A California medical cannabis real estate firm has purchased the site of a proposed cultivation facility in Holliston for $3 million.
San Diego-based Innovative Industrial Properties officially purchased the 15-acre Hopping Brook Road site Thursday, and entered into a long-term lease and development agreement with a subsidiary of PharmaCann LLC, the company proposing to operate the facility.
PharmaCann will construct the two buildings, and Innovative Industrial Properties will reimburse up to $15.5 million.
PharmaCann has already secured a provisional license to grow and process marijuana products at the site, and it plans to sell products at two other locations in Massachusetts.
The 15-plus-year lease agreement provides for an annualized aggregate base rent of $2,682,500.
According to Holliston Planning Board documents, PharmaCann is partnering with marijuana company Brighton Health Advocates on the project. The board approved the project in January.
PharmaCann has been doing business with Innovative Industrial Properties since 2016, when a similar deal was arranged for a property in New York, PharmaCann CEO Teddy Scott said in a statement.
“We are thrilled to begin our work in Massachusetts to bring our products to patients throughout the state, and to have Innovative Industrial Properties as our capital and real estate partner in this expansion,” Scott said.
