Multistate marijuana operator Green Thumb Industries on Monday announced it has sold an Illinois cultivation and processing facility to San Diego-based Innovative Industrial Properties in a sale-leaseback deal valued up to $50 million.
IIP paid $9 million for the property in Oglesby, Illinois, and plans to make up to $41 million in upgrades to the property.
This is the largest of three sale-leaseback deals Chicago-based Green Thumb has done with the California real estate investment trust.
The previous high for a sale-leaseback between the two companies was $39.6 million last November and involved a cultivation plant in Pennsylvania.
In February, Green Thumb and IIP completed a $7.2 million sale-leaseback for a facility in Toledo, Ohio.
The latest deal will allow Green Thumb “to put our capital to work in the best possible way,” founder and CEO Ben Kovler said in a statement.
Innovative Industrial Properties, which lists on the New York Stock Exchange as IIPR, specializes in real estate acquisitions of marijuana properties.
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