|Bid||0.00 x 800|
|Ask||82.70 x 1400|
|Day's Range||81.77 - 83.82|
|52 Week Range||42.55 - 139.53|
|Beta (3Y Monthly)||2.06|
|PE Ratio (TTM)||57.27|
|Earnings Date||Nov 6, 2019|
|Forward Dividend & Yield||3.12 (3.65%)|
|1y Target Est||140.50|
The marijuana industry is made up of companies that either support or are engaged in the research, development, distribution, and sale of medical and recreational marijuana. The biggest companies include Canopy Growth Corp. (CGC), Tilray Inc. (TLRY), and Aurora Cannabis Inc. (ACB), but the industry has scores of upstarts that are trying to grab a piece of the market. The marijuana industry, as measured by the ETFMG Alternative Harvest ETF (MJ), has substantially underperformed the S&P 500 over the past year.
Deregulation is creating a multi-billion-dollar industry in cannabis -- but the stocks in the sector need a lot of work, cautions growth stock expert Hilary Kramer, editor of Turbo Trader.
The cannabis REIT Innovative Industrial Properties, Inc. (NYSE: IIPR) said Tuesday it has closed on a sale-leaseback transaction with Green Thumb Industries Inc. (CSE: GTII) (OTC: GTBIF) for its Pennsylvania facility. Innovative Industrial Properties will buy the Danville facility for $20.3 million less transaction expenses. The REIT will reimuburse Green Thumb in the amount of up to $19.3 million for certain enhancements of the property to be made by GTI for the purpose of increasing production capacity.
Expansion of Pennsylvania portfolio and lease with subsidiary of Green Thumb Industries to help Innovative Industrial (IIPR) bank on the favorable trends as well as drive top-line growth.
CHICAGO and VANCOUVER, British Columbia, Nov. 12, 2019 -- Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods.
Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on a sale-leaseback transaction with Green Thumb Industries Inc. (GTI) (CSE: GTII; OTCQX: GTBIF) for its licensed cannabis cultivation and processing facility in Danville, Pennsylvania. The purchase price for the property was $20.3 million (excluding transaction costs). GTI is also expected to make certain improvements to the property that will significantly enhance production capacity, for which IIP has agreed to provide reimbursement of up to $19.3 million.
As equities look to continue their remarkable run but nothing has been set in stone regarding the trade war, dividend paying stocks may be a solid route to take as things progress.
While cannabis companies struggle to generate capital, one marijuana REIT is making money and paying dividends by leasing out real estate.
Cannabis-focused real estate company Innovative Industrial Properties, Inc. (NYSE: IIPR ) reported Wednesday with third-quarter rental revenue of around $11.2 million, up 201% from the same quarter in 2018. ...
Should investors think about buying some shares of Cronos (CRON) ahead of earnings, as a bet on a marijuana market comeback?
Innovative Industrial Properties Inc. shares rose nearly 5% in the extended session Wednesday after the cannabis real estate investment company reported profits of $6.2 million. Earnings were 55 cents a share, up from 21 cents a share in the year-ago period. Revenue rose more than 200% to $11.6 million. Innovative Industrial Properties does not have enough analyst coverage to report reliable consensus estimates. The real estate company's stock has gained 60% this year as the ETFMG Alternative Harvest ETF has fallen 23%.
