It’s time for your Daily Hit of cannabis financial news for July 20, 2020.
On The Site
Columbia Care (OTCQX: CCHWF) sold two of its properties in New Jersey for $12.4 million to Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR). Columbia Care will then rent the two properties which include an industrial building comprising approximately 50,000 square feet and a retail location comprising approximately 4,000 square feet.
Columbia Care will continue to operate the retail property as a regulated medical-use cannabis dispensary and the industrial property as a regulated medical-use cannabis cultivation and processing facility. Columbia Care is expected to complete improvements to the industrial property and IIP has agreed to provide reimbursement of up to $1.6 million. This brings IIP’s total investment in the two properties to approximately $14.0 million if all the improvement money is reimbursed.
GenCanna, one of Kentucky’s largest hemp companies, filed for voluntary Chapter 11 reorganization with the U.S. Bankruptcy Court in the Eastern District of Kentucky earlier this year in February. One problem with GenCanna’s bankruptcy filing though was that MariMed (OTC:MRMD) was one of the largest shareholders in the company. It had a $34 million claim against the company sparking a battle over control of the company.
Last week, Law360 reported that MariMed lost a round over the efforts to gain control over the company. The website said that U.S. Bankruptcy Judge Gregory Schaaf of Kentucky found MariMed had acted improperly when it attempted to replace members of GenCanna’s board of directors and force out GenCanna’s president and chief executive officer
Zelira Therapeutics Ltd ZLDAF has confirmed its phase one dose-escalation trial of ZTL-103 has successfully met its primary and secondary endpoints for safety and efficacy.
The recent study was conducted at the St Vincent’s Hospital in Melbourne, Australia, and the Emerald Clinics (EMD) in Perth, suggests cannabis is a safe option for patients to integrate into their current pain treatment. That includes patients who already consume high doses of opioids.
In Other News
NextPoint Acquisition Corp. has filed a preliminary prospectus for an initial public offering as a newly-organized special purpose acquisition corporation formed for the purpose of effecting an acquisition of one or more businesses or assets within a specified period of time.
NAC intends to focus its search for target businesses in the alternative lending and financial services sector; however, it is not limited to a particular industry or geographic region for purposes of completing its qualifying acquisition. NAC intends to focus its search for target businesses on alternative lending and financial services companies with target market capitalizations of between $50 million and $600 million.
TILT Holdings Inc. (CSE: TILT) (OTCQB: TLLTF), a business solutions provider to the global cannabis industry, announced today that Gary Santo has joined the Company as Senior Vice President, Head of Capital Markets and Investor Relations.