Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it is extending its long-term real estate relationship with Goodness Growth Holdings, Inc. (f/k/a Vireo Health International, Inc., “Goodness Growth”) (CSE: GDNS; OTCQX: GDNSF), with the acquisition of approximately 92.3 acres in New York adjacent to one of IIP’s properties leased to Goodness Growth, where IIP and Goodness Growth will partner on the development of 324,000 square feet of industrial space. The purchase price for the land was approximately $10.23 million (excluding transaction costs). Concurrent with the closing of the land purchase, IIP amended its existing lease at the adjacent property to incorporate this new project, and Goodness Growth intends to operate the consolidated property as licensed cannabis cultivation and processing facility upon completion of development.
Published Ncv Newswire, New Cannabis Ventures, 09/27/2021 17:14:00