Can Marijuana Stocks Continue To Climb In The Market?
For current investors, marijuana stocks represent a high growth industry that is expected to gain substantial momentum in the next five years. In reality, cannabis investors are already seeing revenue growth and gains in the market while investing in the top cannabis stocks. Â Since the beginning of November, most of the best pot stock to buy have delivered returns to investors and have continued doing so until cooling down some in yesterdayâs trading.
For example, the top U.S. marijuana company Green Thumb Industries Inc. (OTC: GTBIF) lost almost 3% of its value in trading on Monday, January 26th. In essence, many of the leading cannabis stocks saw a similar decline in the market as some pot stocks assess recent gains in January.
Innovative Industrial Properties Acquires Property in Florida and Enters Into Long-Term Lease with Harvest
Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a property in Alachua, Florida, which comprises approximately 295,000 square feet of industrial space.
The purchase price for the property was $23.8 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at the property with a subsidiary of Harvest Health & Recreation Inc. (Harvest) (CSE: HARV, OTCQX: HRVSF), which intends to continue to operate the property as a licensed cannabis cultivation and processing facility. Harvest is expected to complete additional tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to approximately $10.8 m
Arizona welcomed adult-use cannabis legalization during November’s election, and some three months later it commenced with the sales.
The Grand Canyon state began the application process on Jan. 19. Dispensaries are able to apply online, but must pass an FBI background check and pay a $25,000 application fee to Arizona’s Department of Health Services.
On Friday, the state approved 73 applications out of 79 submitted, kicking off its adult-use cannabis program (h/t Marijuana Business Daily). Out of 15 counties in Arizona, only nine had their dispensaries acquire the license for adult-use sales.
The outlet projects for the state’s recreational market to reach between $375 – $400 million in the first year, and between $700 million and $760 million by 2024.
January 25, 2021 at 7:23 am Published by NCV Newswire
Harvest Health & Recreation Inc. Announces Sale Leaseback Transaction with Innovative Industrial Properties
PHOENIX, Jan. 25, 2021 /PRNewswire/ Harvest Health & Recreation Inc. (“Harvest”) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today announced the closing of a sale leaseback transaction with Innovative Industrial Properties, Inc. (“IIP”) (NYSE:IIPR).
Harvest sold an industrial property totaling approximately 292,000 square feet for $23.8 million. Concurrent with the sale Harvest entered into a triple net lease with IIP. Harvest plans to continue to operate the property as a licensed cultivation and processing facility and expects to recover up to approximately $10.8 million in tenant improvements from IIP. The total proceeds for the transaction are expected to be approximately $34.6 million.
Innovative Industrial Properties Acquires Property in Florida and Enters Into Long-Term Lease with Harvest
Innovative Industrial Properties Acquires Property in Florida and Enters Into Long-Term Lease with Harvest Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a property in Alachua, Florida, which comprises approximately 295,000 square feet of industrial space. The purchase price for the property was $23.8 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at the property with a subsidiary of Harvest Health & Recreation Inc. (Harvest) (CSE: HARV, OTCQX: HRVSF), which intends to continue to operate the property as a licensed cannabis cultivation and processing facility. Harvest is expected to complete additional tenant