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

Cannabis company Cresco Labs /zigman2/quotes/200392306/delayed CRLBF -0.91% /zigman2/quotes/205276242/delayed CA:CL -1.11% 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 -1.11% has fallen 24% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.02% has fallen 4%.

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Cresco Labs Inc.

US : U.S.: OTC

$ 12.01

-0.11 -0.91%

Volume: 335,889

April 15, 2021 1:45p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$4.52 billion

Rev. per Employee

$207,066

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Cresco Labs Inc.

CA : Canadian Securities Exchange

$ 15.08

-0.17 -1.11%

Volume: 127,654

April 15, 2021 1:42p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$5.66 billion

Rev. per Employee

$277,737

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Cannabis ETF

US : U.S.: NYSE Arca

$ 17.82

-0.20 -1.11%

Volume: 142,856

April 15, 2021 1:57p

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S&P 500 Index

US : S&P US

4,166.62

+41.96 +1.02%

Volume: 1.22B

April 15, 2021 2:02p