Cannabis company Cresco Labs closes $29 million sale-and-leaseback transaction on Massachusetts facility

Cannabis company Cresco Labs /zigman2/quotes/200392306/delayed CRLBF +0.97% /zigman2/quotes/205276242/delayed CA:CL +0.79% said Wednesday it has closed a sale-and-leaseback transaction for its Massachusetts facility with Innovative Industrial Properties Inc. (IIP). Cresco will receive $29 million for the sale of the facility, with $21 million earmarked for tenant improvements. The facility is about 118,000 square feet of industrial space, including cultivation space, a processing plant and dispensary serving medical and adult-use cannabis. The company entered amendments to its leases with IIP last month for real estate in Michigan and Ohio for $17 million. Shares were not active premarket, but have fallen 40% in the year to date, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -0.50% has fallen 24% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.72% has fallen 4%.

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Cresco Labs Inc.

US : U.S.: OTC

$ 13.22

+0.13 +0.97%

Volume: 2.20M

Jan. 15, 2021 3:59p

P/E Ratio

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Dividend Yield

N/A

Market Cap

$4.53 billion

Rev. per Employee

$91,810

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Cresco Labs Inc.

CA : Canadian Securities Exchange

$ 16.67

+0.13 +0.79%

Volume: 1.40M

Jan. 15, 2021 3:59p

P/E Ratio

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Market Cap

$5.77 billion

Rev. per Employee

$121,822

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US : U.S.: NYSE Arca

$ 17.94

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Jan. 15, 2021 8:00p

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Jan. 15, 2021 5:18p