IIPR - Weekly Stash January 20 2023
It was a shortened trading week with markets closed on Monday for the Martin Luther King holiday.
Innovative Industrial Properties (NYSE: IIPR) told shareholders that rent collection has dropped from 100% last year to just 92% in January. Some companies like Parallel and Green Peak Industries have stopped paying rent in some locations, while others have had to use their security deposits to make rent payments. Kings Garden wants out of two locations as it looks for a possible merger.
In an effort to cut costs and try to become profitable, Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) has closed four unprofitable dispensaries and cut its headcount by 25%. Col-Care said it closed one dispensary in California and three in Colorado. In addition, the company also consolidated cultivation operations in California, Colorado and Pennsylvania to improve their Adjusted EBITDA contribution.
Bespoke Financial is suing California cannabis company In Da Cut for not paying back money that it borrowed. In Da Cut owes roughly $400,000 for money that Bespoke gave it to pay bills and hasn’t paid back.
In state news, Michigan had a banner year in 2022, ending with $221.7 million in sales for the month of December alone and a full-year total of $2.3 billion, a new record for the state’s marijuana industry. That annual sales figure is a 28% increase from 2021 sales figures and establishes a new high-water mark for Michigan operators.
Missouri is launching its legal adult-use cannabis sales on February 6. Last month on December 8, 2022, consumers were allowed to legally possess up to 3 ounces of marijuana. On December 8th, 2022 the Department of Health & Senior Services began accepting requests for existing medical facility licensees to convert to a fully legal facility. Once approved, it is up to each dispensary to decide when it will begin selling adult-use cannabis.
Texas is set to expand the size of its highly restrictive medical marijuana program, from just three dispensaries to a still-undetermined number, but the state is retaining its ban on full-fledged cannabis. There are just eight qualifying medical conditions that make patients eligible for medical cannabis in the state and only 8,000 registered patients.
And finally, Green Market Report has announced that our Women’s Summit will be on March 23 in New York City. You can register on the website under the Summits tab. We have also opened the application period for nominations for the Women’s Leadership Awards for 2023.