Cannabis-Rx Inc. (OTC: CANA), a real estate company focused on buying, selling, and leasing properties to the licensed cannabis industry, recently announced the sale of five of its properties and the purchase of six new real estate investments so far during the second quarter of 2014. Currently, the company owns 35 properties in Washington, Illinois, California, and Florida.
“We are very pleased with how our pipeline has progressed thus far in the second quarter of 2014,” said Llorn Kylo, CEO of Cannabis-Rx. “We have continued to successfully locate, rehabilitate, and sell distressed real estate for attractive returns, which reflects our ability to execute on our business strategy. Moving forward, we will continue to look for suitable commercial properties to purchase.”
The company sold five properties for approximately $1,887,800 in proceeds and purchased six properties for $2,461,675 in total. As of March 31, 2014, the company held approximately $12.5 million in real estate assets and total assets of more than $16.2 million compared to total liabilities of approximately $16.7 million. Cash flow from operations was approximately $8 million over the same period.
The company also indicated that it may pursue additional opportunities in the industrial and commercial real estate industry, including retail, construction, nutrient lines, and logistics. In addition, the firm may offer start-up or operating capital to tenants looking to expand their operations if they meet certain criteria, which could create additional long-term revenue streams.
Shares of Cannabis-Rx Inc. traded approximately 1.3% lower during early trading on Wednesday morning.
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