Real estate investment trust Power REIT secured a debt financing facility worth $20 million from an unspecified “commercial federally regulated bank,” with room to borrow more in the future.
Power REIT finalized a lease amendment to fund additional upgrades to a cannabis greenhouse cultivation facility in Michigan.
Atlanta-based real estate investment company UC Asset Limited Partnership announced an all-share deal to acquire an Oklahoma cannabis cultivation property, invest in the property and lease it to its current operator.
Cannabis companies generally have been raising less money this year versus previous years, but not all industry sectors are coming up short.
Marijuana real estate lenders are bucking the trend.
Innovative Industrial Properties (NYSE: IIPR), the largest REIT focused on the cannabis industry, on Feb. 1 announced a $300 million, six-year senior unsecured note offering at its IIP Operating Partnership level.
UC Asset, an Atlanta-based real estate investment group, announced its intent to acquire an indoor-outdoor medical marijuana property in Oklahoma City.
Innovative Industrial Properties is on a marijuana shopping spree, having spent $100 million since April to buy cultivation and distribution facilities around the nation while providing cannabis operators with sorely needed cash.
Many cannabis companies are eager to take advantage of any dip in commercial real estate prices that accompany economic downturns.
