It’s time for your daily hit of cannabis financial news for November 7th, 2019.
On the Site
Innovative Industrial Properties Stock Jumps Over 10% On Earnings
California-based cannabis REIT Innovative Industrial Properties(IIP) (NYSE:IIPR) shares shot up over 10% in trading on Thursday after reporting solid results for their 2019 third-quarter after the market closed on Wednesday. The stock was lately trading at $80.02, well above its 52-week low of $42.10.
Harvesting, Processing Hemp May Be Expensive For New Farmers
The USA has a new boom for hemp farmers. It’s difficult for amateur farmers to enter the market and beat the competition. The huge processing and harvesting companies in the industry leave almost no chances for small businesses. Thus, even if you consider all the negative factors like unfortunate weather, low prices, lack of labor, and create a perfect harvesting plan, there is still a high possibility that you might push your income into the red. The industry is facing the oversupply of hemp which leads to the decreased rates. Many farmers hurry to fire-sale their crops to anyone not to lose all the money and efforts put into the cultivation, harvesting, and processing. Unfortunately, the equipment, workforce, knowledge, skills, and time required to grow cannabis might be too much for the newbie farmers. They tend to underestimate the efforts and financial risks for entering this sphere.
In Other News
IntelGenx Reports Third Quarter 2019 Financial Results
SAINT LAURENT, Quebec, Nov. 07, 2019 (GLOBE NEWSWIRE) — IntelGenx Technologies Corp. (TSX-V:IGX)(OTCQX:IGXT) (the “Company” or “IntelGenx”), a leader in pharmaceutical films, today reported financial results for the third quarter ended September 30, 2019. All dollar amounts are expressed in U.S. currency and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.
2019 Third Quarter Financial Summary:
KushCo Holdings Reports Fiscal Fourth Quarter and Full Year 2019 Results
Fiscal Fourth Quarter and Full Year 2019 Financial Summary