Our Business

Our Company

Our Mission

The tremendous momentum of state legalization of medical-use cannabis in the United States has led to a transformation in the way patients can obtain treatment for a wide spectrum of medical conditions in a safe, reliable and compassionate environment, giving hope to millions.  We seek to support the critical mission of this industry by being creative capital providers to state-licensed, medical-use cannabis cultivators and processors, working with them to offer real estate solutions that allow them to focus their resources on reaching as many patients as possible in need of treatment.

Our Market

The Licensed Medical-Use Cannabis Industry

In 1996, state voters made California the first state in the United States to allow for medical-use cannabis.  Over the next twenty years, medical-use cannabis programs have been adopted by over half of the United States, where over 200 million people reside.  As of December 31, 2017, 29 states, plus the District of Columbia, have adopted medical-use cannabis programs.  This wave of adoption by states of medical-use cannabis programs has been driven by the rapidly evolving, overwhelming acceptance of Americans for medical-use cannabis as an alternative form of treatment for patients.  In fact, according to a 2017 poll conducted by Quinnipiac University, 94% of those surveyed support adults being able to use medical cannabis, if recommended by a doctor.

According to The ArcView Group, sales of legal cannabis in North America are expected to grow from $6.8 billion in 2016 to $24.5 billion in 2021, representing a 28% compound annual growth rate. States have authorized numerous medical conditions as qualifying conditions for treatment with medical-use cannabis, which may include, among others, treatment for cancer, glaucoma, HIV/AIDs, wasting syndrome, pain, nausea, seizures, muscle spasms, multiple sclerosis, post-traumatic stress disorder (PTSD), migraines, arthritis, Parkinson's disease, Alzheimer's, lupus, residual limb pain, spinal cord injuries, inflammatory bowel disease and terminal illness.  The Marijuana Policy Project estimates that, as of February 2018, over 2.5 million people were registered as patients in states with regulated medical-use cannabis programs.   


Our Properties

Medical-Use Cannabis Cultivation and Processing Facilities

As of December 31, 2017, we owned five properties that were 100% leased to state-licensed medical-use cannabis operators and comprising an aggregate of approximately 617,000 rentable square feet in New York, Maryland, Arizona and Minnesota.

Location: Willcox, Arizona
Rentable square feet: 358,000
Type: Industrial and Greenhouse
Percentage Leased: 100%
Tenant: Sun Grown Solutions, LLC (subsidiary of The Pharm, LLC)
Tenant's website:  www.sundaygoods.com

Location: Capitol Heights, Maryland
Rentable square feet: 72,000
Type: Industrial
Percentage Leased: 100%
Tenant: Holistic Industries LLC
Tenant's website:  www.holisticindustries.com

Location: Otsego, Minnesota
Rentable square feet: 20,000
Type: Industrial and Greenhouse
Percentage Leased: 100%
Tenant: Minnesota Medical Solutions, LLC (subsidiary of Vireo Health, Inc.)
Tenant's website:  www.vireohealth.com

New York
Location: Hamptonburgh, New York
Rentable square feet: 127,000
Type: Industrial and Greenhouse
Percentage Leased: 100%
Tenant: PharmCann LLC
Tenant's website:  www.pharmacann.com

Location: Perth, New York
Rentable square feet: 40,000
Type: Industrial and Greenhouse
Percentage Leased: 100%
Tenant: Vireo Health of New York, LLC (subsidiary of Vireo Health, Inc.)
Tenant's website:  www.vireohealth.com