Colin Ferrian
@SavingPlants
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student of the cannabis industry and PM @poseidoninvest Disclaimer: https://t.co/O0JrVdNrQc
Boulder
Joined February 2010
@CashflowingOptn If you think what just happened won't happen again, it's a great opportunity to be long.
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@JDerevyanny Great point. This is material information, and (my interpretation) if the note provided meaningful recovery, you'd expect it to be highlighted to reassure investors.
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@JulianLinStocks If your biggest tenant can’t pay rent or generate cash, limiting their debt options doesn’t make you whole.
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@CannaVestments @LogicPrevails_ "The concession was a 7% rent reduction, issuance of a note, and giving up rights to properties" This = 37% reduction of rent today, in exchange for a junior note in a shaky capital structure of a distressed company.
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@CannaVestments @LogicPrevails_ Right. The abated leases aren’t guaranteed to be re-tenanted, and if they are, it’ll likely be at a much lower rate. The precedent is that IIPR renegotiated. Tenants now know IIPR will cut deals.
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@JDerevyanny Exactly. $4.1m/mth in original rent ($1.3m) in MI / MA abatement ($200k) in other property rent = $2.7m in renegotiated rent or 36.6% reduction
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@curated_value @JDerevyanny @analyst_exec The Q4 2022 PR mentioned they had "added cross-default" to all (PharmaCann) leases, although I didn't find this in the respective filing.
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@GreenWaveMJ It selectively removes non-rent-generating assets (e.g., in default) from the reported rental income calculation. By including only ‘operational’ properties, the rental income rate - and perceived exposure - appears stronger than it otherwise would.
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@GreenWaveMJ True, and those were larger clients. Management either re-tenanted at similar rates (impressive but temporary, imo) or booked the asset as non-operational, upon reclassifying revenues, shown in the chart below. I think the former is highly unlikely in this case.
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@timothy_dexter_ @JDerevyanny Better to be a merchandiser than a vendor if the bluff gets called?
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@LiviMckay It's not a product description platform. "TLDR: $MAPS is the only platform where canna consumers can easily find their favorite products at the best prices and closest locations."
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@kturet Yes, it’s a mixed outcome at best. The premium bid is a meaningful gain, but if you held a long-term thesis (I do), it still falls short of what you’d hoped to see.
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@budflight @LiviMckay @_BigJerm @BryanFields24 @jimpallotta13 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.
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