Marijuana REIT Innovative Industrial Properties buys Maryland site for $25M

San Diego-based Innovative Industrial Properties (IIP) acquired a Maryland marijuana cultivation and processing facility for $25 million.

The publicly traded real estate investment trust said in a news release that it has entered into a long-term agreement to lease back the 84,000-square-foot facility to a subsidiary of Maryland Cultivation and Processing.

Maryland Cultivation and Processing is one of the state’s 18 licensed medical cannabis cultivators and makes products under the brand District Cannabis.

The company recently completed a 48,000-square-foot greenhouse adjacent to its existing 36,0000-square-foot industrial building. Maryland Cultivation and Processing has plans to significantly expand its production.

“The Maryland medical cannabis market continues to see healthy growth and continued program expansion, and with the potential adoption of an adult-use cannabis program by voters this November, we see tremendous continued opportunity and growth in serving patients and customers throughout the state,” IIP CEO Paul Smithers said in the release.

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Maryland lawmakers recently voted to place recreational marijuana legalization on the November ballot. If voters were to pass the measure, lawmakers then would need to complete the regulatory framework.

As of April 13, IIP owned 108 cannabis properties in 19 states, representing a total of 8.1 million rentable square feet.