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Innovative Industrial Properties Expands Real Estate Partnership with PharmaCann at New York Property
December 14, 2020 GMT
SAN DIEGO (BUSINESS WIRE) Dec 14, 2020
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 entered into an amendment of the lease with PharmaCann Inc. (PharmaCann) in Hamptonburgh, New York, making available $31.0 million in funding for significant enhancements in production capacity and additional upgrades at the 127,000 square foot facility. The lease amendment also adjusted the base rent under the lease to take into account the additional available funding and extended the term of the lease agreement. Assuming full payment of the additional funding, IIP’s total investment in the property will be $61.0 million. II
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Last week, I wrapped up the cybersecurity funds and focused on companies in CIBR- First Trust NASDAQ Cybersecurity ETF, tracking companies the Nasdaq CTA Cybersecurity Index. These companies have a chance of being high performers now in the months and years to come.
Today, I continue what I term the New Paradigm of Business and focus on the top funds and companies in the cannabis sector. I will only discuss market questions and will not be getting into or responding to questions on ethics in this sector.
Although legal in many states for medicinal and recreational use, and more states coming on board in 2021, it is still illegal on the federal level. In the next few years, I see cannabis become legal federally, and that is why I added it to my New Paradigm of Business group. Before this happens, I expect to see many weak companies go bankrupt but at the same time, major companies acquire stronger companies in this sector. Do not be surprised when the first cannabis company, maybe o