Harvest Health & Recreation Inc. Announces Sale Leaseback Transaction with Innovative Industrial Properties
PHOENIX, Jan. 25, 2021 /PRNewswire/ — Harvest Health & Recreation Inc. (“Harvest”) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today announced the closing of a sale leaseback transaction with Innovative Industrial Properties, Inc. (“IIP”) (NYSE:IIPR).
Harvest sold an industrial property totaling approximately 292,000 square feet for $23.8 million. Concurrent with the sale Harvest entered into a triple net lease with IIP. Harvest plans to continue to operate the property as a licensed cultivation and processing facility and expects to recover up to approximately $10.8 million in tenant improvements from IIP. The total proceeds for the transaction are expected to be approximately $34.6 million.
We are pleased to secure real estate financing to support expansion activities at our Alachua cultivation and processing facility.
Chief Executive Officer Steve White
Florida is one of our core markets with a rapidly growing medical patient population. We look forward to opening new retail locations in Florida after additional capacity at Alachua comes online.
Harvest currently operates six medical dispensaries in Gainesville, Jacksonville, Kissimmee, Longwood, North Port, and Tallahassee supported by a cultivation and processing facility in Alachua and a cultivation facility in Gainesville.
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
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