HERBL Announces Exclusive Distribution Partnership with Kings Garden Inc.

SANTA BARBARA, Calif., Sept. 30, 2021 /PRNewswire/ — HERBL, California’s largest cannabis supply chain company, announced its exclusive distribution partnership with Kings Garden Inc. (Kings Garden), one of California’s top cannabis producers. Through this relationship, HERBL will now distribute Kings Garden’s full line of flower, pre-rolls and concentrates.

Based in Coachella Valley, Calif., Kings Garden is the state’s preeminent  indoor cannabis cultivator, specializing in premium boutique products at an impressive scale. Kings Garden boasts a 250,000 square foot operational footprint for indoor cultivation, manufacturing, and processing. There is an additional 415,000 square feet currently under construction. The operation produces over 1,000 pounds of hand-trimmed cannabis each week, including indica strains like Banana OG, hybrids like Gelato and sativa like Platinum Blue Dream.

Kings Garden has already made its mark on the California market with the success of Charlie Kieley’s recipe – a proprietary process that ensures that a new grow of each strain maintains the exact same flavor, smell, and effects. Every plant is slow-dried and cured for two weeks without being touched. This guarantees the flavors and terpenes are precisely what is expected by the consumer. Finally, each bud is harvested by hand to prevent damage and maintain their size and shape. This careful, strategic process has allowed Kings Garden to create a significant presence in California.

“It is clear that Kings Garden puts thoughtful and painstaking effort into cultivating flower with an unwavering commitment to quality and consistency,” said Mike Beaudry, Founder and CEO of HERBL. “HERBL is thrilled to partner with such an original and trailblazing brand and help increase their presence throughout the state we call home.”

“We are honored to work with the biggest and the best in the industry. We are incredibly impressed with HERBL and are extremely excited to do great business together for many years to come. The team at HERBL are professionals of the highest caliber and their results reflect amazing leadership of Michael Beaudry and his executive team,” said Michael King, Co-founder and CEO of Kings Garden.

“Since our inception in 2015, our now 200-member team has strived to create cannabis at a higher standard, unique in its consistency of experience and overall quality,” said Charlie Kieley, Co-founder and COO of Kings Garden. “We are proud of every strain that we produce and look forward to working with HERBL to share our family of products across California.”

About HERBL
HERBL is the leading cannabis supply chain solutions company in the largest cannabis markets in the U.S., serving 1,000+ storefronts across California and Nevada. Founded in 2016, HERBL brings the top cannabis retailers and best-selling brands together through innovative technology, unparalleled service, dedicated sales team, and high-security, state-of-the-art facilities and fleet. HERBL’s team consists of a strong mix of legacy cannabis operators and entrepreneurs, e-commerce software experts, and distribution and retail leaders with extensive experience in large-scale global supply chains. Exclusive brand partners include the #1 selling flower, concentrate, shatter, hard candy, and tea and honey brands. To learn more, visit www.HERBL.com or follow us on Instagram, LinkedIn, Facebook, or Twitter.

About Kings Garden
Based in Coachella Valley, Kings Garden Inc. is California’s predominant cannabis cultivation, processing and manufacturing company, specializing in the world of premium grade boutique products at an unsurpassed commercial scale. Now one of the largest producers in California, Kings Garden prides itself on having organized a highly experienced cannabis management and operations team, while being fully compliant and licensed across the state of California. From its inception, Kings Garden has held unwavering values focused on superior quality of end products, its team of management and employees who are considered family, giving back to local communities, and the advancement of the cannabis industry as a whole. For more information visit https://kingsgarden.com/ or https://www.instagram.com/kingsgarden.ca/.

 

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Innovative Industrial Properties Expands Long-Term Real Estate Partnership with Kings Garden in California - Michael King

Innovative Industrial Properties Expands Long-Term Real Estate Partnership with Kings Garden in California

Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it is extending its long-term real estate relationship with Kings Garden Inc. (Kings Garden), one of California’s top cannabis producers, with the acquisition of approximately 3.5 acres in Southern California adjacent to one of IIP’s properties leased to Kings Garden, where IIP and Kings Garden will partner on the development of two additional buildings totaling approximately 180,000 square feet of industrial space.

