Cannabis giant Trulieve indicators Florida warehouse deal

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Revolutionary Industrial Properties, a actual estate investment trust (REIT) that focuses on acquiring and leasing warehouses in the marijuana space, paid $17 million to Trulieve Cannabis for a 5-constructing cultivation facility in Florida.

Trulieve will lease back the 150,000-square-foot marijuana cultivation centers in Quincy, Florida, from IIP.

The initial lease is for 10 years, with the rent equal to 11% of the buy value.

Trulieve, primarily based in Tallahassee, Florida, has two choices to extend the lease by 5 years each and every, or for a further 10 years.

Earlier this year, Revolutionary Industrial signed a sales-leaseback deal with Trulieve for a 150,000-square-foot industrial facility in Holoyke, Massachusetts. In that deal, the buy value was $three.five million.

The REIT will reimburse Trulieve up to $40 million for improvements to the constructing.

Trulieve is by far the biggest player in Florida’s health-related marijuana market place with about a 50% market place share, Marijuana Organization Each day reported in September.

The 2019 Marijuana Organization Factbook projects health-related marijuana sales in Florida this year of $425 million-$525 million.

San Diego-primarily based Innovate Industrial Properties trades on the New York Stock Exchange as IIPR.

Trulieve trades on the more than-the-counter markets as TCNNF and on the Canadian Securities Exchange as TRUL.

For a lot more on the Trulieve leaseback deal, click right here.

For evaluation and in-depth appears at the investment trends and offers driving the cannabis market forward, sign up for our premium subscription service, Investor Intelligence.

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