Scythian Real Estate, a Denver-based cannabis real estate company, has acquired two dispensaries in North Dakota. Scythian purchased the properties from Grassroots Cannabis.
North Dakota Marijuana Dispensaries Acquired in Sale-Leaseback Deal
The total size of the lots acquired in the real estate deal is more than 9,000 square feet, and the two cannabis properties come in at a combined cost of $3.4 million. The first property is located at 310 US-2 in Devils Lake and was recently upgraded as part of a major renovation. The second property is located at 318 24th St. East in Dickinson and first opened as a dispensary in December 2019.
Scythian Real Estate Partners with Grassroots Cannabis
The partnership between Scythian Real Estate and Grassroots Cannabis is expected to be a fruitful one. Scythian specializes in cannabis real estate acquisitions and long-term lease agreements, while Grassroots is one of the largest multi-state cannabis operators in the entire country. Scythian Real Estate Fund LLC has an investment portfolio of marijuana retail properties valued at roughly $40 million. Several of these assets are located in Colorado and are operated by The Green Solution, one of the most sophisticated cannabis retail businesses in the U.S.
Randy Roberts, a partner at Scythian Real Estate, stated that “Scythian is committed to working with cannabis operators like Grassroots Cannabis that have a proven track record of success.” Roberts added, “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.”
The two North Dakota properties acquired by Scythian in this sale-leaseback deal have already been leased back to Grassroots Cannabis, which will continue to operate the locations as dispensaries under the name Herbology.
Contact Scythian Real Estate Today
Scythian Real Estate has built a strong real estate portfolio of assets located in states where cannabis is legal for either recreational or medical use. To learn more about Scythian’s existing acquisition pipeline, send an email.
PLEASE NOTE THAT THIS BLOG IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN SCYTHIAN REAL ESTATE FUND.