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Innovative Industrial amends lease/development deal at Holliston, Mass., asset

Innovative Industrial Properties Inc. amended its lease and development agreement with a PharmaCann LLC subsidiary pertaining to a property at 465 Hopping Brook Road in Holliston, Mass.

The amendment provides for an additional $8.0 million financing to the multistate cannabis operator, which will further expand its cannabis cultivation and processing facilities at the property. It also adjusted the base rent under the lease to factor in the additional funding and extended the term of the lease agreement.

The real estate investment trust, which bought the property and entered into a long-term lease with PharmaCann in 2018, said its total investment in the property will be $26.5 million, assuming the full payment of the additional capital.