AcquisitionsMay 29, 2026, 04:15 PM
Vireo Growth Acquires NY Cannabis Facility for $88.5M
AI Summary
Vireo Growth Inc. announced that its subsidiary, 256 County Route 117 Perth LLC, acquired a 389,000 square foot cannabis cultivation and production facility in Perth, New York, for $88.5 million. The acquisition was financed through a combination of a $49.0 million seller-financed loan from Innovative Industrial Properties, Inc. at 15% interest, and a $41.0 million term loan from Chicago Atlantic Financial Services, LLC at prime plus 5.75% interest. The Seller Note matures in May 2027 with extension options, while the Chicago Atlantic Loan matures in May 2028.
Key Highlights
- Vireo Growth's subsidiary acquired a 389,000 sq ft cannabis cultivation facility in Perth, NY.
- The purchase price for the property was $88.5 million.
- A seller-financed loan (Seller Note) of $49.0 million was issued at 15% interest, maturing May 25, 2027.
- A Chicago Atlantic Loan of $41.0 million was secured at prime plus 5.75% interest, maturing May 28, 2028.
- The Seller Note is secured by a first-priority lien, and the Chicago Atlantic Loan by a second-priority lien.
- The Company unconditionally guaranteed the Seller Note obligations.
Price Impact
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