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

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%.

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Cresco Labs Inc.

US : U.S.: OTC

$ 5.91

-0.04 -0.66%

Volume: 401,613

Sept. 29, 2020 2:09p

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Market Cap

$2.14 billion

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Cresco Labs Inc.

CA : Canadian Securities Exchange

$ 7.89

-0.06 -0.75%

Volume: 357,326

Sept. 29, 2020 2:08p

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Market Cap

$2.86 billion

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Cannabis ETF

US : U.S.: NYSE Arca

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Sept. 29, 2020 1:29p

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Sept. 29, 2020 2:27p