Innovative Industrial Properties, Inc. (IIP), the first real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, announced it closed on the acquisition of a property in Lakeland, Florida from an affiliate of Parallel. The Affiliate is one of the largest privately-held multi-state cannabis operators in the United States. Additionally, Parallel is the corporate parent company to Surterra Wellness, its market-leading retail brand in Florida, and one of the original licensed vertical operators in the Sunshine State. The retail brand is considered a burgeoning powerhouse in Florida as it has a rapidly growing footprint that includes 39 retail dispensaries across the state and multiple industrial-scale cultivations, production, kitchen, and research facilities. The purchase price for the property was approximately $19.6 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of Parallel.

Mmp News Author, Medical Marijuana Program Connection, 09/21/2020 07:30:44

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