Innovative Industrial Properties Acquired by Vireo Growth | Consumer M&A Deal

Vireo Growth has completed the acquisition of Innovative Industrial Properties, a consumer other business in New York, for $88.5 million. Vireo Growth acquisitions center on cannabis cultivation and production, and the Johnstown, NY facility spans 389,000 square feet for Vireo’s operations. Vireo Growth acquires Innovative Industrial Properties’ New York property after exercising a purchase option tied to its lease, supporting continued NY acquisitions and consumer M&A. The public company acquisition is structured as an other acquisition with $49 million seller financing at 15% interest from Innovative Industrial Properties, plus a $41 million Chicago Atlantic Financial Services loan secured by mortgages.