Salveo Capital Press

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 that it closed on the acquisition of a property with Ascend Wellness Holdings (AWH), a Salveo Capital portfolio company. Assuming full reimbursement for the tenant improvements, IIP’s total investment in the property will be $49.0 million. This Massachusetts property represents IIP’s third real estate transaction with AWH.

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“I see a lot of new companies that are well-positioned that focus on cloud-centric computing, remote telehealth services, online commerce fulfillment, and anything to do with the last mile for cannabis transactions,” said cannabis investor Michael Gruber of Chicago-based Salveo Capital. “I also continue to believe that now through the end of the year will be some of the best opportunities we’ve seen for troubled and distressed companies. The bad overall situation in many ways serves as cover for companies that already needed to make drastic changes.”

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“Lots of companies will go away, and a good number of interesting acquisitions will emerge”, predicts Michael Gruber of Salveo Capital, a Northbrook-based VC firm focused on the cannabis sector. “That being said, the industry will be here. For the most part, I see cannabis as being an anti-recessionary product. People will continue to buy.”

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Salveo Capital portfolio company Fyllo, a marketing technology company focused on the cannabis industry, is getting its first Chief Commercial Officer. The position will be occupied by none other than Jeff Ragovin, co-founder of Buddy Media – a social marketing platform that got acquired by Salesforce for $745 million back in 2012.

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In 2010, Ian Rice co-founded SC Laboratories, a Salveo Capital portfolio company, one of the first cannabis testing labs in the world, and helped develop the cannabis industry’s first testing standards. In 2016, Rice and his partners at SC Labs launched Envirocann, a third-party certification organization, focused on the quality assurance and quality control of cannabis products. Through on-site inspections and lab testing, Envirocann verifies and subsequently certifies that best practices are used to grow and process cannabis, while confirming environmental sustainability and regulatory compliance.

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Salveo Capital portfolio company Fyllo has been one of the most active companies in the cannabis industry and is an opportunity that we have become increasingly excited about. We believe that Fyllo is led by one of the most impressive management teams in the cannabis space and find this to be an important aspect of the story. The strength of the management team has played an important role in its ability to raise capital and make accretive acquisitions.

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"We're excited to see what the incoming data has to show us. With the new B.C. data alongside Alberta data, there is a wealth of information just waiting to be uncovered and analyzed for the Canadian cannabis market," Cy Scott, Founder and CEO of Headset, a Salveo Capital portfolio company, said in a statement.

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In August 2019, the team at Front Range Biosciences (FRB), a Salveo Capital portfolio company, saw a boom in growth when the Lafayette, Colo.-based hemp genomics business acquired the entire R&D team at Steep Hill. Heading into 2020, the company shows no signs of slowing down. In January alone, FRB announced four partnerships with different distributors that can both share the company’s genetics and also help build relationships with farmers across the country.

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Coda Signature, a Salveo Capital portfolio company and maker of award-winning cannabis infused gourmet edibles, all-natural topicals and handcrafted concentrates, launched its newest line of distillate products in Colorado today. Like Coda Signature’s topicals and Fruit Notes, the new distillate line focuses on effects, from energy to relaxation.

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"We had been a prior investor, but become more deeply invested in Ascend Wellness Holdings in 2019 as we were impressed with management's ability to acquire key assets in attractive state markets, and with their ability to manage the complicated process of getting through permitting and opening stores. Fast forward to today, we are very excited with the company's ability to have some of the first recreational stores in both Illinois and Michigan and where both stores are doing extremely well, and with the company getting recent approval for the first retail store within Boston limits in Massachusetts." — Michael Gruber of Salveo Capital. Please see full article for additional commentary from Michael Gruber.

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Salveo Capital portfolio company Ascend Wellness, which owns Illinois Supply and Provisions in Collinsville, has repeatedly identified Fairview Heights as the site of its next recreational dispensary. The company purchased 455 Salem Place in the city one day after the council voted to allow recreational marijuana sales.

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Jeffrey Howard, a principal at Salveo Capital which led Kelsie’s recent funding, had this to say: “After a thorough and lengthy CEO search, we couldn’t be more delighted to bring Ben in to lead the team at KelSie Biotech. As KelSie’s SUM Microdose product line continues its aggressive expansion, Ben’s executive-level cannabis experience and existing operational skillset are ideal for this phase of KelSie’s growth.”

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SpaceX, the rocket company founded by billionaire Elon Musk, will deliver equipment and research materials to the International Space Station, including coffee and hemp sent by Salveo Capital portfolio company Front Range Biosciences.

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Salveo Capital portfolio company Front Range Biosciences® ("FRB"), announced a continued expansion of distribution partnerships with Coastal Organix and Alterra. The announcement expands FRB's network of hemp distributors, especially in the southeast region and brings a stronger, more diverse 2020 pipeline that includes CBG varieties.

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Salveo Capital portfolio company Coda Signature, a Denver-based manufacturer of marijuana-infused chocolate bars, gummies and even bath bombs, will have a spot inside gift bags given to nominees at the 92nd Academy Awards carmeony.

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Cannabis marketing tech firm Fyllo, a Salveo Capital portfolio company, has acquired cannabis regulatory tech firm CannaRegs. CannaRegs distinguished itself for the company’s ability to drill down into local cannabis regulations, which can differ between the municipality, county and state levels of oversite.

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"The first two quarters of 2020 will be a cautious period to see how things develop," said Michael Gruber, managing partner at the investment firm Salveo Capital. "But it is clear that there will be a lot of consolidation, and there will be a good number of companies that effectively disappear or got absorbed by others as they will not have access to capital." Gruber said he expects there will be a return to more sensible valuations and a significant increase investments in the second half of 2020.

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Cannabis-focused Salveo Capital has made a total of 35 investments since it launched in 2016. Salveo Capital Managing Partner Michael C. Gruber told Business Insider the company is interested in investing in several areas in 2020, such as lab testing and other compliance solutions, brands, international opportunities, distribution and e-commerce, and troubled or distressed firms.

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Cannabis often has the reputation of being an unpredictable industry to work in, but Salveo Capital portfolio company Wurk’s Keegan Peterson is aiming to alleviate the numerous challenges businesses in his world come up against.

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Salveo Capital portfolio company Ascend Wellness Holdings (AWH), a multi-state, vertically-integrated cannabis operator, announced that its subsidiary, Ascend Mass, received its provisional license from the Massachusetts Cannabis Control Commission for what will be the largest dispensary on the East Coast. 

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