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July 1, 2020, 7:40 a.m. EDT

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

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By Ciara Linnane

Cannabis company Cresco Labs /zigman2/quotes/200392306/composite CRLBF -0.66% /zigman2/quotes/205276242/delayed CA:CL -0.75% 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 +0.0012% has fallen 24% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% has fallen 4%.

/zigman2/quotes/200392306/composite
US : U.S.: OTC
$ 5.91
-0.04 -0.66%
Volume: 401,613
Sept. 29, 2020 2:09p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.14 billion
Rev. per Employee
N/A
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/zigman2/quotes/205276242/delayed
CA : Canadian Securities Exchange
$ 7.89
-0.06 -0.75%
Volume: 357,326
Sept. 29, 2020 2:08p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.86 billion
Rev. per Employee
N/A
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/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 8.20
+0.0001 +0.0012%
Volume: 12,747
Sept. 29, 2020 1:29p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,344.88
-6.72 -0.20%
Volume: 1.24B
Sept. 29, 2020 2:27p
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