AYR Wellness (AYRWF) announced the closing of a triple-net lease transaction with Innovative Industrial Properties (IIPR) in the State of Florida. Under the terms of the agreement, AYR is leasing a 16-acre property comprising of 145,000 square feet of industrial space in Ocala, Florida from IIP. AYR plans to redevelop a 98,000 square foot building within the property to serve as a regulated cannabis cultivation facility. IIP has committed to funding AYR up to $30.0 million for the construction.
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