Cannabis real estate company New Lake Capital has struck a $20.5 million sale-leaseback agreement with Arizona-based multistate operator The Mint. Under the terms of the deal, NewLake has agreed to purchase land in Phoenix for $2.4 million and provide $18.1 million for the construction of a 130,757 sq. ft. cultivation and processing facility.
Innovative Industrial Properties (IIP), a publicly traded real estate investment trust (REIT) focusing on the cannabis sector, has inked another sale-and-leaseback agreement with Surterra Wellness parent Parallel. Parallel, the second-largest medical marijuana company in Florida, has agreed to sell an indoor cultivation facility in Lakeland that is capable of being scaled to 220,000 sq. ft.