Cresco Labs, a multistate cannabis operator headquartered in Chicago, has entered into its fifth sale-leaseback deal with San Diego-based Innovative Industrial Properties (IIP), this time for a vertically integrated marijuana facility in Massachusetts.
According to a news release, the deal is worth $29 million and includes $21 million for tenant improvements.
In all, Cresco has made at least $92 million from sale-leaseback deals to date.
Much of that money has been reinvested in company operations, according to the release, and though IIP will now own the Massachusetts facility, Cresco will continue to oversee operations.
IIP, a real estate investment trust (REIT), has been on a marijuana real estate buying spree for years and has closed similar deals with many cannabis multistate operators, including Green Thumb Industries and Vireo Health.
IIP trades on the New York Stock Exchange as IIPR.