Innovative Industrial Properties Inc (NYSE:IIPR) signed an amended leasing agreement for Barry, Illinois based Property of AWS (Ascend Wellness Holdings, LLC)’s subsidiary. It provided additional capital of $18 million to expand the cannabis processing and cultivation facilities at this facility, including a 90,000 Sq. Ft. Greenhouse facility and for capacity enhancements at its existing 75,000 Sq. Ft. industrial property. The company also amended the base rent under the modified lease agreement to consider additional funding. Therefore, the total investment of Innovative Industrial at this property amounts to $51 million.
Leasing of other properties to AWH
Innovative Industrial also leased other properties based in Michigan and Massachusetts to AWH. It also agreed for additional improvements at these facilities to satisfy future requirements. The total investments by Innovative Industrial at these properties are $119.8 million.
Partners with experienced cannabis operators
Innovative Industrial enters into a pact with experienced cannabis operators, who engages in medicinal use cannabis business, and provides capital to run their businesses. As part of its business strategy, the company acquires the properties of those firms needing capital and gives back the properties on lease to them along with funding. Innovative Industrial is a pioneer in providing capital for the industries engaged in the medical cannabis business.
Consistent growth in Illinois
On January 1, 2020, Illinois legalized cannabis for adult use. The adult-use dispensaries in the state clocked revenues of $61 million in July 2020. Since legalization, adult-use dispensaries are posting consistent growth MoM.
Innovative Industrial owns six cannabis processing and cultivation facilities in Illinois. The company’s total investments in these properties account for $204 million for future tenant improvements as well as construction at some of the properties.
CEO of Innovative Industrial, Paul Smithers, said the company is pleased to expand its long term lease agreements for real estate with AWH. He said the team at AWH put in significant efforts to position the company as the best MSO in the state to benefit from immense market opportunities. AWH is serving the customers and patients at these difficult times with high-quality products. It also ensures commendable customer services and patient care.
The vertically integrated cannabis company – AWH holds assets in Massachusetts, Ohio, Michigan, Illinois, and New Jersey. It operates two dispensaries in Collinsville and Springfield in Illinois.
The E-Commerce Arm Of American Green Inc (OTCMKTS:ERBB) Accepts Payments For Its Hemp And CBD Products In Bitcoins (BTC)
The e-commerce platform of American Green Inc (OTCMKTS:ERBB) will start accepting payments for its cannabidiol and hemp products in Bitcoin (BTC) beginning March 2021. Its existing and new customers can make use of this facility to acquire their favorite CBD products.
Bitcoin payment assumes significance
Vice President (Worldwide sales) of American Green, Kevin Davis, said the addition of Bitcoin as a valid payment option improves the company’s ability to transact across the world and in the US. It assumes significance because the company targets to expand its presence in the international markets in 2022.
Foresees improved sales growth
American Green is posting significant growth YoY. Cryptocurrencies additions such as the Bitcoin payment option will improve hemp and cannabidiol products’ sales.
The acceptance of Bitcoin protects global customers and simplifies international transactions by eliminating complications like currency fluctuations in cross-border transactions. It also eliminates credit card interoperability issues and internet security problems. After the transaction, all the bitcoins are converted into equivalent US$ and eliminates the volatility associated with cryptocurrencies.
American Green posted record-high revenues in H2 2020. Its Phoenix-based cannabis grows management operation – Sweet Virginia, reported record revenues of $892,265 (up 15.41% YoY) in H2 2020. The company also reported an increase of 24.5% YoY in profits to $636848 during this period from its grow management operation.
David Gwyther, president of American Green, said the company is excited to report record growth. It is on the backdrop of putting significant efforts during difficult times of coronavirus. Customers’ trust in its products also helped the company to post double-digit growth.
Its online CBD division posted an increase of 10% in revenues in H2 2020. The company also commenced selling its CBD products through e-commerce giant – Amazon a few months back. It will soon add additional products to the Amazon platform.
Gwyther said American Green foresees great opportunities for its CBD and hemp products in Arizona and across the nation. It will capitalize on these emerging opportunities to boost growth soon and offer rich dividends to investors.
American Green entrusted the expansion responsibility to Gierczyk Architects for 20,000 sq. Ft. Cannabis Grow operations. It also plans to add 16,000 sq. Ft. to improve total net annual revenues to $7 million.
