Cannabis REIT Acquires Virginia Property, Signs Lease With Green Leaf Medical

Innovative Industrial Properties, Inc. (NYSE: IIPR) said Wednesday it has finalized the acquisition of a property in Richmond, Virginia, which should account for 82,000 sq. feet of industrial space. The purchase price for the property was set to around $11.8 million without transaction expenses.

In addition, the company signed a long term, triple-net lease agreement with a Green Leaf Medical subsidiary, which should run the property as a licensed cannabis cultivation, processing and dispensing facility.

Innovative Industrial Properties will also grant compensations for the completion of the property’s development in the amount of up to $8 million. With full compensation, the company’s investment in …

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