex. It has a strategy to use the drug as a treatment for MS Spasticity. PTSD and spinal cord injury.
Zynerba unfortunately had to report that its trial for its Zygel drug as a treatment for Fragile X failed to produce the necessary threshold for positive results.
Cresco Labs Inc. and Innovative Industrial Properties, Inc. (IIP) have closed on the acquisition of a property in Massachusetts with a leaseback agreement. The property is valued at $7.8 million and is the fifth such deal the two have done.
Harborside said it won’t be able to file its financial reports on time. A cease trade order is expected until the company can get those results published.
And finally, HBO Max has become the latest production company to use cannabis products as a marketing tool for an animated show called Close Enough that will begin streaming on July 9. The company is partnering with Sunderstorm’s Kanha Cannabis Infused Gummies and online cannabis marketplace Eaze to launch a collection of character-inspired CLOSE ENOUGH edibles.