Innovative Industrial Properties Reports Resolution to Default by PharmaCann | Where to buy Skittles Moonrock online

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[PRESS RELEASE] – SAN DIEGO, Jan. 30, 2025 – Innovative Industrial Properties Inc. (IIP), the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, announced that it has reached an agreement with PharmaCann Inc. and its affiliates (collectively, PharmaCann) to resolve PharmaCann’s existing defaults under leases for 11 properties that the company owns (collectively, the “leases”), previously announced by IIP on Dec. 20, 2024.

The key terms of the agreement between PharmaCann and IIP are as follows:

• IIP fully utilized security deposits held by it under all leases for the payment in full of defaulted rent for December 2024 and January 2025 and certain penalties.
• IIP entered into amendments with PharmaCann with respect to nine of the Leases for properties located in New York, Illinois, Pennsylvania, Ohio, and Colorado as follows:
• Increased the total required security deposits, which will be paid pro-rata over 36 months commencing Feb. 1, 2027.
• Reduced cumulative total base rent from $2.8 million per month to $2.6 million per month, with cash rent payments commencing Feb. 1, 2025.
• IIP entered into amendments with PharmaCann with respect to two of the leases for cultivation properties in Michigan and Massachusetts, as follows:
• PharmaCann will work with IIP to transition the properties to new tenant(s) by contributing the licenses, subject to regulatory requirements, and providing other support as requested by IIP.
• If the properties have not been transitioned to new tenant(s) by Aug. 1, 2025, IIP will regain full control and PharmaCann will have no further obligations under the leases for these properties
• Monthly base rent of $1.3 million will be abated in full effective Feb. 1, 2025.
• In consideration of IIP entering into the lease amendments described above:
• Additional equity capital is being contributed to PharmaCann by certain of PharmaCann’s current investors.
• PharmaCann issued an interest-bearing, secured promissory note to IIP (the “note”), which matures Feb. 1, 2035 (or earlier upon a change of control or certain other events). The note is junior to PharmaCann’s existing senior secured facility and is secured by all of PharmaCann’s assets, including licenses, where allowed by law.
• PharmaCann agreed that, except for refinancing the existing senior secured credit facility and the additional equity investments, it may not incur additional indebtedness without IIP’s consent until full repayment of the note or its cancellation.
• If PharmaCann is not able to refinance its existing senior secured credit facility maturing June 30, 2025, all modifications to the leases described herein will immediately be null and void and the leases will revert to the terms in effect as of Jan. 1, 2025, and the note will be canceled.

The transactions described above, including the amendments to the leases, became effective on Jan. 28, 2025. Effective as of such date and excluding the leases for the Michigan and Massachusetts cultivation properties, IIP leases to PharmaCann nine properties in five states, comprised of 434,000 square feet and representing total invested and committed capital of approximately $223 million, inclusive of the unfunded tenant improvement allowance in the New York cultivation lease.