Cresco Labs closed an agreement to sell its Lincoln, Illinois cultivation facility to GreenAcreage Real Estate for US$50 million.
Cresco Labs (CSE:CL,OTCQX:CRLBF) closed an agreement to sell its Lincoln, Illinois cultivation facility to GreenAcreage Real Estate for US$50 million.
As quoted in the press release:
Concurrent with the closing of the sale, Cresco has agreed to enter into a long-term, triple-net lease agreement with GreenAcreage and will continue to operate the property as a licensed medical & recreational cannabis cultivation and processing facility. Cresco’s Lincoln property is expected to be 220,000 square feet when completed, making it the largest such facility in Illinois. With more production capacity than any other cannabis company in the state, Cresco is positioned to grow its already leading 25% market share.
“This Agreement is representative of the comprehensive approach to capital planning that we anticipate will ensure our future success, while enabling us to grow our footprint both rapidly and responsibly,” said Cresco Labs CEO and Co-founder Charlie Bachtell.