Innovative Industrial Properties Closes on Sale-Leaseback Transaction with PharmaCann in New York

SAN DIEGO–(BUSINESS WIRE)– Innovative Industrial Properties, Inc. (IIPR) (the “Company”) announced today that it closed its previously-announced sale-leaseback transaction with PharmaCann LLC (“PharmaCann”), acquiring PharmaCann’s newly-constructed 127,000 square foot medical-use cannabis cultivation and processing facility in New York. “We believe this first sale-leaseback transaction exemplifies our focus on underwriting…