Marijuana real estate company Innovative Industrial Properties (IIP) amended a lease on a cannabis cultivation and processing property in Danville, Pennsylvania, operated by Green Thumb Industries, yielding a $55 million reimbursement for GTI’s development of a new building.
San Diego-based IIP bought the property from Green Thumb for $20.3 million in 2019, then leased it back to the Chicago-headquartered multistate operator while funding improvements such as new growing, production and processing space as well as area for utility infrastructure.
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The $55 million in new funding under the amended lease “was utilized as reimbursement to Green Thumb for costs incurred in the ground-up development of an additional approximately 152,000-square-foot indoor cultivation and processing facility,” IIP noted in a Thursday news release.
“The new facility contains flower rooms, veg rooms, mother rooms, dry rooms, processing, storage, office and supporting spaces,” IIP noted.
IIP also owns Green Thumb cannabis facilities
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