DENVER and TORONTO, Canada – MJardin Group, Inc. (“MJardin” or “the Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, today announced it has closed a sale-leaseback agreement with Innovative Industrial Properties (“IIP”) (NYSE:IIPR) worth an estimated value of US$9.6 million (excluding transaction costs) of its Cheyenne Ave., Las Vegas, Nevada production facility owned by the Company (the “Facility”).
As a result of this transaction, MJardin has successfully leveraged non-core real estate at the Facility while retaining use of the property for commercial purposes. The US$9.6 million consideration includes approximately US$5.8 million in future tenant inducement payments and construction funding for the Facility. The term of the lease is 20 years, with two five-year rights of renewal.
“The sale and leaseback cements MJardin’s commitment to creating shareholder value through responsible stewardship of resources,” commented Adrian Montgomery, CEO and Chairman. “This transaction unlocks valuable capital to be put towards further expansion of MJardin’s business lines. We look forward to working with IIP today and into the future.”
The Facility is over 30,000 square feet with an expected production capacity of approximately 5,700 kg of flower per year.
About MJardin Group
MJardin is a cannabis management platform with extensive experience in cultivation, processing, distribution and retail. For over ten years, MJardin has refined cultivation methodologies, developed state of the art facilities and implemented vertical integration for and on behalf of license owners. MJardin is based in Denver, Colorado and Toronto, Canada. For more information, please visit www.mjardin.com
