Chicago-based Green Thumb Industries (GTI) struck another sale and lease-back deal with Innovative Industrial Properties (IIP), a Park City, Utah-based real estate company focused on cannabis.As part of the transaction, IIP will pay GTI $2.9 million plus transaction costs. It will also assume up to 4.3 million in tenant improvements. These types of transactions are increasingly common between growth-oriented but capital-constrained cannabis companies and real estate investment trusts. GTI in November sold a processing facility in Pennsylvania to IIP.GTI last week also opened a Rise dispensary to sell recreational cannabis in downstate Quincy. The company now has four recreational and two medical locations in the state.
Mindy’s Edibles are now available in California!A joint venture between Cresco and Chicago culinary celebrity Mindy Segal, Mindy’s Edibles offers consumers in Illinois, Nevada and now the sunshine state gourmet goodies with precise dosage information on the label.
Here is a nice story from the NPR affiliate at Illinois State discussing how 200 additional jobs at Revolution Global’s expanding cultivation center in Delavan is reshaping the town.
Less than six months ago, Oak Park-based PharmaCann was nearly acquired by Los Angeles MedMen for more than $640 million (mostly in stock). That was deal was killed, and now MedMen’s share are continuing to fall while the company is figuring out how to rework agreements with vendors. MedMen CEO Adam Bierman last week stepped down from running a company the company he co-founded with Andrew Modlin. The two co-founders are relinquishing voting shares back to the company. Investor Business Daily reports that Chicago-based Wicklow Capital will assume control of the company. PharmaCann co-founder Stephen Schuler is also a director of Wicklow Capital.
Deerfield-based Grassroots Cannabis, which is scheduled to be offically acquired by Mass.-based CuraLeaf for $875 million, opened up a medical “provisioning” facility in Kalamazoo last week. Although recreational cannabis sales were approved in Michigan last December, the only stores open for business are in Ann Arbor, Battle Creek and Bangor.
Chicago-based Verano holdings, which last June was acquired by Phoenix-based Harvest Health and Recreation Inc. for $850 million in stock, was awarded a license to cultivate, process and sell medical cannabis in New Jersey.