(Bloomberg) -- Capital-hungry pot companies are increasingly selling off their real estate as other sources of financing dry up.With cannabis stocks down nearly 60% since their highs in March, producers that previously relied on issuing shares to raise money have been left with few alternatives, particularly in the U.S. where the drug remains federally illegal. Sale-leaseback transactions have stepped in to fill the void, becoming a key financial lifeline for an industry that needs capital to fund expansion.Innovative Industrial Properties Inc., the largest cannabis-focused real estate investment trust and the only publicly traded one, has done $375.6 million worth of deals in 2019 and the pace has picked up over the course of the year, according to its chief executive officer.“It’s becoming more and more attractive for operators because of the scarcity of alternatives out there,” said Paul Smithers, CEO of San Diego-based Innovative, which is more commonly known by its stock symbol IIPR. “Our pipeline has never been more vigorous than it is today.”With pot illegal federally in the U.S., many companies in the industry struggled to find landlords willing to rent space and ended up owning property. Now, they’re using those assets to get capital, particularly with investors wary of putting their money into weed.The legal marijuana industry has developed more slowly than expected in both the U.S. and Canada and investors have taken notice: in the week ended Oct. 25, cannabis companies raised a total of $26.8 million in equity and debt, compared with $707.8 million in the same period of 2018, according to Viridian Capital Advisors.This has benefited REITs like IIPR, which owns 38 U.S. cannabis properties totaling 2.8 million rentable square feet. As of Oct. 30, IIPR’s yield on invested capital was 13.8%.The model has also proven to be popular with investors, with IIPR’s stock up 70% year-to-date compared with a 42% decline in the BI Global Cannabis Competitive Peers index.“When we talk to investors, they get comfort that we are a real estate company foremost,” Smithers said in a phone interview. “We’re not unlike a utility. We’re the picks and shovels, if you will.”To be sure, the use of sale-leasebacks, which are popular in other industries, could wane in popularity if other financing options begin to open up. The SAFE Banking Act aims to allow banks to do business with legal cannabis companies and could make it easier for U.S. pot firms to raise money.For now, the real estate transactions are providing an immediate cash infusion, and many deals are structured to reimburse sellers for the cost of future improvements made to the property.Owning your real estate is sometimes not the most ideal use of capital, said Joe Caltabiano, president of Cresco Labs Inc., which recently sold two Illinois properties to IIPR for $32.8 million.Other U.S. cannabis companies have taken a different approach, spinning off their real estate assets into a REIT. MedMen Enterprises Inc. created Treehouse REIT in October 2018 and GreenAcreage Real Estate Corp. was formed in May to acquire properties from Acreage Holdings Inc. Canadian pot giant Canopy Growth Corp. has also said it’s considering a real estate investment trust.GreenAcreage completed a $141 million private placement in August and is working to close transactions with Acreage worth more than $70 million, including construction commitments. It’s also in talks with other cannabis companies, according to CEO Katie Barthmaier.“I’ve never seen a story that makes so much sense because these companies don’t have many alternatives,” said Barthmaier, who previously managed investments at global REIT W.P. Carey Inc.The sale-leaseback route isn’t for everyone, however. For 4Front Ventures Corp., capitalization rates north of 16% were simply too costly to pursue when it first examined the possibility a couple of years ago.“It was relatively expensive capital in an industry where capital tends to be on the expensive side to begin with,” said 4Front CEO Josh Rosen. “We ended up sourcing a more traditional five-year loan that we thought penciled out significantly better than a sale-leaseback.”To contact the reporter on this story: Kristine Owram in Toronto at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Craig Giammona, David ScanlanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Innovative Industrial Properties buys property from cannabis growers and leases it back under long-term contracts.
Innovative Industrial Properties (IIPR) is set to report its third-quarter results tomorrow. IIPR stock, up 67.2% year-to-date, has been investor favorite.
Innovative Industrial Properties, Inc. , the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, announced today the hiring of Tracie Hager as Vice President, Asset Management and Kelly Spicher as Senior Real Estate Counsel.
Innovative Industrial Properties (IIPR) is scheduled to release its Q3 earnings results on November 6. Find out what cannabis investors can expect.
In the latest trading session, Innovative Industrial Properties, Inc. (IIPR) closed at $75.55, marking a -0.59% move from the previous day.
On CNBC's "Mad Money Lightning Round," Jim Cramer said Xilinx, Inc. (NASDAQ: XLNX ) has too much exposure to China. Cramer advised a viewer with a long position in Occidental Petroleum Corporation ...
CNBC reports that Chinese officials aren't confident of sealing a long-term US trade agreement. The cannabis sector was trading in the red today.
The cannabis-focused real estate company, Innovative Industrial Properties, Inc. (NYSE: IIPR) announced two sale-leaseback transactions for two properties in Illinois on Wednesday. The company said it completed a sale-leaseback transaction with PharmaCann for a property in Dwight, Illinois. The purchase price was $18 million excluding transaction costs.
Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on a sale-leaseback transaction with a subsidiary of GR Companies Inc. (Grassroots) for a property located in Litchfield, Illinois, which comprises approximately 70,000 square feet of industrial space. The purchase price for the property was $10.5 million (excluding transaction costs). Concurrent with the closing of the acquisition, IIP entered into a long-term, triple-net lease agreement for the property with Grassroots, which intends to continue to operate the property as a licensed cannabis cultivation and processing facility.
Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on a sale-leaseback transaction with PharmaCann LLC (PharmaCann) for a property located in Dwight, Illinois, which is currently improved with approximately 48,000 square feet of industrial space. The purchase price for the property was $18.0 million (excluding transaction costs). Concurrent with the closing of the acquisition, IIP entered into a long-term, triple-net lease agreement for the property with PharmaCann, which intends to continue to operate the property as a licensed cannabis cultivation and processing facility.