Freehold Properties has paid $28.3m for six Curaleaf Holdings properties in Florida, Massachusetts and New Jersey in a sale-leaseback agreement. The sale price covers initial investment plus all tenant improvements made to date with the funds going toward Curaleaf’s continued US expansion. Curaleaf, a leading vertically integrated cannabis operator in the US, intends to access further real estate capital to finance additional operational facilities and certain current expansionary construction projects.
“This transaction provides an additional stream of liquidity for us with an attractive cost of financing previously not available in our industry,” said Joseph Lusardi, CEO of Curaleaf. “We are delighted to see more traditional sources of financing becoming available to the cannabis industry and intend to deploy the proceeds to continue our rapid expansion and create shareholder value.”
