Denver-based Scythian Real Estate today announced the acquisition of two facilities operated by Grassroots Cannabis in North Dakota, totaling nearly 10,000 square feet for $3.4 million.
The acquisition includes a recently renovated 4,500-square-foot facility located at 310 US-2 in Devils Lake, and a newly constructed 4,995-square-foot facility located at 318 24th St. East in Dickinson.
“Scythian is committed to working with cannabis operators like Grassroots Cannabis that have a proven track record of success,” said Randy Roberts, partner at Scythian. “Both of these locations are well-positioned to support the long-term growth of Scythian’s portfolio as we continue to identify opportunities with highly sophisticated operators in quality markets.”
Scythian Real Estate acquires primarily stand-alone retail properties through sale/leasebacks and by serving as a real estate partner to cannabis companies looking for new retail locations. Scythian’s investment fund is currently valued at nearly $40 million with 18 assets under management, including various locations operated by The Green Solution in Colorado. The firm is raising an additional $25 million in capital to fulfill an existing acquisition pipeline across multiple states.
“This sale-and-leaseback agreement with Scythian represents a non-dilutive capital solution for Grassroots Cannabis as we expand our retail operations,” said Steven Weisman, chief strategy officer and co-founder of Grassroots Cannabis.
Grassroots Cannabis will continue to operate both North Dakota locations under the name Herbology, offering high-quality medical marijuana products including flower, concentrates, tinctures, vape pens and topicals, as well as one-on-one patient consulting.
Photo courtesy of Grassroots Cannabis