The purchase price for the land was approximately $1.4 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP amended its existing lease at the adjacent property to incorporate this new project, and Kings Garden intends to operate the two new buildings as licensed cannabis cultivation facilities upon completion of development. IIP is expected to provide reimbursement to Kings Garden for the construction of the two buildings of up to approximately $51.4 million. IIP leases six properties to Kings Garden, representing approximately 544,000 square feet of industrial space (including space under development/redevelopment) and a total commitment (including purchase prices and commitments to fund tenant improvements and development/redevelopment, but excluding transaction costs) of approximately $147.7 million.

“Kings Garden is truly a market-leading innovator in the cannabis industry, and we are thrilled to partner with them once again to grow their footprint and capacity here in California,” said Paul Smithers, President and Chief Executive Officer of IIP. “With state-of-the-art production facilities and a dedicated team of world-class experts in cannabis growing and processing, Kings Garden’s future is a very bright one, and we are proud to support them in their growth as their go-to real estate partner.”

As the pioneering real estate investment trust (REIT) for the medical-use cannabis industry, IIP partners with experienced medical-use cannabis operators and serves as a source of capital by acquiring and leasing back their real estate assets, in addition to offering other creative real estate-based capital solutions.

“We greatly value the long-term relationship we’ve built with our industry leading partners at IIP over the past years,” said Michael King, Chairman and CEO of Kings Garden. “Between the deal we closed in November 2020 and this one, IIP is expected to provide reimbursement to Kings Garden for construction for just over $76 million. This is significant as it sets the path to 665,000 square feet of indoor operations and over $300 million in revenue for 2023. Once all of the facilities are completed, we expect to be producing approximately 140,000 pounds of finished cannabis product annually, enabling us to continue to grow our market share in the single largest regulated cannabis market in the world.”

According to New Frontier Data, California’s regulated cannabis sales in 2020 were approximately $5.6 billion, more than double the sales of any other state with a regulated cannabis program, with an estimated 6.7 million cannabis consumers. With U.S. regulated cannabis sales expected to reach $41.5 billion in 2025, New Frontier estimates that California will continue to dominate in terms of market share at 20% of the total market, constituting $8.2 billion in regulated sales.

“Kings Garden is excited to announce the significant expansion of our indoor cannabis cultivation operations. We are proud to maintain our status as the number one indoor flower brand in California – the largest and most discerning cannabis market in the world,” said Charlie Kieley, COO of Kings Garden. “Using advanced technologies and employing best practices, we will increase operational efficiencies and decrease our carbon footprint while maintaining the quality we are known for. As we continue to execute our growth strategy, we will be responsible stewards of the environment and be thoughtful in the utilization of our resources.”

As of February 8, 2021, IIP owned 67 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Virginia and Washington, totaling approximately 5.8 million rentable square feet (including approximately 2.2 million rentable square feet under development/redevelopment), which were 100% leased with a weighted-average remaining lease term of approximately 16.7 years. As of February 8, 2021, IIP had committed approximately $1.4 billion across its portfolio, including capital invested to date (excluding transaction costs) and additional capital commitments to fund future construction and tenant improvements at IIP’s properties.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. Additional information is available at www.innovativeindustrialproperties.com.

About Kings Garden

Based in Coachella Valley, Kings Garden Inc. is California’s predominant cannabis cultivation, processing and manufacturing company, specializing in the world of premium grade boutique products at an unsurpassed commercial scale. Now one of the largest producers in California, Kings Garden prides itself on having organized a highly experienced cannabis management and operations team, while being fully compliant and licensed across the state of California. From its inception, Kings Garden has held unwavering values focused on superior quality of end products, its team of management and employees who are considered family, giving back to local communities, and the advancement of the cannabis industry as a whole. For more information visit https://kingsgarden.com/ or https://www.instagram.com/kingsgarden.ca/.

