Canadian Cannabis REIT Reports Slightly Higher Revenue YoY, Details Cash Retention Plan
Portfolio Pulse from Nina Zdinjak
Nova Net Lease, a Canadian cannabis-focused REIT, reported a slight increase in revenue for Q2 2024. The company achieved a net income of $1.81 million, reversing a loss from the previous year. Despite a working capital deficit, the REIT has implemented a cash retention plan, including suspending distributions and reducing executive compensation, to manage its finances.
August 26, 2024 | 2:45 pm
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Nova Net Lease reported a slight revenue increase and a net income of $1.81 million for Q2 2024. The REIT has a working capital deficit but has implemented a cash retention plan, including suspending distributions and reducing executive compensation, to manage its finances.
The slight increase in revenue and net income is positive, but the working capital deficit and cash retention measures indicate financial challenges. The suspension of distributions and cost-cutting measures may stabilize finances but could also signal caution to investors.
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