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Innovative Industrial to invest up to $18.5M for medical cannabis site in MA

Published 05/31/2018, 05:28 PM
© Reuters.  Innovative Industrial to invest up to $18.5M for medical cannabis site in MA
IIPR
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  • Innovative Industrial Properties (NYSE:IIPR) acquired a property in Holliston, MA, for $3M and entered into a long-term lease and development pact with PharmaCann LLC, which intends to use the site for a medical-use cannabis cultivation and processing facility.
  • IIPR has agreed to provide $15.5M construction reimbursement, bringing potential total investment to $18.5M.
  • IIPR also entered into a long-term triple-net lease pact with PharmaCann; the initial term is 15.25 years, with options to extend the term for two additional five-year periods.
  • Source: Press Release
  • Previously: Innovative Industrial Properties misses by $0.09, misses on revenue (May 9)
  • Now read: Innovative Industrial Properties: Betting On Medical Cannabis


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