Green Thumb Industries, a national cannabis consumer packaged goods company and owner of RISE dispensaries, received $55 million through its recently amended lease agreement with Innovative Industrial Properties (IIP), a real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry.
The financial reimbursement stems from the recently completed development of a 152,000-square-foot industrial building for cultivation and processing, in addition to a new electric substation on the property to enhance electrical load capacity. The lease amendment also adjusted the base rent under the lease to take into account the additional available funding for the development.
“We are grateful for the continued partnership with IIP at our Danville facility,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. ”Having negotiated the lease and terms last year, we are pleased to have waited to draw the remaining funds until now when the facility is complete. We are excited about the future of cannabis in Pennsylvania.”