Innovative Industrial Properties, Inc. entered into a definitive agreement with DionyMed Brands Inc. to acquire The Los Angeles Cannabis Campus for $13 million in a sale and leaseback transaction.

Innovative Industrial Properties, Inc. (NYSE:IIPR) entered into a definitive agreement to acquire The Los Angeles Cannabis Campus from DionyMed Brands Inc. (CNSX:DYME) for $13 million in a sale and leaseback transaction on July 19, 2019. Upon the acquisition, DionyMed also entered into a long-term lease back of 15 years with two optional 5-year extensions. Innovative Industrial Properties is also providing DionyMed up to $2 million of capital to make improvements at the property.

The transaction is is subject to diligence and customary closing conditions. This sale-leaseback agreement with Innovative Industrial Properties is expected to close concurrently with the the transaction where DionyMed is acquiring MMAC assets. The closing of the transaction is expected to occur on or before July 23, 2019.