Businesses and residents of Pennsylvania might be interested to learn of the expansion of the partnership of Green Leaf Medical, LLC with Innovated Industrial Properties, Inc. This real estate company is focused on the regulated cannabis industry and is listed on the New York Stock Exchange.
According to businesswire, one of the goals of Green Leaf is additional expansion of their cannabis cultivation and processing facilities at this property. The lease term has been extended and and the rent reflects other factors considered.
Acquired earlier this year, IIP also owns and leases another property to Green Leaf. This is an 82,000 square foot medical-use cannabis cultivation, processing and dispensing facility in Richmond, Virginia.
Green Leaf, known as the brand gLeaf, operates medical cannabis cultivation, extraction and retail operations in four contiguous states in the mid-Atlantic region, including Maryland, Pennsylvania, Ohio and Virginia, with pending vertical applications in New Jersey and West Virginia. It has raised money for expansion through the sale of equity. Green Leaf owns one of 25 medical cannabis cultivation/processor licenses issued by the state of Pennsylvania.
IIP has been a strong real estate partner for Green Leaf; they are looking forward to expanding their Saxton facility. Innovative Industrial Properties is Maryland-based and works with regulated medical-use cannabis industry partners.
When it comes to commercial real estate transactions, it is important to have a knowledgeable law firm that specializes in real estate. Commercial leasing and landlord-tenant issues and other processes will benefit from consultation, advice and assistance from those who are trained in legal matters for real estate. Access to knowledge of the laws of Pennsylvania will also be of benefit to a business or homeowner.