Vireo Growth today announced that its subsidiary, 256 County Route 117 Perth, completed the acquisition of Vireo’s Johnstown, a 389,000-square-foot cannabis cultivation and production facility previously leased from IIP-NY 2.
Vireo’s acquisition of the New York property comes after Vireo exercised its purchase option contained in a lease between Vireo Health of New York, as tenant, and IIP, as landlord.
The purchase price for the property was $88.5 million.
The announcement comes Vireo recently entered into an agreement to buy Bridgewell Agribusiness, a supplier of organic and non-GMO food and agricultural products to manufacturers.
Bridgewell produces several food products including beans, grains, nuts and seeds, along with agricultural products like fertilizers and minerals. The company said it has manufacturing operations in Clackamas, Oregon, warehouses throughout the U.S. and Canada and growers around the world.
The purchase price is $40 million, which is subject to adjustments for, among other things, approximately $30 million of assumed indebtedness of Bridgewell that will remain outstanding following closing and the assumption of certain other transaction expenses.