Innovative Industrial Properties Forward-Looking Statements

This press release contains statements that IIP believes to be “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the lease and redevelopment of the California property, Kings Garden and the California regulated cannabis market, are forward-looking statements. When used in this press release, words such as we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. IIP disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


View source version on businesswire.com: https://www.businesswire.com/news/home/20210208005129/en/

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Kings Garden Enters Joint Venture To Fund New Grow Facility Expanding Footprint In Coachella Valley - Michael King

Kings Garden Enters Joint Venture To Fund New Grow Facility Expanding Footprint In Coachella Valley

New Operation to Meet Growing Consumer Demand for Top-Ranking Cannabis Brand


CATHEDRAL CITY, Calif.Jan. 19, 2021 /PRNewswire/ — Today, Kings Garden, the original and largest cannabis cultivation, processing and manufacturing company in California announced a joint venture to fund a new 24K sq. ft. grow facility in Cathedral City, Ca.  The $9.5M deal supports the brand’s continued expansion in California – #1 cannabis market in the U.S. Construction on the facility is set to begin later this month, with a projected completion date of end of 2021.

Founded in the Coachella Valley, this new facility further cements Kings Gardens’ ties to the region, providing job opportunities to the local community.  With the continued explosive growth of the market, the Cathedral City operation will allow Kings Garden to meet the increased consumer demand for their top-ranked indoor flower, which is on track to be fully planted by the end of the year.  In order to meet this high demand, the new addition will feature 500 lights — adding 15% to Kings Garden’s current operation that includes 3,400 lights — allowing for more product and growth of specific strains to be carefully cultivated and cared for.

“We’re working to get this operation up and running and could not have done this without our dedicated partners,” said Michael King, co-founder, Kings Garden. “This facility represents another step in achieving our growth strategy of dominating the California market and fits perfectly into our long-term expansion plan.”

“From day one, our focus at Kings Garden has and continues to be on the superior quality of our product,” said Lauri Kibby, co-founder, Kings Garden. “We project the new facility to increase revenue 10% by the close of 2022.  Ultimately, continued expansion like this puts Kings Garden in a position to feed the larger national market as the federal legalization policies continue to be at the forefront of the conversation.”

The company has achieved steady growth most recently driven by the continued exclusive distribution of Kings Garden’s packaged product in California by Cresco Labs’ subsidiary Continuum – one of California’s largest full-service distribution businesses as well as extending its long-term real estate relationship with IIPR with an acquisition of a Southern California property comprised of approximately 200K sq. ft. of industrial space.

About Kings Garden:

Based in Coachella Valley, Kings Garden Inc. is California’s predominant cannabis cultivation, processing and manufacturing company, specializing in the world of premium grade boutique products at an unsurpassed commercial scale. Now one of the largest producers in California, Kings Garden prides itself on having organized a highly experienced cannabis management and operations team, while being fully compliant and licensed across the state of California.

From its inception, Kings Garden has held unwavering values focused on superior quality of end products, its team of management and employees who are considered family, giving back to local communities, and the advancement of the cannabis industry as a whole.

For more information, please visit the Kings Garden website at https://kingsgarden.com/.

SOURCE Kings Garden

Related Links

https://kingsgarden.com/


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Dem-Controlled Senate Could Usher In Cannabis Reform, Say Experts

Iris Dorbian – Contributor

With the Democrats gaining majority control of the U.S. Senate for the first time since 2010, some pundits in the legal cannabis community are eagerly weighing in on how this shift in leadership will impact the industry from a regulatory standpoint.

Justin Strekal, political director of NORML,  a Washington, D.C.-based nonprofit focused on marijuana legalization, feels Senator Chuck Schumer’s ascension to Majority Leader, is a boon for the industry because of the New York-based lawmaker’s vocal stance for the need of cannabis legislation. And, as both Georgia Senators-elect Jon Ossoff and Reverend Raphael Warnock are on the record about ending federal marijuana prohibition, the political climate does seem far more amenable to reform than it was previously.

Under the outgoing GOP Senate leadership, notable cannabis reform bills such as the MORE Act, which decriminalizes marijuana and the SAFE Banking Act, a measure that allows banks and other financial institutions to work with cannabis companies without incurring legal penalties, languished in the Senate after being approved in the House of Representatives. However, the impasse might ease as many Senators, which include Cory Booker (D-NJ) and Rob Wyden (D-OR), “have already pledged publicly to debate and advance legislation to end federal marijuana prohibition via descheduling,” noted Strekal.

