SAFE & CAOA Make it to see another day
On Thursday, Bloomberg News reported that the bill is coming out next week.
A revised version of the Senate's cannabis decriminalization legislation could drop "as early as next week," according to a Democratic source familiar with discussions over the legislation. While there is no solid timing yet on the rollout, the source also "definitively" confirmed that the bill would be introduced before the August recess. The Cannabis Administration and Opportunity Act would federally decriminalize marijuana, expunge some records, and tax and regulate the industry. The bill, written by Majority Leader Chuck Schumer and Senators Ron Wyden (D-Ore.) and Cory Booker (D-N.J.), was proposed as a draft a year ago today. The odds of passage in the Senate are slim, as Schumer does not have full Democrat support, let alone the 10 Republicans he needs to get it passed. That doesn't mean, however, that nothing will happen this year. There is still a possibility that the two parties could cut a deal on a smaller piece of weed-related legislation, built out around the SAFE Banking Act, which has bipartisan support in both chambers.
The National Defense Authorization Act passed the House Thursday with the SAFE Banking Act in tow for the second year in a row. The banking bill language, which was added on the House floor as an amendment, was ultimately removed from the bill during final bicameral deliberations last year. It will likely be removed from the NDAA this year again.
The first of many for IIPR?
IIP-CA 2 LP, an indirect, wholly-owned subsidiary of Innovative Industrial Properties, Inc., previously entered into leases with Kings Garden Inc. as a tenant for each of the Landlord's six properties. On 13-Jul-22, the Tenant defaulted on its obligations to pay base rent and property management fees for July under each of the Leases and defaulted on its obligations to reimburse Landlord for certain insurance premiums at the properties by the Landlord that is payable by Tenant as operating expenses under the Leases. The Tenant's monetary default under all the Leases was approximately $2.2M in the aggregate, consisting of approximately $1.8M of base rent and property management fees for July and approximately $382,000 of insurance premiums, excluding applicable late charges and default interest. The company is continuing discussions with the Tenant regarding the Leases and has commenced discussions with other operators regarding the potential re-leasing of certain such properties.
Columbia Care/Cresco
Columbia Care announced that it had obtained the final order from the Supreme Court of British Columbia approving the previously announced plan whereby Cresco Labs Inc. (CL.CN) will acquire all outstanding shares of the company. The transaction was initially announced on March 23, 2022and received shareholder approval on July 8th! "With this final order in hand, we are now focused on continued momentum in the divestiture process and state-level approvals. We look forward to providing additional details in the coming months."
