Innovative Industrial Properties, Inc. (NYSE: IIPR) closed on the acquisition of a property comprising approximately 104,000 square feet of industrial space in Webster, Massachusetts.

The purchase price for the property was $21.5 million, which is fully built out and operational as a regulated cannabis cultivation and processing facility. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE:CURA)

The property consists of cultivation, manufacturing, office, administrative and storage space, and is estimated to produce approximately 32,000 pounds of cannabis …

Full story available on