Charles Gormally, co-chair of the cannabis law practice at Brach Eicher in Roseland, New Jersey, echoed Strekal’s sentiment. “The change of control in the United States Senate has created the possibility that the long-overdue rescheduling of cannabis may have a puncher’s chance of passing,” he said. “While cannabis liberalization polls as a bipartisan issue, Republican control of the Senate has been where reasonable proposals go to die.”

Dem-Controlled Senate Could Usher In Cannabis Reform, Say Experts 2 - Michael King

With the ascension of Senator Chuck Schumer to Senate Majority Leader, the debate toward cannabis reform is likely to shift markedly.

Gormally expressed hope that this shift in leadership would usher in a serious debate of cannabis reform bills as well as decriminalization and expungement of cannabis convictions. “Rescheduling of cannabis could also open up interstate marketplaces and inject the kind of efficiency of a marketplace that is sorely lacking now,” he continued.

Seasoned industry professionals, such as Michael King, co-founder and CEO of Kings Garden, a cannabis cultivation, processing and manufacturing company based in California’s Coachella Valley, are also feeling very upbeat with the imminent Democrat-controlled Senate. Like Gormally, King feels decriminalization may now be more likely. Yet King can’t help but sound a cautionary tone, adding that “any major legislation would need 60 votes in the upper chamber to avoid a filibuster.”

Still, he and other industry leaders are planning on being in the forefront when it comes to making their voices heard. “We will continue to advocate for licensed cannabis businesses to have access to banks and the U.S. stock market — opportunities that are dependent on federal lawmakers taking action to make cannabis legal on a national level,” said King.


Source: https://www.forbes.com

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Cannabis-industry investors are likely overestimating the odds for federal decriminalization - Michael King

Cannabis-industry investors ‘are likely overestimating the odds for federal decriminalization,’ analyst says

SAFE Banking Act seen as marijuana-related bill that’s most likely to pass Democratic-run U.S. Senate in the next 2 years.

While cannabis stocks have soared this week after Democratic wins in Georgia’s runoffs put that party in control of the U.S. Senate, one analyst has warned the rally looks overdone.

“Investors in cannabis producers, including Tilray (TLRY), Canopy Growth (CGC), and Aurora Cannabis (ACB), are likely overestimating the odds for federal decriminalization and descheduling along the lines of the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act that passed last month in the House,” said Beacon Policy Advisors analyst Charlotte Jenkins in a note Thursday.

“Passage of the MORE Act is unlikely even in a Democratic-controlled Senate because there is likely not enough Republican support to reach the requisite 60 votes to pass the MORE Act or Schumer’s similar legislation,” she added, referring to Democratic Sen. Chuck Schumer of New York, who is set to become the chamber’s majority leader.

The Senate’s filibuster rule requires 60 votes to end debate on most items and allows the minority party to stymie the majority’s efforts. With the Democratic victories in Georgia, the party will have 50 seats in the 100-seat chamber and only get control of it because a Democratic vice president, Kamala Harris, will cast tiebreaking votes.

Related: Maverick moderates the big winners in a divided U.S. Senate

And see: Democrats win Georgia’s runoff elections, giving their party control of U.S. Senate

Others who are tracking the prospects of cannabis-related legislation also are highlighting how getting to 60 votes would be key.

“The federal decriminalization of marijuana certainly becomes more likely with Democrats in control of the Senate, though any major legislation would need 60 votes in the upper chamber to avoid a filibuster,” said Michael King, co-founder and CEO of a California-based cannabis company, Kings Garden, in a statement.

Tilray TLRY, 6.29% has gained 40% this week, while Canopy Growth CGC, 5.04% WEED, 6.38% is up 24% and Aurora Cannabis ACB, 3.85% ACB, 5.13% also has jumped 24%.

The Cannabis ETF THCX, 4.43% has advanced 21% for the week, the ETFMG Alternative Harvest ETF MJ, 3.50% has added 18%, and Cronos Group CRON, 7.20% CRON, 8.63% has climbed 29%.


