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Innovative Industrial Properties Inc (NYSE:IIPR) Reports A Growth Of 183% YoY In Q2 2020 Revenues

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Innovative Industrial Properties Inc (NYSE:IIPR) posted an increase of 183% YoY to $24.3 million in Q2 2020. The shareholders received a 77% YoY increase in dividend at $1.06 for each share on July 15, 2020.

Raises $114.9 million

Innovative Industrial raised funds of $114.9 million through a public offering of 1.550 million common shares. The underwriters can also acquire additional 202259 shares. After Q2 2020, the company mobilized an additional $258.7 million by issuing 3.085 million common shares. It also provided an option for underwriters to buy additional 402,504 shares.

Acquires 8 properties

Beginning April 1, 2020, Innovative Industrial purchased 8 properties spanning 775,000 Sq. Ft. (rentable) based in Pennsylvania, New Jersey, Massachusetts, California, and Michigan for $191.5 million.

Tenant relationships

Innovative Industrial expanded prevailing tenant relationships with Holistic Industries Inc., Cresco Labs Inc., Ascend Wellness Holdings Inc., and Kings Garden Inc following the purchase of new properties. The company also formed new tenant relationships with Curaleaf Holdings Inc. and Columbia Care Inc. Innovative Industrial, the real estate company, invested $1.1 billion for tenant improvements as of August 5, 2020.

Purchases property in New Jersey

Innovative Industrial purchased a Blue Anchor, New Jersey-based property, which comprises 111,000 Sq. Ft. industrial space, for $5.5 million. The company signed a triple-net, long term lease agreement with Curaleaf’s subsidiary for the property. Curaleaf will use this space for medical cannabis processing and cultivation.

Curaleaf will make improvements to the property. Innovative Industrial will reimburse up to $29.5 million to Curaleaf for tenant improvements. Therefore, the total investment of Innovative Industrial for this property is $35 million.

Collections from rent

Innovative Industrial deferred rental collection for three tenants for May and June 2020 during coronavirus crises. It received rent in full in July 2020 from these three tenants. It netted 100% of the contractual rent for April, May, and June 2020, excluding from tenants based in LA, California property.

Innovative Industrial holds 61 properties as of August 5, 2020, in several locations that comprise Minnesota, New York, New Jersey, Michigan, Maryland, California, Arizona, Ohio, North Dakota, and Florida. The total rentable area from these properties is 4.5 million Sq. Ft.

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Fiore Cannabis Ltd (OTCMKTS: FIORF) Moving Forward With Expansion Of Apex Cultivation Facility

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Fiore Cannabis Ltd (OTCMKTS:FIORF) has signed a Letter of Intent to sell a surplus cultivation license for its Apex cannabis cultivation and production facility in Las Vegas to Allied Corp. The non-binding agreement was signed on February 15, 2021. Fiore Cannabis will seal the deal through a wholly-owned subsidiary.

The deal, which is valued at $1.5 million, will be completed after a definitive agreement, which is expected to be completed 30 days after the Letter of Intent. Fiore Cannabis Ltd has licenses for cannabis cultivation, production, and sale in various states. On the other hand, Allied is working on increasing its footprints in the international medical and specialty cannabis space.

In a statement, Fiore Cannabis President and CEO Erik Anderson said the deal will help the company further strengthen its strategic plans. Money from the sale will be used to speed up Fiore’s expansion plans for its Apex facility. The company is expanding its plant to boost production capacity and meet growing demand in the Nevada market.

The two companies have developed working guidelines that will guide their operations and interaction as Allied constructs a facility that Fiore will operate through a pre-negotiated partnership. The companies will also negotiate a revenue-sharing agreement for incremental sales from the facility.

Fiore will leverage its expertise to assist with genetic sorting and selection of high-yield cannabis strains for Allied. In addition, Fiore will offer consultancy services to guild sales and marketing of the final cannabis products. The company enjoys a wide network of established retail stores and medical dispensaries.

Funds raised from this deal will be used to expand Apex’s facility. Currently, the two companies are exploring ways to increase cultivation space to boost production quantities.

Fiore recently announced that it is actively pursuing its plan to refocus its assets in California and Nevada’s key markets. The company says these operations helped improve its Adjusted EBITDA for January.

According to Erik, the new plan will enable them focus their effort and resources on high-yielding activities and produce high-quality cannabis products as it seeks to establish strong footprints in growing markets.

