Cannabis REIT Innovative Industrial Properties Acquires Texas Marijuana Site for $22 Million

San Diego-based Innovative Industrial Properties (IIP) will pay $22 million to acquire 25 acres of land and facilities from an Austin, Texas, medical marijuana company. IIP, a publicly traded real estate investment trust, said in a press release that it will initially spend $12 million to purchase the land and pay an additional $10 million when Texas Original completes construction of its cultivation and Texas Original is one of three vertically integrated licensees in the state's medical marijuana market, and it is the only marijuana supplier based in the state, according to the press release. The company has raised $40 million to date and operates a cannabis production and distribution facility and distribution network in Austin.

Information source: mjbizdaily.com/