Poseidon Investment Management co-founder Emily Paxhia on cannabis' journey to federal legalization:

This is $IIPR largest client, representing 17% of rent and 20% of capital, with this asset roughly 3% and 4%, respectively. The MI farm is subject to cross default in MA, CO, NY, OH, IL, and PA, but given PharmaCann's concentration in IIP, this looks like a compromise outcome.

PharmaCann, $IIPR largest client, defaults on all leases. Best case, it’s a tactical move for better terms. Worst, they’re out of cash. If IIPR renegotiates, it could trigger similar demands from other tenants, while eviction would cost them 17% of rent. bit.ly/3VQPrCh

Looks like $TSNDF turned $8.4M of uncertain tax liability into an asset when the statute of limitations expired—suggesting an alternative to rescheduling for these debts, especially with the recent IRS workforce reduction. cc Keith Stauffer Jason Wild as I'm not a tax expert.

PharmaCann lasted just 43 days into its resolution with $IIPR before defaulting again. The incremental rent loss is approx. 10.6% of IIPR’s rental income, bringing total rent lost to ~17% in 3 mths. Leverage is available, but this looks close to dividend-cut territory.

We’re announcing another investment in the New Jersey cannabis industry. Our financing of Herb Haus LLC is structured to provide the capital needed to launch and become profitable—while allowing the founders to retain nearly 100% of their equity.... mjbizdaily.com/poseidon-inves…

"Tenant refresh" initiative at $IIPR triggers another 11% in lost rent and a defaulted $16m loan. Defaults issued to $FFNTF, $GRAMF, $TLLTF, and MIH (CA) bringing lost rent to ~28% in 3 mths. This is dividend-cut territory. 8K bit.ly/3RwG2wR

3 of 5 board members (2 also lenders) stepped down from $FFNTF, days after $IIPR defaulted their most valuable RE assets. Likely tied to a pending restructuring. Directors with conflicts exiting ahead of independent debt negotiations. (4 of 5 directors have resigned in TTM)

Great podcast with Colin (Colin Ferrian) from Poseidon. Especially good discussion of the risks of $IIPR (which he is short) vs. $REFI (which he and I are long) Not a big poster, but when he says something people, especially $MSOS investors, should listen.

Words chosen wisely by $iipr execs in justifying their acquisition of a private REIT founded by their chairman. Cc Dr. James V. Baker

Another impressive $TCNNF qtr, but 10Q discloses the IRS continues to fight unpaid 280E, with $38.1m in penalties proposed in Sep25. UTPs are in the billions on similar claims across canna industry, so add'l penalties could meaningfully raise liabilities until/if S3 finalizes.