student of the cannabis industry and PM @poseidoninvest Disclaimer: https://xitter.cf/t.co/O0JrVdNrQc
Boulder
Joined February 2010
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One of the few must follow sources of actual signal in the canna industry: @timothy_dexter_
Welp, correct me if I'm wrong but Federal Govt just sued TerrAscend to claw back this refund.
Govt claims these amended deductions were barred under 280E as canna remained federally illegal in 2020, and says the refund should not have been issued without Joint Committee on Taxation review due to size.
Another impressive $TCNNF qtr, but 10Q discloses the IRS continues to fight unpaid 280E, with $38.1m in penalties proposed in Sep25.
UTPs are in the billions on similar claims across canna industry, so add'l penalties could meaningfully raise liabilities until/if S3 finalizes.
Words chosen wisely by $iipr execs in justifying their acquisition of a private REIT founded by their chairman.
Cc @caster561
Their chairman used $270m to bail out a distressed private REIT he founded to diversify their asset base from future canna defaults they can no longer cover up with lease amendments.
Colin Ferrian retweeted
Great podcast with Colin (@SavingPlants) from Poseidon. Especially good discussion of the risks of $IIPR (which he is short) vs. $REFI (which he and I are long)
Not a big poster, but when he says something people, especially $MSOS investors, should listen.
🎙️ New Episode of Higher Exchanges! 🎙️
Join @MorganPaxhia and me today at 4 pm EST for a deep dive with the wise and underappreciated @SavingPlants on private and public cannabis investing.
Topics we’re covering:
💰 Private Markets – Health, trends, & key state insights (Ohio, New Jersey)
📈 Capital & Pricing Trends – Where the money is flowing & upcoming state developments (Minnesota, Maryland)
🏦 Public Markets & Credit – Breaking down major lenders ( $IIPR, $NLCP, $AFCG ) & shifting market sentiment
🤔 Reverse Interview – Colin asks Jesse and Morgan surprise questions
🤖 AI in Investing – How @PoseidonAsset is using AI & insights from NotebookLM
@higherexchanges streams live on X, LinkedIn, and YouTube and will be on podcast platforms tonight.
3 of 5 board members (2 also lenders) stepped down from $FFNTF, days after $IIPR defaulted their most valuable RE assets.
Likely tied to a pending restructuring. Directors with conflicts exiting ahead of independent debt negotiations. (4 of 5 directors have resigned in TTM)
Think it's now safe to assume the execs at 4Front Ventures, $FFNTF have wiped out the equity, pending a miracle.
"Tenant refresh" initiative at $IIPR triggers another 11% in lost rent and a defaulted $16m loan.
Defaults issued to $FFNTF, $GRAMF, $TLLTF, and MIH (CA) bringing lost rent to ~28% in 3 mths.
This is dividend-cut territory.
8K bit.ly/3RwG2wR
PharmaCann lasted just 43 days into its resolution with $IIPR before defaulting again. The incremental rent loss is approx. 10.6% of IIPR’s rental income, bringing total rent lost to ~17% in 3 mths.
Leverage is available, but this looks close to dividend-cut territory.
Colin Ferrian retweeted
We’re announcing another investment in the New Jersey cannabis industry. Our financing of Herb Haus LLC is structured to provide the capital needed to launch and become profitable—while allowing the founders to retain nearly 100% of their equity....
mjbizdaily.com/poseidon-inve…
The $VREOF shareholders approved revised terms to the 3 planned acquisitions:
1) Proper - ceded EBITDA clawback rights to Vireo
2) Wholesome - secured $37.5m min earn-out floor
3) Deep Roots - secured cleaner payouts
*Flowery is still MIA
8k: bit.ly/4imuDvE
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PharmaCann lasted just 43 days into its resolution with $IIPR before defaulting again. The incremental rent loss is approx. 10.6% of IIPR’s rental income, bringing total rent lost to ~17% in 3 mths.
Leverage is available, but this looks close to dividend-cut territory.
The result: 37% rent reduction for $IIPR largest tenant, Pharmacann. Full rent abatement of MI & MA facilities, and modest reductions for the remaining properties.
This sets an important precedence as other tenants will demand similar concessions.
bit.ly/4jv6PXv
$VREOF on track with 3 / 4 acquisitions, but Flowery seems to be holding out.
Flowery got a $1m payment under the Dec MOU, originally with a $250K break fee. 2 days before (extended) exclusivity expired, the penalty was removed, then the MOU lapsed.
14C: bit.ly/3F8RbkV
Looks like $TSNDF turned $8.4M of uncertain tax liability into an asset when the statute of limitations expired—suggesting an alternative to rescheduling for these debts, especially with the recent IRS workforce reduction.
cc @KeithStauffer @JasonGWild as I'm not a tax expert.
The result: 37% rent reduction for $IIPR largest tenant, Pharmacann. Full rent abatement of MI & MA facilities, and modest reductions for the remaining properties.
This sets an important precedence as other tenants will demand similar concessions.
bit.ly/4jv6PXv
PharmaCann, $IIPR largest client, defaults on all leases. Best case, it’s a tactical move for better terms. Worst, they’re out of cash.
If IIPR renegotiates, it could trigger similar demands from other tenants, while eviction would cost them 17% of rent.
bit.ly/3VQPrCh
PharmaCann, $IIPR largest client, defaults on all leases. Best case, it’s a tactical move for better terms. Worst, they’re out of cash.
If IIPR renegotiates, it could trigger similar demands from other tenants, while eviction would cost them 17% of rent.
bit.ly/3VQPrCh
This is $IIPR largest client, representing 17% of rent and 20% of capital, with this asset roughly 3% and 4%, respectively.
The MI farm is subject to cross default in MA, CO, NY, OH, IL, and PA, but given PharmaCann's concentration in IIP, this looks like a compromise outcome.
This is exactly why the listings business is valuable.
Clients (dispos/brands) pay $MAPS to have their menu, product, sales advertised in the app.
Consumers use the app find a product, category, closest dispo, then they go buy. ROI is justified to the client.
This is $IIPR largest client, representing 17% of rent and 20% of capital, with this asset roughly 3% and 4%, respectively.
The MI farm is subject to cross default in MA, CO, NY, OH, IL, and PA, but given PharmaCann's concentration in IIP, this looks like a compromise outcome.
Cannabis giant shuts down Michigan grow operation as workers unionize, prices slump crainsdetroit.com/cannabis/p…
