Harvest Health & Recreation (CSE: HARV) this morning has conducted a sale leaseback transaction with that of Innovative Industrial Properties (NYSE: IIPR). The transaction will see the company gain total proceeds of $34.6 million as a result.
The property that was sold by the company appears to be the firms Alachua cultivation and processing facility in Alachua, Florida. The property was sold for gross proceeds of $23.8 million, following which the company entered a triple net lease with IIPR.
Harvest will continue to operate the facility while also improving the property. IIPR has agreed to fund up to $10.8 million in tenant improvements at the facility, bringing total gross proceeds to $34.6 million.
The company currently has six dispensaries in the state, along with two cultivation facilities. The transaction is expected to support further cultivation capacity for the company within Florida, after which further retail locations will be opened.
Harvest Health last traded at $4.31 on the CSE.
Information for this briefing was found via Sedar, and Harvest Health and Recreation. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
