It’s time for your Daily Hit of cannabis financial news for May 7th, 2020.
On the Site
Cannabis REIT IIPR Defers Rent Payments For Tenants During Pandemic
Cannabis REIT Innovative Industrial Properties, Inc. (NYSE:IIPR) reported its results for the first quarter ending March 31, 2020, with total revenues of approximately $21.1 million. This was a 210% increase from the prior year’s first quarter. Innovative Industrial also delivered a net income of approximately $11.5 million or $0.72 per diluted share.
While cannabis was deemed an essential service in many states, social distancing was still required. This makes working in a grow facility a challenging prospect. IIP said it has had conversations with each of its tenants in March and April over the situation. As a result, the company said that it is providing temporary rent deferrals for three of its 21 tenants.
Jushi Reports Rising Revenues, Expansion Delays Due To COVID
Multi-state operator Jushi Holdings Inc. (OTC:JUSHF) delivered its fourth-quarter and full-year earnings for the time period ending December 31, 2019, and pre-announced its first-quarter 2020 revenues. Overall, Jushi reported an increase in revenues, but also an increase in net losses as the expansion plans have been delayed as a result of the pandemic.
Executive Spotlight: Wendy Berger
Green Market Report highlighted the Board Director of Green Thumb Industries and Board Member of CannaVu. She said, “GTI wants to continue to expand access to Green Thumb’s branded cannabis products such as Beboe, Dogwalkers, Dr. Solomon’s, Incredibles, Rythm, and The Feel Collection that help the well-being of so many people. CannaVu wants to remain the premier platform for canna-compliant digital advertising.”
In Other News
The Green Organic Dutchman Receives Health Canada License Amendment
Organic cannabis producer The Green Organic Dutchman (TSX:TGOD) (US:TGODF) has received the approval for their Valleyfield hybrid greenhouse. The facility is equipped with climate control systems, water recapture networks, and LED lighting.
The amendment is valid until June 8th, 2021.