Innovative Industrial Properties Acquires Massachusetts Property and Enters Into Long-Term Lease with Temescal Wellness - Seite 2

Temescal, founded in 2015, is led by Ted Rebholz, Founder and Chief Executive Officer, with a seasoned management team possessing extensive experience in capital-intensive, highly regulated consumer sectors, operational logistics and marketing, large-scale horticulture, information technology and human capital development. In addition to this facility, Temescal operates a cultivation and processing facility in Manchester and three dispensary locations in Framingham, Pittsfield and Hudson, Massachusetts, each of which is licensed for sales of both adult-use and medical-use cannabis. Additional information about Temescal is available at www.temescalwellness.com.

“This new Temescal Wellness facility will bring our existing and future portfolio of products to a broader number of consumers in Massachusetts. At the forefront of this project is our new and larger cultivation space as well as an expanded manufacturing and production facility,” said Ted Rebholz, Founder and Chief Executive Officer of Temescal. “We recognize consumers are eager for novel, innovative and functional cannabis products. In addition to expanded flower lineages and offerings, we are looking forward to delivering products like our VSPR cartridges and Subdew low dose mints to more people, in addition to new products we are developing in our product pipeline.”

Massachusetts approved cannabis for medical-use by popular vote in 2012, with first sales in 2014. The Commonwealth launched its adult-use cannabis program in 2018, with first sales in November of that year. Notwithstanding a relatively early-stage adult-use cannabis program, Massachusetts was the eighth largest regulated cannabis market by sales in 2020 and is expected to capture 5% of the estimated $41.5 billion in total U.S. regulated cannabis sales by 2025, according to New Frontier Data. Including this property, IIP owns seven properties in Massachusetts comprising an aggregate of approximately 642,000 square feet, and a total investment of approximately $203.1 million (including commitments to fund future development, redevelopment and tenant improvements at the properties, but excluding transaction costs).