Cresco Completes Sale-Leaseback Deal In Pennsylvania To Free Up Capital

The deal with Aventine Property Group provided $45 million to Cresco to reinvest in the company's overall growth.

Chicago-based Cresco Labs (CSE: CL) (OTCQX: CRLBF) this week completed another sale-leaseback arrangement, this time with Aventine Property Group for a facility in Pennsylvania, from which Cresco gained $45 million in cash.

According to a news release, Cresco sold a 135,000-square-foot cultivation, manufacturing and processing warehouse in Brookville to Aventine. The property will be leased back immediately through Cresco’s subsidiary, Cresco Yeltrah LLC, so that operations continue unabated.

The deal “further strengthens our company, unlocking valuable capital from our balance sheet,” Cresco CEO Charles Bachtell said in the announcement.

Cresco has entered into at least five other sale-leaseback deals with Innovative Industrial Properties, which purchased facilities and leased them back to Cresco in Massachusetts, Michigan, Ohio and Cresco’s home state of Illinois.

The Pennsylvania transaction is Cresco’s first such deal with Aventine Property Group.

John Schroyer


Leave a Reply

Your email address will not be published. Required fields are marked *

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 3 days

Researchers Seek to Remove ‘Trip’ as Popularity of Psychedelic Treatments Grows

@GreenMarketRpt – 3 days

The Weekly Stash Video September 30, 2022

@GreenMarketRpt – 3 days

Florida Drops Criminal Charges Against Former Ascend Wellness Chief

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.