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Ayr Wellness Inc (OTCMKTS: AYRWF) Finalizing merger agreement with Blue Camo, LLC (Arizona)

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Ayr Wellness Inc (OTCMKTS:AYRWF) is in the final stages of acquiring 100% interest in Blue Camo, LLC. The deal comes after a previously signed Letter of Intent. Ayr Strategies is a specialist in medical cannabis with operations in several states across the US.

In an announcement late last year, Ayr laid out plans to acquire 100% interest in Blue Camo, LLC, which has its operations in Arizona. Ayr will also acquire all Blue Camo’s assets, including a cultivation facility under construction in Phoenix measuring 80,000 ft2, a 10,000 ft2 triple-stacked cultivation and processing facility in Chandler, and three Oasis-branded dispensaries in the greater Phoenix area.

In a statement, Ayr Strategies said Arizona has been on the list of attractive markets for cannabis for a long time, ranking third in the US in terms of patient penetration. The company noted that the medical cannabis market in Arizona is worth $1 billion. This figure is expected to go up following a decision by the Arizona Department of Public Health to approve the recreational use of cannabis.

The department has already approved around 90 locations, including three that Ayr Strategies are acquiring. The three Oasis-branded dispensaries have been approved for adult-use sales and started operations at the start of this year.

Under the agreement, Ayr Strategies will pay a down payment of $75.4 million, split between $9.5 million in cash and $37.4 million in stock. Ayr Strategies will also deposit 2 million shares in escrow to be released after attaining the new facility’s required production targets.

Ayr Strategies announces change of corporate name

Ayr Strategies Inc has changed its corporate name to Ayr Wellness Inc. The change took effect on February 12.

In a statement, Ayr Wellness Chairman and Chief Executive Officer Jonathan Sandelman said the change was motivated by the desire to better reflect the company’s mission of offering premium quality cannabis. Also, he said they are working at improving customer experience, and establishing the company as a voice of authority in the industry.

Sandelman also said Ayr Wellness will work towards enriching their customers’ lives. This, he said, will be achieved through the cultivation of high-quality plants and processing high-quality cannabis.

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Axim Biotechnologies Inc (OTCMKTS:AXIM) Files Amended EUA for Portable 1 Rapid Diagnostic Test for Neutralizing Antibodies

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AXIM® Biotechnologies, Inc has submitted its amended Emergency Use Authorization (EUA) application with the US Food and Drug Administration (FDA). The application was first filed in September last year to secure authorization to use rapid kits in measuring COVID-19 neutralizing antibodies in serum and plasma. AXIM offers healthcare solutions targeting oncological and COVID-19 research.

The latest application includes an amended EUA that has positive outcomes from a Biosafety Level 3 (BSL-3). In the latest study, researchers managed to positively correlate the rapid 10-minute lateral flow assay test to measure the level of COVID-19 neutralizing antibodies in plasma.

When used to detect neutralizing antibodies, AXIM’s ImmunoPass was found to have 97.8% accuracy. This is compared to 85.8% accuracy reported by VITROS® Total an IgG COVID-19 Antibody Test produced by Ortho Clinical Diagnostics.

In a statement, John W. Huemoeller II, the CEO of AXIM® Biotech, said, With this amended EUA, we are one step closer to our goal of providing an ‘Immunity Passport’ through our accurate, fast and relatively inexpensive COVID-19 neutralizing antibody test. Our assay is the only functional test that measures levels of neutralizing antibodies in serum, plasma or whole blood.”

Around the world, countries are in a rush to ship and administer COVID-19 vaccines. AXIM’s rapid will be vital in conducting tests to determine if the vaccines produced the desired response. In particular, rapid diagnostic tests will be used to determine whether the vaccines produce high levels of neutralizing antibodies.

With time, the test will be used to monitor the impact of the vaccines to determine if a booster is needed in the future. Another test is needed to determine the level of neutralizing antibodies in convalescent plasma.

The company’s product in the second application will measure the rate of neutralizing antibodies in convalescent plasma to identify plasma with the highest levels of neutralizing antibodies. Plasma with high levels of neutralizing antibodies will then be used to fight COVID-19.

In 2020, the company entered into an exclusive limited licensing, manufacturing, and distribution agreement with Empowered Diagnostics LLC that gave the later rights for large-scale production of the rapid diagnostic tests.

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