California Real Estate Company Expands Into Massachusetts Cultivation
One thing cannabis companies can’t have enough of is cultivation space. Hoping to meet the demands of the medical and recreational markets, companies literally need space to grow. Securing the ideal property for cultivation, therefore, is crucial. And that’s where Innovative Industrial Properties, Inc. comes in, specializing in leasing properties for medical-use cannabis facilities. And as the California real estate company expands into Massachusetts cultivation, it’s hoping to build partnerships with some of the largest medical cannabis providers in the U.S.
Innovative Industrial Properties Wins Second Deal With PharmaCann
PharmaCann LLC is one of the largest medical cannabis providers in the country. The company already has nine dispensary locations and three production facilities across multiple states.
Still, as legal markets expand in the U.S., PharmaCann is looking to expand with them. To do so, the company has turned to the same firm which secured their 2016 lease of a medical cannabis cultivation and processing facility in New York, Innovative Industrial Properties.
Innovative Industrial Properties is a San Diego-based real estate firm that helps cannabis companies find properties for their operations. Specifically, the company focuses on acquiring, managing and leasing industrial properties to state-licensed cannabis producers.
And on May 31, IIP announced that it had closed on acquiring a Massachusetts property and entered into a long-term lease and development agreement with one of PharmaCann’s subsidiaries.
“IIP has been a strong partner since acquiring our New York property in 2016, and we look forward to working closely with IIP for the development of this property in the months to come,” said CEO of PharmaCann Teddy Scott.
The property includes both a 26,000 sq. ft. industrial facility and a 32,000 sq. ft. greenhouse facility.
PharmaCann Sets Up Shop In Massachusetts
PharmaCann already operates a medical-use cannabis dispensary in