Source: https://www.marketwatch.com

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Cresco-Labs-Extends-Partnership-With-Top-selling-California-Cannabis-Brand-Kings-Garden - Michael King

Cresco Labs Extends Partnership With Top-selling California Cannabis Brand, Kings Garden

CHICAGO–(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or “the Company”), one of the largest vertically integrated, multistate cannabis operators in the United States, announced today that it had entered into an extension of its distribution agreement (the “Agreement”) with the leading California-based cannabis brand Kings Garden Inc. (“Kings Garden”). Under the Agreement, Cresco’s subsidiary, Continuum, which is one of the largest full-service distribution businesses in the state, will continue to serve as the exclusive distributor of Kings Garden packaged products.

Kings Garden is a brand powerhouse in California, consistently ranked in the top five of flower and concentrate sales according to BDS Analytics. Continuum currently services nearly 600 of the top licensed retailers in California.

“California continues to be one of Cresco Labs’ core markets and a major contributor to our total revenue. We believe that our strength in a historically competitive state is attributed to our ability to offer an assortment of category-winning cannabis products across price points. Kings Garden compliments our strong California product portfolio allowing us to open new doors and increase velocity of current accounts,” said David Gacom, West Regional President of Cresco Labs.

“We’ve been working closely with the Cresco Labs team since their acquisition of Origin House and are thrilled to continue this partnership with today’s announcement,” said Michael King, Co-founder, Kings Garden. “We’re confident that the combination of our large-scale production, brand prowess and Continuum’s reach and exceptional distribution network will accelerate growth and increase market share for both parties and ensure that top-shelf Kings Garden product is available throughout the state of California.”

“As we continue to increase our cultivation footprint and annual production, it’s important we continue to grow our reach and hold our position as the number one indoor flower brand in the state of California,” said Charlie Kieley, Co-founder and Chief Operating Office, Kings Garden. “This can only be accomplished by continuing our distribution partnership with the state’s leading distribution company and platform.”

About Cresco Labs:

Cresco Labs is one of the largest vertically integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged goods (“CPG”) approach to cannabis, Cresco’s house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi, High Supply, Cresco Reserve, Good News, Wonder Wellness Co., FloraCal Farms and Mindy’s Chef Led Artisanal Edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside, Cresco’s national dispensary brand, is a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco provides the industry’s first national comprehensive Social Equity and Educational Development (SEED) program designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry. Learn more about Cresco Labs at crescolabs.com.

About Kings Garden:

Based in Coachella Valley, Kings Garden Inc. is California’s predominant cannabis cultivation, processing and manufacturing company, specializing in the world of premium grade boutique products at an unsurpassed commercial scale. Now one of the largest producers in California, Kings Garden prides itself on having organized a highly experienced cannabis management and operations team, while being fully compliant and licensed across the state of California.

From its inception, Kings Garden has held unwavering values focused on superior quality of end products, its team of management and employees who are considered family, giving back to local communities, and the advancement of the cannabis industry as a whole.

For more information, please visit the Kings Garden website at https://kingsgarden.com/.

Forward Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under “Risk Factors” in the company’s Annual Information Form dated April 28, 2020, and other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco’s shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.


Source: https://www.businesswire.com

Contacts

Media:
Jason Erkes, Cresco Labs
Chief Communications Officer
press@crescolabs.com

Investors:
Jake Graves
Senior Analyst, Investor Relations
investors@crescolabs.com

For general Cresco Labs inquiries:
312-929-0993
info@crescolabs.com

Media:
Pristina Alford for Kings Garden
253.307.8462
Pristina_alford@dkcnews.com

Courtney Greenberg for Kings Garden
917.439.8009
Courtney_Greenberg@dkcnews.com

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Innovative Industrial Properties Expands Long-Term Real Estate Partnership with Kings Garden with Acquisition of New California Property

Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it is extending its long-term real estate relationship with Kings Garden Inc. (Kings Garden), one of California’s top cannabis producers, with the acquisition of a Southern California property, which comprises approximately 192,000 square feet of industrial space.

