Cannabis REIT Innovative Industrial Properties, Inc. (NYSE:IIPR) announced Wednesday that its total revenue increased by 103% year-over-year to $42.9 million in the first quarter of 2021.
Net income for the same period was roughly $25.6 million, or $1.05 per diluted share, representing an annual growth of 122%.
Adjusted funds from operations amounted to approximately $38.4 million, or $1.47 per diluted share – an increase of 116% year-over-year.
The significant yearly increase in revenue, net income and AFFO can be attributed to the acquisition and leasing of new properties and operations related to existing properties.
As of March 31, the San Diego-based company had roughly $122.1 million in cash and cash equivalents and around $539.3 million in short-term investments.
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Retailer
Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) reported single-day record sales of $543,000 on April 20. Meanwhile,
Eaze, California s largest marketplace for legal cannabis delivery, announced a 185% surge in deliveries (compared to any other Tuesday in 2021), with an average basket of $200, up 50% from the same day in 2020.
“Cannabis consumers moved to delivery as their preferred way of shopping last year, so we re not surprised to see such a strong 420 in 2021,” said Ro Choy, CEO of Eaze. “Even as daily life begins to return to normal, consumers are staying with the convenience of delivery. It s the future of this industry.”
Debra Borchardt, CEO of Green Market Report, added, “The April 20 holiday is becoming the largest sales day of the year for the industry. Headset reported logging $60,000 in sales per minute, while Planet 13 said it did over half a million sales on Tuesday. Even Ayr Wellness clocked in an amazing $1.2 million day across its stores.
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