Florida Tracker
Florida continues to add Patients and physicians to their Medical Marijuana program up to 556,723. This number was 338,000 one year ago, a 64% increase YoY. Trulieve has gained some market share in the state in the past four weeks, while Fluent and Columbia Care have lost market share. Vidacann added one dispensary this week.
Minnesota House Passes Legalization Bill
Minnesota house voted to legalize recreational marijuana in a 72-61 vote. In the vote, almost all democrats and 10 republicans voted to legalize. The bill will now move to the Senate, which Republicans control. The bill would allow an adult to have two ounces of cannabis in public areas and 10 pounds in their home. "It starts with marijuana, and it goes on to other things," Rep. Dave Baker (R), whose son died from an overdose, said. "This is not a joke, this is serious." Representative Dave Baker is an individual who still believes that marijuana is a gateway drug. Minnesota may face some difficulties getting the bill passed through their senate as many in the senate may have similar thinking as Representative Baker. However, if the bill were to pass, Vireo Health (VREOF) would reap the most benefits as they have seven facilities in the state. We expect Minnesota to have a market size of $900 Million for adult use.
IIPR
Innovative Industrial Properties, Inc. announced that it closed on acquiring a property in Pittsburgh, Pennsylvania, which is expected to comprise approximately 239,000 square feet of industrial space upon completion of redevelopment. The purchase price for the property was approximately $41.8 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net master lease for the entire property with a subsidiary of Parallel, one of the largest privately-held multi-state cannabis operators in the United States, for use as a regulated cannabis growing and processing facility.