The purchase price for the property was approximately $25.4 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at the property with Kings Garden, which intends to operate the property as a licensed cannabis cultivation and distribution facility upon completion of redevelopment. Kings Garden is expected to complete additional tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to $25.0 million. Including this property, IIP leases six properties to Kings Garden, representing approximately 364,000 square feet of industrial space and a total commitment (including purchase prices and commitments to fund tenant improvements, but excluding transaction costs) of approximately $95.0 million.

“Kings Garden is one of the preeminent operators in California, and has pioneered industry best practices to develop the highest quality and consistency in its cannabis products,” said Paul Smithers, President and Chief Executive Officer of IIP. “We are thrilled to expand our long-term real estate partnership and support Kings Garden in significantly enhancing their capacity through redevelopment of this new facility to Kings Garden’s exacting environmental controls and specifications.”

As the pioneering real estate investment trust (REIT) for the medical-use cannabis industry, IIP partners with experienced medical-use cannabis operators and serves as a source of capital by acquiring and leasing back their real estate assets, in addition to offering other creative real estate-based capital solutions.

“IIP has been a powerful partner for us, enabling us to expand operations in the largest cannabis market in the world,” said Michael King, Chairman and CEO of Kings Garden. “Kings Garden prides itself on working with only the best and IIP is on a different level from all others, working collaboratively with us to facilitate a smooth transaction. Our partnership with IIP provides us with strategic, non-dilutive capital to continue to leverage our expertise as purveyors of world-class cannabis products, to further increase our reach to patients and customers throughout California. We expect this new facility to increase our production capacity by more than double, adding approximately 50,000 pounds of finished cannabis on an annual basis.”

According to BDS Analytics, through September 30, 2020, California generated over $2.6 billion in regulated cannabis sales, which is expected to grow to nearly $7.4 billion by 2025. Also according to Marijuana Business Daily, while only 168 of California’s 540 cities and counties allow for regulated cannabis companies to operate within their borders as of June, dozens of city and county initiatives were approved by voters this month, which are expected to further increase demand for regulated cannabis products throughout the state.

As of November 16, 2020, IIP owned 64 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania and Virginia, totaling approximately 5.2 million rentable square feet (including approximately 1.9 million rentable square feet under development/redevelopment), which were 99.3% leased (based on square footage) with a weighted-average remaining lease term of approximately 16.3 years. As of November 16, 2020, IIP had invested approximately $943.2 million in the aggregate (excluding transaction costs) and had committed an additional approximately $293.1 million to reimburse certain tenants and sellers for completion of construction and tenant improvements at IIP’s properties. These statistics do not include up to approximately $3.2 million that may be funded in the future pursuant to IIP’s lease with a tenant at one of IIP’s Massachusetts properties, as the tenant at that property may not elect to have IIP disburse those funds to the tenant and pay IIP the corresponding base rent on those funds. These statistics also treat IIP’s Los Angeles, California property as not leased, due to the tenant being in receivership and its ongoing default in its obligation to pay rent at that location.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. Additional information is available at www.innovativeindustrialproperties.com.


About Kings Garden

Based in Coachella Valley, Kings Garden Inc. is California’s predominant cannabis cultivation, processing and manufacturing company, specializing in the world of premium grade boutique products at an unsurpassed commercial scale. Now one of the largest producers in California, Kings Garden prides itself on having organized highly experienced cannabis management and operations team, while being fully compliant and licensed across the state of California. From its inception, Kings Garden has held unwavering values focused on superior quality of end products, its team of management and employees who are considered family, giving back to local communities, and the advancement of the cannabis industry as a whole. For more information visit https://kingsgarden.com/ or https://www.instagram.com/kingsgarden.ca/.

Innovative Industrial Properties Forward-Looking Statements

This press release contains statements that IIP believes to be “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the lease and redevelopment of the California property, Kings Garden and the California regulated cannabis market, are forward-looking statements. When used in this press release, words such as we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. IIP disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20201116006098/en/

SOURCE: Innovative Industrial Properties, Inc.

