Innovative Industrial Properties(IIP), the NYC Stock-listed company, has announced the acquisition of Industrial cannabis facilities worth $13 million. The announcement details the purchasing of the Green Leaf Medical’s properties in Pennsylvania, a move in growing the firm’s cannabis property portfolio.
Details released of the purchase agreement reveals that IIP made a $13 million payout to acquire two property buildings in Saxton, Pennsylvania. The purchase would see IIP obtain approximately 266,000 square feet of industrial space to conduct future cannabis development.
In an official statement, Paul Smithers, CEO of IIP, expressed delight in the future development of the cannabis cultivation and processing facility.
“We are pleased to add multi-state operator Green Leaf Medical to our premier tenant roster…..we are thrilled to serve as one of their capital sources to allow them to continue those expansion initiatives and reach an ever-growing number of patients across the Northeast.”
Insights into the Cannabis deal further reveal that IIP intends to fund the acquisition through its pioneer real estate investment trust(REIT), a trust-fund for property acquisition.
Already, the REIT fund has made it possible for IIP to own 21 properties across Ohio, Minnesota, Colorado, New York, Michigan, Massachusetts, California, Arizona, Illinois, and Maryland
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