Harvest Health & Recreation and Innovative Industrial Properties Team Up on Florida Deal
Two notable companies in the cannabis sector are collaborating on a real estate deal in Florida. Harvest Health & Recreation (OTC: HRVSF) and Innovative Industrial Properties (NYSE: IIPR) announced Monday that they have entered into a sale-leaseback arrangement for a growth and cultivation facility in Florida.
Under the terms of the deal, Harvest sold the facility, in the city of Alachua and comprising around 295,000 square feet of industrial space, for $23.8 million to Innovative. The two companies then entered into a triple-net lease for Harvest to continue using the facility.
The key terms of this tenancy agreement were not specified, although Harvest and Innovative said the latter would reimburse the former for up to $10.8 million in tenant improvements.
Source Fool.com
