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Freehold Properties Backs Revolution Global's Illinois Cannabis Cultivation Expansion With $29M

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Freehold Properties Backs Revolution Global's Illinois Cannabis Cultivation Expansion With $29M

The cannabis-focused real estate investment company Freehold Properties announced Tuesday that it will support cannabis operator Revolution Global with up to $28.75 million in real estate capital expansion funding.

Revolution Global said it intends to use the funding to more than double the capacity of its main cultivation facility.

Revolution Global leases a 75,000-square-foot  cultivation facility on 70 acres in Illinois, and it aims to build a new 75,000-square-foot indoor facility and additional greenhouse space at the location.

The expansion costs will be covered through Freehold’s leasehold mortgage. 

Freehold holds an option to acquire all the facilities for $30 million by March 2021.

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"Revolution's state-of-the-art Delavan facility is among the largest producers of medical cannabis in Illinois,” Freehold CEO Don Brain said in a statement. “With adult-use recreational sales beginning in January 2020, we believe Illinois's cannabis sector is poised for exponential growth.”

Revolution is positioned to "thrive" in Illinois, has expanded to Florida and is in negotiations to expand to other states, he said. 

"The financing we provided is tailored to their growth needs and provides Freehold access to a proven multistate operator in a highly coveted market."

Revolution is projecting enormous potential in the cannabis industry as Illinois prepares for an adult-use market, CEO Mark de Souza said in a statement. 

"With expertise in cannabis and agriculture and an understanding of the unique needs of companies operating in the sector, Freehold is uniquely qualified to partner with Revolution. We are grateful for their support and belief in Revolution and its mission."

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Posted-In: Freehold Properties Revolution GlobalCannabis News Markets Real Estate Best of Benzinga

 

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