With pot being legalized in many countries, the market is likely to get even bigger. As a result of this prediction, real estate companies are lashing out to embrace new partnerships. The likes of Innovative Industrial Properties Inc (NYSE:IIPR) will be modifying its lease with a subsidiary of Green Leaf Medical, LLC.
The amendment of the lease at 135 Horton Drive in Saxton, Pennsylvania, will incorporate $30.0 million in funding, which will go into the additional expansion of the company’s cannabis cultivation and processing facilities.
There will also be an alteration of the base rent, and this will give the IIP’s property investment of nearly $43.0 million.
Green Leaf Has Always Had a Thoughtful and Long-Term View towards Expansion
Large cannabis companies are continuously unlocking their value by enlarging their cultivation, processing, and storage facilities. Others are opting to be tenants such that the real estate investor becomes a landlord a move, which has made sale-leaseback transactions very common.
This is one of the many reasons why Green Leaf is on record as a strong advocate of expansion. According to IIP’s President and Chief Executive Officer, Paul Smithers, the expansion will upscale the Saxton facility’s production activities. The primary goal is to meet the increasing demand in one of the strongest medical cannabis regions in the United States.
“We appreciate the continued strong support of IIP as our long-term real estate capital partner, and look forward to expanding capacity at our Saxton facility..,’’ the Chief Executive Officer of Green Leaf, Philip Goldberg, said.
The facility is expected to offer enhanced infrastructure elements, and in return, they will promote key growth of the highest quality of consistent cannabis products for our patients.
The transformation of how patients can obtain reliable treatment solutions
As the medical cannabis industry expands, Innovative Industrial Properties continues to layout new strategies. The aim is to give hope to millions of people in the United States who cannot access a wide spectrum of compassionate and safe treatment solutions. The company is so passionate about supporting adults in buying and poses medical cannabis once a doctor endorses it.
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