A Chicago-based real estate investment trust (REIT) has sold an Ohio cannabis cultivation facility for $28.5 million.
Aventine, a REIT that specializes in investing in cannabis-related properties, acquired the 58,604-square-foot facility on 3.4 acres in Parma from multistate operator Ayr Wellness in 2022, according to Crain’s Cleveland Business, citing CoStar data.
Parma Propco, a limited liability company associated with New York-based Power REIT, purchased the property, Crains reported.
Ayr, which took over the facility with its 2022 acquisition of cannabis company Greenlight Management, will continue to use the facility to grow marijuana, Robert Vanisco, the company’s senior vice president of public affairs, told Crain’s.
Continued operation of the facility is important for Ayr, which opened a new adult-use cannabis store in Parma in November.
Ayr is now owned by its former creditors after a restructuring plan that cut its debt by 50%.
The sale comes as Ohio cannabis retailers recorded more than $836 million in nonmedical sales in 2025, the state’s first full year of adult-use marijuana.
Medical cannabis dispensaries reported $233 million in sales, bringing total Ohio sales last year to $1.06 billion, according to Ohio Department of Commerce data.
