Green Thumb Industries Inc (OTCMKTS:GTBIF) has announced its long term collaboration with a cannabis real estate investment trust. The deal kicks off with a sale-leaseback transaction, and the property in question is facility situated in Ohio and, more specifically, in Toledo. This is a processing facility that has been there for quite some time.
The deal between the two
No one has to live with the misconception that this is the first deal between these two. They have been in another agreement before, and that took place in the previous year. Reports indicate that the duo had gotten into a deal involving cultivation and processing facility in Pennsylvania. This was also a sale-leaseback deal.
GTI’s founder, also the current CEO, Ben Kovler, has spoken about the matter. The official outlines that they have already made important plans on how to use the funds for the deal.
The point of focus is Ohio, and they seek to engage in some elaborate expansion activities.
Kovler commends IIP outlining that it has done a lot in terms of the delivery of a real estate capital solution, which he deems rather flexible. It will do a lot in empowering them as a firm, especially when it comes to undertaking the expansion plans underway and making them a reality. He believes that there is a time that they will look at their activities in Toledo with great pride.
This leader has also disclosed the actual amount for the facility. According to him, the total amount associated with the deal is about US$7.2 million, but this is on the condition that GTI lives up to its word. It is expected to make some major improvements to the operations in Toledo though the list hasn’t been publicized yet.
An agreement has also been reached just in case the work won’t be completed as was agreed. Such an outcome would result in IIP making a payment of about US$2.9 million.
Kovler says that GTI has achieved quite much in line with the wide-ranging cannabis product offerings and helping patients reap from the associated benefits. He believes that the well-being of patients needs to be prioritized at any cost.
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