The Daily Hit: April 9, 2018

Here are the today’s cannabis news briefs for April 9, 2018:

Innovative Industrial Properties
Innovative Industrial Properties (IIPR), a provider real estate capital solutions for the medical cannabis industy, announced today that it has closed on the acquisition of a 89,000 square foot property in Scranton, Pennsylvania, for a price of approximately $5.8 million. The tenant of the property is a subsidiary company owned by Vireo Health, Inc., and is expected to reimburse Innovative approximately $2.8 million for improvements to the building. “We are very pleased to close on this third transaction with Vireo Health in Pennsylvania, projected by many to become one of the largest medical-use cannabis markets in the country,” said Ben Regin, Director of Investments and Finance for Innovative in a statement.

Canopy Growth Corporation

Canopy Growth Corporation (WEED) announced a partnership between its affiliate and biopharmaceutical research arm Canopy Health Innovations and drug research pioneer Lady Amanda Feilding and the Beckley Foundation (“Beckley”). Named Beckley Canopy, the partnership will work towards the research and development of clinically approved cannabis-based medicines. All profits from the work will go towards scientific research and policy work of the Beckley Foundation.”We are delighted to have formed this partnership with Beckley. They have been leading the way in drug policy reform and cannabis research for more than two decades and we feel that our skill-sets complement each other perfectly. This is a unique opportunity to expand our operations, conduct world-class research, and meet the needs of doctors and patients around the world,” said Canopy Health CEO, Marc Wayne.

Namaste Technologies Inc.
Namaste Technologies Inc. (N) announced that it has signed an amended Letter of Intent (LOI), dated April 4, 2018. Under the amended LOI, 2624078 Ontario Inc. will apply for an ACMPR license to cultivate medical cannabis and to sell medical cannabis oil. If the application is approve, the company will be able to test and develop its own cannabis strain for Cannmart. Additionally, 2624078 Ontario Inc. will rename itself Infinite Labz. “We’re pleased to have signed the amendment to the LOI as per our discussions with Namaste. We believe that our company and Namaste will see great value in this partnership and in operating both the LD and LP license from the same facility. There are many synergies that are evident between both parties and the addition of an ACMPR license to the facility at 7 Canso Road will solidify our position becoming a premier provider for medical and recreational cannabis oils and we look forward to a bright future with Namaste,” commented 2624078 Ontario Inc. president, Daniel Stern.

William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.

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