CHICAGO–(BUSINESS WIRE)–PRESS RELEASE–Cresco Labs, one of the largest vertically integrated multistate cannabis operators in the United States, has announced that it has closed on the agreement to sell its Yellow Springs, Ohio, property to Innovative Industrial Properties, Inc. (IIP). The sale (previously announced on Nov. 26) 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,” said Joe Caltabiano, president and co-founder of Cresco Labs. “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.”