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Innovative Industrial Properties Inc. (NYSE: IIPR) Announces Q3 2021 Revenue Growth of 57% to $53 Million

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Innovative Industrial Properties Inc. (NYSE: IIPR) has announced its Q3 2021 financial results in which revenue was up 57% YoY to $53 million.

New property leases and acquisitions drove revenue 

The company’s total revenues increased in Q3 2021, driven by leasing new properties and acquisitions besides the contractual rental amendments and escalations at some properties to offer more improvement allowances requiring rent adjustments.  For the period ending September 30, 2021, rental income included $2.8 million and $1.4 million in property taxes and property insurance premiums reimbursements. For the nine months ending September 30, 2021, total revenue was $145.6 million representing a YoY growth of 82%, with property taxes and insurance premiums being $3.7 million and $2.6 million, respectively.

For the quarter, the company earned around $29.8 million in net income attributable to common shareholders, or $1.20 per diluted share, and $45.0 million in adjusted funds from operations, or $1.71 per diluted share.

On October 15, 2021, the company paid a quarterly dividend of $1.50 per share to common shareholders on record by September 30, 2021, an increase of roughly 28% over the dividend paid in Q3 2020. As previously disclosed, IIP’s board of directors expects to examine adjustments to the size of the company’s quarterly common shares dividend every six months going forward, with any changes likely to be announced in Q1 and Q3 of each year.

IIP acquired five properties  and amended four leases 

Since the start of the year, the company has purchased five properties in Illinois, Missouri, New York, California, and Maryland. Also, IIP completed four lease amendments to give additional renovation allowances to Maryland, Illinois, Michigan, and Massachusetts. In addition, calyx Peak, Inc. and Gold Flora, LLC were added as new tenants in these transactions. On the other hand, the company expanded its current relationships with Ascend Wellness Holdings, Inc., 4Front Ventures Corp., Green Peak Industries LLC (Skymint), Goodness Growth Holdings, Inc. (f/k/a Vireo Health International, Inc.), Truleve’s subsidiary Harvest Health & Recreation Inc., Temescal Wellness of Massachusetts and Holistic Industries, Inc. (Holistic).

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

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Sprott Inc. (NYSE: SII) Increased Assets Under Management by 3% In Q3 2021, helped by The UPC Transaction

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Sprott Inc. (NYSE: SII) has announced financial results for the third quarter and nine months ending September 30, 2021.

Sprott announced a 3% increase in assets under management in Q3 

The company had $19 billion in assets under management as of September 30, 2021, a 3% sequential increase and a 9% increase in the last nine months. The Uranium Participation Corporation (UPC) transaction benefitted the company by adding $630 million to its physical trusts. Also, Sprott benefited from strong inflows to lending strategies and physical trusts. However, Market value depreciation in the fund products partially offset the increases.

Management fees were up 44% YoY in the third quarter to $28.6 million and up 50% YoY year-to-date basis to $76.1 million. Commission fees increased 20% YoY to $11.3 million in Q3, while it was up 50% YoY to $10.4 million for the nine months. Finance income dropped 25% YoY to $0.6 million in Q3 2021, and for the nine months ending September, finance income increased 18% to $2.7 million.

Sprott CEO Peter Grosskopf said, “During the third quarter of 2021, Sprott demonstrated the strength of our strategy and continued to deliver strong financial results despite precious metals trading sideways for most of the period. Subsequent to quarter-end, we surpassed $20 billion in AUM, a new historic high for Sprott, reached in large part due to the efforts of our employee team.”

Sprott expanding its uranium franchise 

Grosskopf added, “In July, we completed the acquisition of Uranium Participation Corp. and launched the Sprott Physical Uranium Trust (“SPUT”), which has grown to $1.6 billion in assets. In November, subsequent to the end of the third quarter, we announced that we are further expanding our uranium franchise with an agreement to acquire exclusive licensing rights to the index tracked by the North Shore Global Uranium ETF (“URNM”), which has the potential to result in a transaction that could add approximately $900 million in AUM. We believe URNM is a perfect complement to SPUT, which has quickly become the largest and most in-demand physical uranium vehicle in the world.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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InMed Pharmaceuticals Inc. (NASDAQ: INM) Announces Q1 2022 Financial Results and Updates on 755-201-EB study

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InMed Pharmaceuticals Inc. (NASDAQ: INM) has announced fiscal Q1 2022 financial results for the quarter ended September 30, 2021.

