Green Thumb Industries has closed on a transaction to sell its Oglesby, Illinois cultivation and processing facility to Innovative Industrial Properties. GTI will lease back the facility via a long-term agreement and continue to operate and manage it.
"IIP’s total investment in the property will be $50 million, assuming full reimbursement for significant facility and capacity enhancements of up to $41 million as well as the $9 million purchase price for the property, excluding transaction costs," the team with the company explains. "This marks GTI’s third transaction with IIP, following sale-leasebacks for GTI’s cannabis cultivation and processing facility in Danville, Pennsylvania completed in November 2019 and its Toledo, Ohio processing facility in February 2020."
In addition to the manufacturing facility in Oglesby, GTI owns a cultivation and processing facility in Rock Island and seven stores throughout Illinois with licenses to open three additional retail locations. Adult-use cannabis sales began in Illinois on January 1st, and have generated nearly $75 million in revenue in the first two months and over $10 million in tax revenue in the month of January. Medical sales in January were approximately $25 million. Experts estimate the Illinois market potential is $2.5 billion or more after maturation.
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Green Thumb Industries
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