CLS Holdings USA Inc (OTCMKTS:CLSH) Posts Revenues Of $1.48 Million In January 2021: Strong Momentum At An Extraction Facility In North Las Vegas
In January 2021, CLS Holdings USA Inc (OTCMKTS:CLSH) reports revenues of $1.48 million (up 28.5% YoY) from its subsidiaries based in North Las Vegas.
Makes new strides in sales growth
CLS is expanding its operations by developing a new division and introducing innovative products at City Trees. The company also improved sales at its Oasis Cannabis. All these initiatives helped the company to make new strides in its sales growth in January 2021.
Rolls out toll processing division
CLS inaugurated a toll processing division for its City Trees called Trichome Harvest Company on January 26, 2021. Trichome specializes in hydrocarbon and ethanol extraction services for third parties. City Trees introduced innovative vape products in February 2021.
In 2020, City Trees held 5th position in the vapes segment in Nevada. It also commands the number one slot in the production of tinctures. COO of CLS, Andrew Glashow, said the company focuses on providing diverse products at affordable rates at Oasis and City Trees. It also serves the local customers through its extraction facility. The company expects to see great momentum in the coming months.
The current market penetration of City Trees in Nevada is over 70%. City Trees manufactured nine distillate varieties, which are available in syringes, vape pens, and cartridges. Nevada-based dispensaries bought 11,378 units as of February 2021.
Inducts a new director
CLS added a new director – Ross Silver, to its director board. CEO of CLS, Jeffrey Binder, said he is excited to welcome Ross into the director board. Ross is a perfect fit into the company with his previous experience as an analyst, advisor, and leader. He is an invaluable asset to support the growth of CLS going forward.
With a finance background, Ross established an investment advisor company – Sylva International, in 2016 in Oregon. He also established Vista Partners, an independent equity research company, and a hedge fund.
Ross said CLS positions itself as a leading player in cannabis retail and production. He is pleased to join the CLS team, which is making consistent strides in growth and posting improvement in revenues YoY. CLS is yearning to expand its presence in the cannabis industry of Nevada.
Revive Therapeutics Ltd (OTCMKTS:RVVTF) Acquires Full IP Rights to Psilocybin From The Subsidiary Of Newscope Capital Corporation (OTCMKTS:PHRRF)
Revive Therapeutics Ltd (OTCMKTS:RVVTF) acquired IP to Psilocybin of PharmaTher Inc., which is a subsidiary of Newscope Capital Corporation (OTCMKTS:PHRRF), for CAD 10 million.
Revive Therapeutics will pay $3 million in cash on concluding the deal to Newscope. It will issue its securities for an additional $4 million of the transaction. The company will pay the balance of $3 million either in stock or cash on meeting certain milestones such as receipt of orphan drug designation for its Psilocybin from the US FDA to treat cancer, traumatic brain injury, and stroke.
Advances psilocybin platform to treat neurological disorders
CEO of Revive Therapeutics, Michael Frank, said the takeover of Psilocybin strengthens its position to build OTF (oral thin film) products together with the University of Wisconsin-Madison. Revive Therapeutics can advance the psilocybin platform to address unmet clinical requirements in cancer, health, and neurological disorders.
CEO of Newscope, Fabio Chianelli, said the company is excited to enter a pact with Revive Therapeutics for its psilocybin program. Revive Therapeutics is already an established leader in the development of psilocybin pharmaceuticals.
An update on the evaluation of Bucillamine
Revive Therapeutics issued an update on the phase 3 clinical study of Bucillamine. The company is evaluating its efficacy and safety in patients suffering from moderate to mild coronavirus. It plans to expand the clinical trial to 50 clinical sites from the present 14 sites for the next enrollment study requirements in Q2 2021 with the recent financial support of $23 million.
It is a randomized, placebo-controlled, and double-blinded clinical trial. In this trial, the efficacy and safety data will be analyzed at each analysis time point of 400, 210, 800, and 600 completed patients and reported to the DSMP (Data and Safety Monitoring Board).
An independent DSMP will review the data and recommend appropriate changes to the study or stop the trial in serious safety concerns. Today, DSMP does not find any adverse safety concerns in the interim report involving 210 patients.
Michael said the company is additional clinical sites to satisfy the enrollment targets with the recent funding. It helps the company to satisfy the needs of the FDA and seek EUA approval.