Freehold Properties and Revolution International Announce $29 Million Investment to Expand Illinois Cultivation Facility
LAS VEGAS and CHICAGO, Oct. 15, 2019 /PRNewswire/ — Freehold Properties, a newly formed genuine estate investment organization focused on specialized agricultural, industrial and cannabis properties, and Revolution International, a Chicago-primarily based multi-state cannabis operator, nowadays announced that Freehold will supply Revolution up to $28.75 million in genuine estate capital expansion funding. Using the capital from Freehold, Revolution plans to additional than double the capacity of its flagship cultivation facility.
Revolution at present leases a 75,000-square-foot cultivation facility on more than 70 acres in Delavan, Illinois. Revolution plans to construct a new sister 75,000-square-foot indoor facility and extra greenhouse space on the current web-site. Freehold’s leasehold mortgage will fund improvement fees for the expansion project. More than a period of nine to twelve months, Revolution is anticipated to make draws on the leasehold mortgage. Rent will accrue through the building period, and Freehold has an solution to acquire all of the current facilities for $30 million by March 2021.
Statement from Don Brain, Co-Founder, Chairman and CEO of Freehold Properties: “Revolution’s state-of-the-art Delavan facility is amongst the biggest producers of healthcare cannabis in Illinois. With adult-use recreational sales starting in January 2020, we think Illinois’s cannabis sector is poised for exponential development. Revolution’s integrated multi-state platform positions them to thrive in Illinois, though the current addition of Florida and negotiations to expand into other states additional diversifies their development. The financing we supplied is tailored to their development requirements and supplies Freehold access to a confirmed multi-state operator in a hugely coveted industry.”
Revolution is thrilled to be operating with Freehold on the subsequent phase of our Delavan expansion. As the Illinois cannabis sector feverishly prepares for adult-use, Revolution sees massive prospective to develop and lead in an exploding market.
Mark de Souza, CEO of Revolution International
With experience in cannabis and agriculture and an understanding of the one of a kind requirements of providers operating in the sector, Freehold is uniquely certified to companion with Revolution. We are grateful for their help and belief in Revolution and its mission.
About Freehold Properties
Freehold Properties is a newly formed, internally managed genuine estate investment organization that invests in specialized agricultural, industrial and cannabis properties leased to knowledgeable, multi-state-licensed operators. The Company’s management group, board of directors and strategic advisors have comprehensive encounter in the cannabis market and in founding and operating a publicly traded genuine estate investment trust. Freehold’s investment technique involves a concentrate on very best-in-class and nicely-capitalized multi-state operators (MSOs) with vertically integrated house kinds from cultivation to production to retail dispensary.
About Revolution International
Primarily based in Illinois, Revolution International is an market-top, multi-state cannabis operator that is revolutionizing the way legal cannabis is scientifically created, grown, sold, packaged, and consumed. Focusing on well being and wellness options, Revolution utilizes a very best-in-class cultivation course of action, informed by genetic study, to generate superior cannabis medicine and a wide assortment of cannabis-driven customer packaged goods, from meals and beverages to topicals and pet solutions. In addition to Illinois, Revolution also operates in Florida, Arkansas and Maryland. For additional details, check out www.revcanna.com.
Original press release