Chicago-based Cresco Labs, a multistate marijuana operator, closed a $50 million sales-leaseback deal in Illinois, weeks before adult-use marijuana becomes legal in the state on Jan. 1.
Cresco sold its recreational and medical cannabis cultivation and processing facility in Lincoln, Illinois, to GreenAcreage Real Estate Corp., a real estate investment trust.
The company signed a long-term lease for the facility, which is expected to total 220,000 square feet when it is completed.
Cresco said the facility, expected to be the largest of its kind in Illinois, will help the firm grow its 25% market share in the state.
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