Catherine Hastings
Chief Financial Officer, Chief Accounting Officer and Treasurer
Innovative Industrial Properties, Inc.
(858) 997-3332

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Coachella Valley ‘King of Weed’ Grows Highest THC % Cannabis in California

Video Link: https://www.youtube.com/watch?v=TNwM-NgGc24

Welcome to the King of Weed. Kings Garden is California’s highest THC % cannabis grow operation based in Palm Springs (Coachella Valley).

“Kings Garden is the original Coachella Valley cannabis grow operation. What this means on the surface, is that we received the first licenses issued in both Cathedral City and Palm Springs. But what makes us truly who we are, runs much deeper. Our co-founder hails from one of Palm Springs’ founding families. Which means Kings Garden is more than a place we work. This is our home. A genuinely rare and revered corner of the world. A mecca which never ceases to inspire our creativity and drive our passion to create a family of cannabis strains unmatched in consistency, value – and above all – quality.”

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Kings Garden Announces Initiation of Regular Quarterly Dividend Backed by Record Financial Results in the First Half of 2020

Represents the first time in the history of the legal cannabis industry that a prominent brand has declared a regular cash dividend to shareholders1.

COACHELLA VALLEY, CA, June 20, 2020 /CNW/ – Kings Garden Inc (“Kings Garden” or the “Company”), one of the most prominent cannabis brands in the U.S. market, announced an industry-first today with the declaration of a regular quarterly dividend of US$1 million, to be paid at the end of Q2-2020 and quarterly thereafter.

“We are pleased to have the opportunity to pay a dividend to our shareholders based on our strong Q1 and Q2 performance,” said Michael King, Co-Founder and CEO. “Our shareholders trusted in our vision and have been our biggest supporters throughout the years. To our knowledge, this is a first for the legal cannabis industry and represents our commitment to take care of those who have shown continued faith in us.”

Co-Founder and CFO Lauri Kibby added, “Building a profitable cannabis company that would benefit the consumer and thereby benefit shareholders, has always been our number one objective. Despite the challenges of the COVID-19 pandemic, Kings Garden has maintained its focus on prudent capital allocation and as a result, achieved record-breaking sales in the first half of 2020.”

Based in Coachella Valley, Kings Garden is a leading cannabis cultivation, processing and manufacturing company, specializing in boutique products such as premium flower, concentrates, and vape cartridges. With a commitment to producing only top-shelf boutique products at commercial scale, Kings Garden has been able to maintain not only the integrity of its brand promise but consistently deliver a high-quality product that consumers have come to count on.

Charlie Kieley, Co-Founder and COO stated, “I would like to thank each and every one of our 180 Coachella Valley employees for their continuous commitment both to the Company’s vision and to translating that vision into results and great customer experiences every single day. I want to thank all of our retail partners and thanks to Chris CandelarioBobby AshtianiMatt Chiu and our entire staff for their remarkable efforts. Underpinning the quality and experience of the Kings Garden product is our team’s focus on relentless execution, continuous efficiency, and consistency. These principles have served us well so far and they are the same principles that will help us drive continued growth in the back half of 2020 and beyond.”

Ivan Talan, Co-Founder and Director of Marketing added, “One of the main problems for startup brands and even some of the more established brands in the industry today, is that they haven’t spent the time to weave the essence of cannabis culture into their corporate DNA. This lack of understanding is one of the primary reasons brands fail in this space. Success is not just about marketing, or sales, or service. Success is about delivering an entire experience, based on day one on what real consumers are actually looking and asking for.”

About Kings Garden

Kings Garden is California’s predominant cannabis cultivation, processing and manufacturing company, specializing in the world of top-shelf, boutique products at an unsurpassed commercial scale. In an emerging industry filled with many newcomers, Kings Garden prides itself on having organized highly experienced cannabis management and operations teams and being one of the largest and most profitable cannabis companies.


For more information, visit https://kingsgarden.com

Follow Kings Garden on
IG: @kingsgarden.ca
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Twitter: @KingsGardenInc

Media contact: Info@KingsGardenInc.com

SOURCE Kings Garden, Inc.

