One Of America's Largest Cannabis Companies Exits Pennsylvania Amid Financial Troubles, Lays Off 76 Employees
Portfolio Pulse from Jelena Martinovic
Goodblend Pennsylvania LLC, a subsidiary of Parallel Cannabis, is exiting the medical marijuana market in Pennsylvania due to financial difficulties and a legal dispute with its landlord, Innovative Industrial Properties Inc. (NYSE:IIPR). The company is closing two dispensaries and a processing facility, resulting in the layoff of 76 employees. Parallel also announced a research partnership with the University of Pittsburgh to study the safety and efficacy of medical cannabis.
July 21, 2023 | 6:19 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Innovative Industrial Properties Inc. (IIPR) is involved in a legal dispute with Parallel Cannabis over a breached lease agreement. This could potentially impact IIPR's revenue if the dispute is not resolved favorably.
The legal dispute with Parallel Cannabis could potentially lead to a loss of revenue for IIPR if the dispute is not resolved favorably. This is because Parallel has allegedly failed to make the monthly rent since November 2022, owing roughly $6 million in total. This could negatively impact IIPR's financial performance in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70