Innovative Industrial Properties, Inc. IIPR closed on the acquisition of a property comprising approximately 104,000 square feet of industrial space in Webster, Massachusetts.
The purchase price for the property was $21.5 million, which is fully built out and operational as a regulated cannabis cultivation and processing facility. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of Curaleaf Holdings, Inc. CURLF CURA
The property consists of cultivation, manufacturing, office, administrative and storage space, and is estimated to produce approximately 32,000 pounds of cannabis flower annually. Together with this facility in Massachusetts, IIP owns and leases four other cultivation and processing facilities and three dispensary locations in Illinois, New Jersey, North Dakota and Pennsylvania to Curaleaf, comprising a total of approximately 578,000 square feet. Curaleaf is IIP’s fifth largest tenant partner in terms of capital investment.
Curaleaf reported second quarter 2022 total revenues of $338 million ($1.4 billion annualized), and adjusted EBITDA of $86 million ($344 million annualized), reflecting quarter-over-quarter sequential growth in these metrics of 8% and 18%, respectively. Curaleaf also continued to add to its management team in 2022, including Ed Kremer as CFO, Camilo Lyon as chief investment officer, Mitch Hara as chief strategy officer and Tyneeha Rivers as chief people officer.
Meet Innovative Industrial Properties' president & CEO Paul Smithers and a slew of other cannabis execs, entrepreneurs, CEOs, investors, etc. at the September Benzinga Cannabis Capital Conference, Sept. 13-14 in Chicago. Get your tickets HERE and reserve your spot at the Palmer House Hotel HERE.
Photo by Richard T on Unsplash
Related News
Marijuana REIT Innovative Industrial Properties Q2 2022 Revenue Grows 44% YoY
Tilt Teams Ups With Last Prisoner Project, Amends White Haven Sale Agreement
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!