Cresco Labs, a multistate cannabis operator headquartered in Chicago, has entered into its fifth sale-leaseback deal with San Diego-based Innovative Industrial Properties (IIP), this time for a vertically integrated marijuana facility in Massachusetts.
According to a news release, the deal is worth $29 million and includes $21 million for tenant improvements.
“IIP has proven to be a reliable partner, and we are thrilled to work with them for a fifth lease. This transaction, along with our expanded real estate partnership with IIP, is allowing us to continue building out Cresco’s presence” in Massachusetts, Michigan and Ohio, Cresco CEO Charlie Bachtell said in the release.
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Cresco closes $29M sale-leaseback deal on MA marijuana facility
