IIPR Black Book today at 2PM ET
We will be hosting a Black Book call on IIPR today at 2PM ET.
Join us today as we outline our long thesis on IIPR, a company at the intersection of the cannabis industry and the REIT space in a rapidly changing legislative landscape. We will also outline our current views on investment themes within the U.S. cannabis industry.
IIPR is a Hedgeye Cannabis Best Idea Long.
Event Details
Participating Dialing Instructions
Toll Free:
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UK: 0
Confirmation Number: 13709268
CLICK HERE for webcast event details (includes video and materials link)
Illinois has another record month in August, but growth slows (CRLBF, CURLF)
In August, Illinois adult-use sales grew 4.9% MoM to $63.9M, while medical-use sales declined -5.1% MoM to $31.5M. Since the launch of recreational marijuana in January, adult-use sales have increased nearly every single month. August's total sales for medical-use and adult-use cannabis were approximately $95.5M, equating to roughly $1.15B in sales on an annualized basis and $599M YTD through August.
The state initially planned for a lottery later this month to distribute 75 retail licenses under its social equity program. However, the state’s cannabis regulators have come under heavy criticism and recently filed lawsuits as to how they qualified “social equity” applicants. Critics have noted that the finalists for these lucrative licenses appear to represent non-diverse business interests rather than those harmed by the drug war, which the social equity program was ostensibly meant to help. Yesterday, the Illinois Department of Financial and Professional Regulation announced, “The final date for the lottery for adult-use cannabis licenses had not been set as of today. As we continue to review questions that have been raised, our goal is to provide time to ensure that the process is fair and equitable. A date for the lottery will be announced by IDFPR.”
Hexo announces new CFO
Hexo has appointed a new CFO, Trent MacDonald, it’s the company's fourth CFO in two years and its third CFO within one year. Macdonald brings more than 15 years of financial executive experience working with both publicly listed and private enterprises. Most recently, he served as the CFO for Rx Drug Mart, a private pharmacy operator/consolidator, helping to guide it through significant growth in sales. Prior to that, he served as Vice President Finance of Indigo, a Canadian bookstore chain, and as Vice President Sobeys’, Canada’s second largest food retailer. Macdonald will succeed interim CFO Stephen Burwash, who will remain as CFO until the successful completion of Health Canada’s key personnel change and security clearance processes,
Hexo joins other Canadian operators, like Aurora Cannabis and Cronos Group, that have recently undergone management shake-ups amidst poor performance.
