Cresco Labs Makes $10M Selling Property to IIP

Cresco Labs has sold its Ohio property to Innovative Industrial Properties for approximately $10.5 million.

Cresco Labs (CSE:CL), one of the largest vertically integrated multistate cannabis operators in the United States, today announced that it has closed on the agreement to sell its Yellow Springs, OH property to Innovative Industrial Properties, Inc. The sale (previously announced on November 26th) was for approximately $10.5 million, which includes funding for additional tenant improvements.

Concurrent with the closing of the sale, Cresco Labs will enter into a long-term, triple-net lease agreement with IIP and will continue to operate the property as a licensed cannabis cultivation and processing facility. The property represents approximately 50,000 square feet of industrial space in aggregate. This is Cresco's fourth completed sale-and-leaseback transaction, and its third with IIP.

Teaming again with IIP as our long-term real estate partner enables us to further bolster our balance sheet, and redeploy that additional liquidity into higher-yielding opportunities. Joe Caltabiano, President and Co-Founder of Cresco Labs.

Cresco's president continued to say that "we are thrilled with the footprint we have established and look forward to deepening our presence in those states, with IIP as one of our trusted capital providers."

To find out more about Cresco Labs, visit their company HQ here.

Disclaimer: Past performance is not an indicator of future performance.

This could be one of the best investing opportunities of 2020

Legislative changes are blowing through the US, and with it, an ever-increasing number of states legalising cannabis for recreational use.

With the success seen in Illinois, which legalised for adult-use on January 1 and saw products moving off the shelf at an unprecedented rate, this company is primed to take advantage of the booming US recreational market.

They have secured partnerships with the biggest cannabis companies in the US, and their portfolio is second to none.

And with the sector-wide pullback of 2019, this company is now at a bargain-basement price.

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Louis O'Neill
Louis O'Neill

Louis is a writer based in Sydney with a focus on social and political issues. Having interviewed local politicians and entrepreneurs, Louis now focuses on cannabis culture, legislation & reform.

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