Innovative Industrial Properties, Inc. (IIP), the first and only
real estate company on the New York Stock Exchange (NYSE: IIPR)
focused on the regulated U.S. cannabis industry, announced today
that it closed on the acquisition of a property in Hancock,
Maryland, and entered into a long-term lease with a subsidiary of
Harvest Health & Recreation Inc. (Harvest) (CSE: HARV, OTCQX:
HRVSF).
The purchase price for the property was approximately $16.6
million (excluding transaction costs). Harvest is expected to
complete additional tenant improvements for the property as a
regulated cannabis cultivation and processing facility, for which
IIP has agreed to provide reimbursement of up to $12.9 million.
Assuming full reimbursement for the tenant improvements, IIP’s
total investment in the property is expected to be approximately
$29.5 million. Earlier this year, IIP acquired a Florida property
and executed a long-term lease with Harvest, which comprises
approximately 295,000 square feet and for which IIP expects its
total investment to be approximately $41.7 million, assuming full
reimbursement for tenant improvements.
Founded in 2011, Harvest is a leading vertically integrated U.S.
multi-state operator with licensed operations in Arizona,
California, Colorado, Florida, Maryland, Nevada and Pennsylvania,
including 44 retail locations, 11 cultivation and processing
locations and over 1,600 employees across its operations. In May
2021, Trulieve Cannabis Corp., another IIP tenant partner in
Florida and Massachusetts, announced that it had entered into an
agreement to acquire Harvest, subject to the satisfaction of
certain conditions.
“We are excited to further expand our long-term real estate
partnership with Harvest in Maryland,” said Paul Smithers,
President and Chief Executive Officer of IIP. “Harvest continues to
execute well on its business plan, with a tremendous vertically
integrated footprint across some of the strongest regulated
cannabis markets in the United States. We look forward to working
closely with Harvest as they further build out their production
capacity in Maryland to meet the continued strong growth in demand
from patients across the state, as well as potential for expansion
of the current program to regulated adult-use in the nearer
term.”
As the pioneering real estate investment trust (REIT) for the
regulated cannabis industry, IIP partners with experienced,
regulated cannabis operators and serves as a source of capital by
acquiring and leasing back their real estate assets, in addition to
offering other creative real estate-based capital solutions.
Maryland implemented its medical-use cannabis program in 2017,
with limited licenses to cultivate, process and dispense cannabis.
Qualifying medical conditions for the program include, among
others, anorexia, conditions resulting in a patient receiving
hospice or palliative care, PTSD, seizures, chronic pain, severe
nausea and severe or persistent muscle spasms, as well as other
chronic, severe medical conditions if other treatments have been
ineffective and the recommending healthcare professional believes
medical cannabis can provide some relief. Similar to other states,
state regulatory authorities have expanded the program over time,
including allowing physician assistants to make recommendations for
medical cannabis patients and expanding the forms by which medical
cannabis can be consumed. According to the Maryland Medical
Cannabis Commission, there were approximately $140 million in
medical cannabis sales during the three months ended June 30, 2021.
In addition, according to a Goucher College poll conducted in
February of this year, approximately two-thirds of Maryland
residents support the legalization of adult-use cannabis. Last
month, Maryland House Speaker Adrienne Jones pledged that lawmakers
would pass a bill to put the question of legalization of cannabis
for adult use to voters as a referendum on the 2022 ballot.
Including this property, IIP owns two properties in Maryland,
comprising approximately 184,000 rentable square feet (including
square footage under redevelopment) and representing a total
investment, including commitments to fund future tenant
improvements, of approximately $51.9 million.
As of August 16, 2021, IIP owned 74 properties located in
Arizona, California, Colorado, Florida, Illinois, Maryland,
Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York,
North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington,
representing a total of approximately 6.9 million rentable square
feet (including approximately 2.5 million rentable square feet
under development/redevelopment), which were 100% leased with a
weighted-average remaining lease term of approximately 16.6 years.
As of August 16, 2021, IIP had committed approximately $1.7 billion
across its portfolio, including capital invested to date (excluding
transaction costs) and additional capital commitments to fund
future construction and tenant improvements at IIP’s properties,
but excluding an $18.5 million loan from IIP to a developer for
construction of a regulated cannabis cultivation and processing
facility in California.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc. is a self-advised
Maryland corporation focused on the acquisition, ownership and
management of specialized industrial properties leased to
experienced, state-licensed operators for their regulated cannabis
facilities. Innovative Industrial Properties, Inc. has elected to
be taxed as a real estate investment trust, commencing with the
year ended December 31, 2017. Additional information is available
at www.innovativeindustrialproperties.com.
About Harvest Health & Recreation Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation
Inc. is a vertically integrated cannabis company and multi-state
operator. Since 2011, Harvest has been committed to expanding its
retail and wholesale presence throughout the U.S., acquiring,
manufacturing, and selling cannabis products for patients and
consumers in addition to providing services to retail dispensaries.
Through organic license wins, service agreements, and targeted
acquisitions, Harvest has assembled an operational footprint
spanning multiple states in the U.S. Harvest's mission is to
improve lives through the goodness of cannabis. We hope you'll join
us on our journey: https://harvesthoc.com.
Innovative Industrial Properties
Forward-Looking Statements
This press release contains statements that IIP believes to be
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than historical facts, including, without
limitation, statements regarding the lease and redevelopment of the
Maryland property, Harvest and the Maryland regulated cannabis
market, are forward-looking statements. When used in this press
release, words such as we “expect,” “intend,” “plan,” “estimate,”
“anticipate,” “believe” or “should” or the negative thereof or
similar terminology are generally intended to identify
forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed in, or implied by, such
statements. Investors should not place undue reliance upon
forward-looking statements. IIP disclaims any obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210816005483/en/
Catherine Hastings Chief Financial Officer Innovative Industrial
Properties, Inc. (858) 997-3332
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