Innovative Industrial Properties Inc (NYSE:IIPR) Acquires Industrial Space In Ohio For $10.6 Million: Signs Triple Net Lease Agreement With Cresco Labs Inc

Innovative Industrial Properties Inc (NYSE:IIPR) Acquires Industrial Space In Ohio For $10.6 Million: Signs Triple Net Lease Agreement With Cresco Labs Inc

Innovative
Industrial Properties Inc (NYSE:IIPR)
has
acquired 50,000 Sq. Ft. of industrial space in Ohio for $10.6 million. The
company signed a triple net lease accord with Cresco Labs Inc’s subsidiary.
Cresco will use the industrial space for regulated cannabis processing and
cultivation. Innovative Industrial will also pay $1.9 million to Cresco for
additional tenant improvements on the property. It is the third lease back
accord with Cresco. Innovative Industrial already signed two licensed cannabis
processing and cultivation purchase and leaseback accords with Cresco in
Illinois.

Partners with medical use cannabis
operators

Innovative
Industrial partners with several experience medical cannabis partners. It
acquires the properties and leaseback and serves as the source of capital.
Chief Executive Officer and President of Innovative Industrial, Paul Smithers,
said the company is pleased to enhance its relationship with Cresco and its
talented management team.

Benefit for consumers and patients

Cresco
will continue to execute its business plans. It is ensuring the nationwide
reach of operations and benefitting consumers and patients across the US. The
company is contributing to the local communities and creating more jobs. Paul
said he is thrilled to partner with Cresco in Ohio. This partnership will help
to ensure the availability of trusted and high-quality products to needy
patients.

The
vertically integrated cannabis company – Cresco operates twenty-one cannabis dispensaries
in the US. It holds thirty-one retail cannabis licenses and eighteen licensed
cannabis manufacturing facilities. Some of the trusted and recognized brands of
Cresco include Remedi, Cresco, and Mindy’s.

Co-founder
and president of Cresco, Joe Caltabiano, said partnering with Innovative
Industrial will help to improve its balance sheet and invest accrued funds into
higher-yielding opportunities. The company will look forward to deepening its
presence in those states with Innovative Industrial is one of the trusted
providers for capital.

The
licensed medical program in Ohio is in its infant stage and expecting the first
sales in early 2020. It has nearly 80,000 patients in less than one year of
commencing sales. The program has registered caregivers of 8,000 as of December
2019.

Innovative Industrial owns 48 properties

Innovative
Industrial owns forty-eight properties in Minnesota, Florida, Colorado,
Arizona, Michigan, Ohio, North Dakota, Virginia, Pennsylvania, Nevada, New
York, Massachusetts, Maryland, and California.

Published at Wed, 05 Feb 2020 01:50:44 +0000

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