InMed witnessed positive momentum across all its programs in Q1 2022

CEO Eric Adam said, “The first quarter of fiscal 2022 saw positive momentum across all of our programs. With the completion of the BayMedica Inc. (“BayMedica”) acquisition, our integrated teams are working together to identify rare cannabinoids in BayMedica’s pipeline for commercialization in the consumer health and wellness industry. For the duration of fiscal year 2022, we will be focused on growing revenues through the launch of these selected rare cannabinoids, in addition to expanding sales of BayMedica’s Prodiol® CBC (cannabichromene) and progressing our existing programs.”

The company finalized the BayMedica acquisition on October 13, 2021. The immediate priority for management is to complete the merger of the two firms and expedite commercial activities, especially boosting wholesale B2B revenue for BayMedica’s  Prodiol CBC product to the wellness and health market.

IntegraSyn is still being optimized as a solution for large-scale GMP manufacturing of uncommon cannabinoids, according to the company. Currently, the team concentrates on process optimization to make the manufacturing process GMP-ready for pharmaceutical quality manufacture. The next step is to scale up production to a large batch and continue improving on the industry-leading yield of 5g/L that was previously revealed.

INMed commenced 755-a 201-EB clinical study 

The company reported on September 30, 2021, that the 755-201-EB trial, a Phase 2 clinical study of INM-755 (cannabinol) cream in the treatment of EB, has begun, marking the first time cannabinol has moved to a Phase 2 clinical study to be evaluated as a therapeutic alternative to treat a condition. InMed has also requested a pre-Investigational New Drug (“IND”) meeting with the US Food and Drug Administration to discuss the INM-755 clinical trial’s potential future steps.

InMed filed an international patent application on November 3, 2021, seeking market exclusivity for the potential treatment of neurodegenerative diseases like Parkinson’s, Alzheimer’s, Huntington’s, and others by showing enhanced neuronal function and neuroprotection leveraging a rare cannabinoid.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Curaleaf Holdings Inc. (OTCMKTS: CURLF) Reports Revenue of $317 Million in Q3 2021

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Curaleaf Holdings Inc. (OTCMKTS: CURLF) has announced its operating and financial results for Q3 2021, ending September 30, 2021.

Curaleaf Q3 revenue up 74% YoY

The company reported revenue of $317 million, representing a 74% YoY increase and a 3% QoQ increase. Adjusted EBITDA during the quarter was up 69% YoY to $71 million. In addition, Curaleaf reported $52 million in cash flow from operations or 16% of revenue.

Curaleaf Executive Chairman Boris Jordan said, “During the third quarter we delivered record revenue of $317 million, representing 2% sequential and 74% year-over-year growth. We also generated $52 million of positive operating cash flow. While we faced some transient headwinds during the quarter, we continued to execute well against our strategic initiatives, prioritizing growth and gaining market share. As a result, we remain on track to achieve our $1.2 to $1.3 billion annual revenue guidance, albeit at the lower end of the range, representing growth of over 90%. Strategic M&A remains a key pillar our growth plan.”

The company closed the acquisition of Los Sueños Farms in October and also announced a strategic agreement to purchase a vertically integrated MSO, Tryke Companies, which bolsters Curaleaf’s leadership position across Arizona, Nevada, and Utah. The acquisition will be accretive immediately to the company’s cash flow and margins.

Curaleaf increased cultivation capacity 

CEO Joe Bayern said, “We continued to successfully execute our plan for long-term growth in the third quarter with a focus on our four pillars of competitive advantage – research & development, commercialization, national distribution, and marketing and brand building. We expanded our scale and reach by strategically growing our retail and wholesale presence and significantly increasing our cultivation capacity both organically and, more recently, through M&A. Significant investments in R&D are a cornerstone of our competitive advantage, and we continued to set ourselves apart with the introduction Cliq by Select in the third quarter, while also expanding our innovative Select Squeeze and Nano Bites products to new markets. Looking to the balance of 2021 and beyond, we will continue to execute our long-term strategy with a focus on gaining market share in a sustainable and profitable manner.”

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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