Curaleaf Holdings, Inc. a leading vertically integrated cannabis operator in the United States, announced it has signed a sale-leaseback agreement with Freehold Properties valued at approximately $28.3 million for six of its properties in Florida, Massachusetts and New Jersey.
As a result of the transaction, Curaleaf will have sold a portion of its real estate assets while retaining use of the properties for cultivation, processing and retail, respectively. The sale price of $28.3 million for the six properties covers initial investment plus all tenant improvements made to date and the proceeds will go towards Curaleaf's continued expansion in the United States. In addition, Curaleaf intends to access further real estate capital to finance additional operational facilities and certain current expansionary construction projects.
"This transaction provides an additional stream of liquidity for us with an attractive cost of financing previously not available in our industry," said Joseph Lusardi, CEO of Curaleaf. "We are delighted to see more traditional sources of financing becoming available to the cannabis industry and intend to deploy the proceeds to continue our rapid expansion and create shareholder value."
An increase in marijuana tax revenues to California state coffers reveals the legal market’s sales are slowly but steadily increasing, despite ongoing
On Monday, the California House of Representatives approved a bill that will let school boards decide whether parents will be allowed to give their kids
BR Brands, LLC ("BR Brands"), a consumer packaged goods ("CPG") company within the global legal cannabis industry, has announced the first closing of its
Cannabis legalization efforts are rapidly accelerating, yet under federal regulations, the plant is still classified as an illegal substance. Currently, more
The American marijuana industry is in a far better place for businesses seeking to raise money than it was a year ago. In fact, the landscape has grown leaps
Green Growth Brands Inc. has announced the closing of its acquisition of Henderson Organic Remedies, LLC (The+Source Henderson), which was previously