Innovative Industrial Properties Inc. amended its lease agreement with an Ascend Wellness Holdings LLC subsidiary involving a property in Barry, Ill.
The amended lease provided for $8 million in additional financing to expand Ascend's cannabis cultivation and processing facilities at the property, adjusted the base rent and extended the lease term.
The cannabis-focused real estate company initially bought the asset and signed a long-term lease with the vertically integrated cannabis company in December 2018. Its investment in the property will total $33 million, assuming full payment of the additional funding.
Innovative Industrial also purchased and signed a lease with Ascend for its regulated cannabis cultivation and processing facilities in Michigan in July.
