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Cannabis Reit Injects $30 Million More Into Pennsylvania Grow Expansion

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NEWS BRIEF Cannabis REIT injects $30 million more into Pennsylvania grow expansion

Published 4 hours ago

A unit of multistate cannabis operator Jushi Holdings received an additional $30 million from Innovative Industrial Properties, a marijuana-focused real estate investment trust (REIT), for the first phase of expanding an MJ cultivation facility in Scranton, Pennsylvania.

Assuming full payment of the additional funding and completion of the expansion, the San Diego-based REIT said in a news release its total investment in the approximately 129,000-square-foot facility will be $45.8 million.

Jushi said in November 2020 that it would invest $50 million to expand the Scranton facility.

In an April 1 release, Jushi said the second phase of the planned expansion – being carried out by the company’s wholly owned subsidiary, Pennsylvania Medical Solutions – would add approximately 60,000 square feet to the building and increase total canopy to roughly 110,000 square feet.

“The estimated combined cost of the two phases of expansion has increased to $65 (million)-$70 million, from our prior preliminary total of $50 million,” Jushi said.

The facility is expected to total about 190,000 square feet once both phases of the buildout are finished.

The project, which is expected to create more than 100 jobs, is subject to certain milestones, approvals and permits, the release said.

Jushi operates eight Beyond/Hello retail dispensaries in Pennsylvania.

The company bought Vireo Health International’s cultivation facility in Pennsylvania in 2020 and recently expanded the grow’s indoor cultivation space.

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Source: https://mjbizdaily.com/cannabis-reit-injects-30-million-more-into-pennsylvania-grow-expansion/

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