A California-based real estate company focused on the cannabis industry has acquired property in O’Hara’s RIDC Park to help launch a licensed medical-use marijuana growing and processing facility.
Innovative Industrial Properties, Inc. (IIP) paid $6.3 million for the industrial space at 575 Epsilon Drive.
The company has an agreement with Maitri Genetics, which will operate the warehouse as a greenhouse to produce a full range of medical marijuana products allowed under state law. That includes dry leaf, salves, concentrates, ointments and pills.
Innovative Industrial Properties could sink as much as $16.3 million into the O’Hara operation.
The company has agreed to reimburse Maitri up to $10 million for improvements to the 51,000-square-foot space.
Read more at triblive.com
