Deal Snapshot
US Cannabis Firm Parallel Closes USD 68m Sale-Leaseback in Pennsylvania
Monday 17 May 2021

US-based cannabis operator Parallel has closed a sale-leaseback transaction, in which Parallel sold its Pittsburgh, Pennsylvania warehouse to, and entered into a long-term lease agreement with, an affiliate of US cannabis industry-focused real estate company Innovative Industrial Properties, Inc. (NYSE: IIPR), the company said.

The deal is valued at approximately USD 68m. Proceeds from the transaction will be used to complete the initial build-out of a warehouse in Pittsburgh that will be used as goodblend Pennsylvania's (goodblend) cannabis growing and processing facility when it is expected to begin operations in mid-2021.

Date Published: 17/05/2021