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Innovative Industrial Properties Acquires California Property and Expands Long-Term Real Estate Partnership with Kings Garden

Innovative Industrial Properties Acquires California Property and Expands Long-Term Real Estate Partnership with Kings Garden

Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a property in southern California, which comprises approximately 70,000 square feet of industrial space.

The purchase price for the property was $17.5 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at the property with Kings Garden Inc., for continued operation as a licensed cannabis cultivation, manufacturing and distribution facility. Including this property, IIP leases five properties to Kings Garden, which includes the four-property industrial portfolio comprising an aggregate of approximately 102,000 square feet that IIP acquired in April of last year in southern California.

As the pioneering real estate investment trust (REIT) for the medical-use cannabis industry, IIP partners with experienced medical-use cannabis operators and serves as a source of capital by acquiring and leasing back their real estate assets, in addition to offering other creative real estate-based capital solutions.

“Kings Garden has truly differentiated itself in the California market over the past five-plus years by its dedication to developing the highest quality cannabis products, which has translated to its consistent strong growth and success throughout that time,” said Paul Smithers, President and Chief Executive Officer of IIP. “We are thrilled to expand our long-term real estate partnership with a proven operator dedicated to excellence in product quality and operations.”

Kings Garden is licensed for cannabis cultivation, nursery, manufacturing, processing, delivery and distribution. With its advanced growing techniques, state-of-the-art facilities and research and development for the creation of new proprietary genetics, Kings Garden has developed a distinguishing brand in the southern California market, including botanicals, concentrates and accessories. Kings Garden has over 200 employees, and has raised approximately $55 million in capital since inception.

“We are excited to partner again with the IIP team on this transaction,” said Michael King, Chairman and Chief Executive Officer of Kings Garden. “IIP has been a great long-term real estate partner, providing flexible real estate solutions, being highly responsive and moving quickly to address our needs, while enabling us to retain full operational control over our state-of-the-art facilities, where we plan to continue to develop the highest quality cannabis products for our California customers in the many years to come.”

Similar to other states during this coronavirus health crisis, California authorities ordered all businesses that are not offering essential services to close operations for a period of time. However, regulated cannabis operators are permitted to continue selling both adult-use and medical-use cannabis products, and have been categorized as essential. Despite stay-at-home restrictions, according to Marijuana Business Daily, regulated adult-use cannabis sales in California were approximately $248 million for April, representing a 17% increase from one year ago. Also according to Marijuana Business Daily, while only 180 of California’s 482 municipalities and 29 of its 58 counties allow for regulated cannabis companies to operate within their borders, the current coronavirus pandemic and associated severe economic disruption are causing localities to reevaluate their positions on banning cannabis operations, in consideration of much-needed job creation and tax revenue.

As of May 12, 2020, IIP owned 56 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York, Nevada, North Dakota, Ohio, Pennsylvania and Virginia, totaling approximately 4.1 million rentable square feet (including approximately 1.3 million rentable square feet under development/redevelopment), which were 99.2% leased (based on square footage) with a weighted-average remaining lease term of approximately 16.0 years. As of May 12, 2020, IIP had invested approximately $739.7 million in the aggregate (excluding transaction costs) and had committed an additional approximately $140.6 million to reimburse certain tenants and sellers for completion of construction and tenant improvements at IIP’s properties. These statistics do not include up to approximately $10.7 million that may be funded in the future pursuant to IIP’s lease with a tenant at one of IIP’s Illinois properties, or approximately $23.8 million that may be funded in the future pursuant to IIP’s lease with a tenant at one of IIP’s Massachusetts properties, as the tenants at those properties may not elect to have IIP disburse those funds to them and pay IIP the corresponding base rent on those funds. These statistics also treat IIP’s Los Angeles, California property as not leased, due to the tenant being in receivership and its ongoing default in its obligation to pay rent at that location.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. Additional information is available at www.innovativeindustrialproperties.com.

Innovative Industrial Properties Forward-Looking Statements

This press release contains statements that IIP believes to be “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the lease of the California property, Kings Garden and the California regulated cannabis market, are forward-looking statements. When used in this press release, words such as we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. IIP disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Source: https://www.businesswire.com

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