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Cresco Labs Inc. (CL-C) announced that it has signed a binding agreement to sell its Joliet and Kankakee, Illinois properties to Innovative Industrial Properties, Inc. for about $46.3-million. The amount includes funding for additional tenant improvements at the Kankakee property.
Concurrent with the closing of the sale, Cresco Labs said it will enter into a long-term, triple-net lease agreement with IIP and will continue to operate each property as a licensed cannabis cultivation and processing facility.
"This sale-and-leaseback agreement with IIP represents a non-dilutive capital solution for Cresco Labs that will support the expansion of our Illinois operations in preparation for the legalization of adult-use cannabis on January 1, 2020," said Cresco Labs CEO and co-founder Charlie Bachtell.