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 is extending its long-term real estate relationship with
Goodness Growth Holdings, Inc. (f/k/a Vireo Health International,
Inc., “Goodness Growth”) (CSE: GDNS; OTCQX: GDNSF), with the
acquisition of approximately 92.3 acres in New York adjacent to one
of IIP’s properties leased to Goodness Growth, where IIP and
Goodness Growth will partner on the development of 324,000 square
feet of industrial space.
The purchase price for the land was approximately $10.23 million
(excluding transaction costs). Concurrent with the closing of the
land purchase, IIP amended its existing lease at the adjacent
property to incorporate this new project, and Goodness Growth
intends to operate the consolidated property as a licensed cannabis
cultivation and processing facility upon completion of development.
IIP is expected to provide reimbursement to Goodness Growth for the
construction of the new building of up to approximately $46.1
million. Including this transaction, IIP leases two properties to
Goodness Growth (one in New York and one in Minnesota),
representing approximately 453,000 square feet of industrial and
greenhouse space (including space under development) and a total
commitment (including purchase prices and commitments to fund
development, but excluding transaction costs) of approximately
$72.8 million.
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.
“We are excited to expand our long-term real estate partnership
with Dr. Kingsley and the Goodness Growth team, as they embark on
this new phase of growth in New York,” said Paul Smithers,
President and Chief Executive Officer of IIP. “New York continues
to represent a tremendous market opportunity, and with the signing
into law authorizing the establishment of an adult-use cannabis
program and the expansion of the existing medical-use cannabis
program, we believe this is an opportune time for Goodness Growth
to execute on this highly strategic expansion. Our team looks
forward to supporting them in the development of this project in
the months to come.”
Led by Chairman and Chief Executive Officer Kyle Kingsley, M.D.,
Goodness Growth is a science-focused cannabis company and IP
incubator, with over 500 employees and operations spanning five
states, including five production facilities and 18 dispensaries.
Goodness Growth is one of ten licensed operators in New York’s
medical cannabis program, a vertically integrated program where
each licensed operator may operate one cultivation and processing
facility and up to four dispensary locations.
“We are pleased to build on our relationship with IIP in New
York and to begin construction on this exciting expansion plan,”
said Dr. Kingsley. “New York has taken several highly significant
steps in its authorization of the establishment of the adult-use
program and expansion of its medical cannabis program to provide
access to more patients throughout the state, and we look forward
to working closely with IIP on the development of this new
state-of-the-art facility to meet what we believe will be a
dramatically enhanced demand for high quality regulated cannabis
products for both patients and consumers.”
New York, with approximately 15 million residents over the age
of 21, first launched its medical cannabis program in 2016, which
has generally been considered restrictive, with fewer qualifying
medical conditions and other restrictions which have inhibited
growth of the regulated medical cannabis market in the fourth
largest state by population. According to the New York Department
of Health, there were approximately 151,000 certified patients as
of September 21, 2021. At the same time, BDS Analytics estimates
New York’s illicit cannabis market to reach approximately $5.0
billion this year, representing a significant opportunity to
transition the illicit market to the regulated market by loosening
restrictions on the existing medical cannabis program and
introducing an adult-use program.
On March 31, 2021, the Marihuana Regulation & Taxation Act
(the “MRTA”) was signed into law, authorizing a regulated adult-use
cannabis program in New York. While establishment of the adult-use
program and licensing will take time, the MRTA also will operate to
significantly expand the scope of and patient access to the state’s
existing medical-use cannabis program, including the expansion of
qualifying medical conditions, the loosening of requirements for
health care professionals that recommend medical cannabis to their
patients for treatment, increasing the amount of medical cannabis
that a certified patient may purchase, and allowing for whole
cannabis flower and smoking of medical cannabis. With the expected
introduction of the adult-use cannabis program and loosening of the
medical-use cannabis program restrictions, New Frontier Data
projects that New York will be the second largest regulated
cannabis market in the United States by 2025, behind only
California.
As of September 27, 2021, IIP owned 75 properties located in
Arizona, California, Colorado, Florida, Illinois, Maryland,
Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey,
New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and
Washington, representing a total of approximately 7.3 million
rentable square feet (including approximately 2.9 million rentable
square feet under development/redevelopment), which were 100%
leased with a weighted-average remaining lease term of
approximately 16.7 years. As of September 27, 2021, IIP had
committed approximately $1.8 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.
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 development and lease of the
New York property, Goodness Growth and the New York regulated
cannabis market, are forward-looking statements. When used in this
press release, words such as IIP “expects,” “intends,” “plans,”
“estimates,” “anticipates,” “believes” 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/20210927005745/en/
Catherine Hastings Chief Financial Officer Innovative Industrial
Properties, Inc. (858) 997-3332
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