Paul Smithers

“At the federal level, cannabis reform continued to move forward. The DEA completed its hearing last month on the proposed rescheduling of marijuana more broadly from Schedule 1 to Schedule 3.”

“Last month, the DOJ and Acting Attorney General issued a final order moving FDA-approved cannabis products and cannabis produced by state-licensed medical operators to Schedule III, a landmark development and, in our view, the most significant development affecting our business since our founding in 2016.”

“I'd like to begin by reinforcing the significance of the recent executive order directing the rescheduling of cannabis to Schedule 3. While the timing and final implementation remain unclear, this represents one of the most substantial regulatory developments for the industry in many years.”

“Our investment in IQHQ, together with the new credit facility, marks a meaningful step forward in executing on our strategy to return to growth while further diversifying and strengthening our portfolio.”

“We are very excited about the IQHQ opportunity we announced and the growth potential for IIP. At the same time, we remain proud of our position as a pioneering and leading provider of real estate to the regulated cannabis industry.”