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Ill., Fla. See $8.4M In Pot-Focused Real Estate Deals
Law360 (August 4, 2021, 7:06 PM EDT) A pot-focused real estate investment trust and a cannabis operator have this week announced deals totaling $8.4 million in Illinois and Florida, with the REIT closing on a $6.5 million industrial property acquisition and the multistate operator closing on a nearly $1.9 million greenhouse.
Innovative Industrial Properties Inc., a Maryland corporation that bills itself as the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, said the purchase price for the property in an unnamed Illinois location came to $6.5 million but the company s total investment is expected to top $50.