Scythian Expands into Pennsylvania with Bradford Cannabis Dispensary Acquisition
July 10, 2020
Scythian Real Estate, a full-service real estate company that works with cannabis operators across the United States, has announced the completion of a sale-leaseback transaction with Grassroots Cannabis to acquire a property in Pennsylvania. The property, a recently renovated 3,048-square-foot building that houses a popular medical marijuana dispensary, is located at 109 Main Street in Bradford, PA.
Another Successful Grassroots Cannabis Retail Property Acquired by Scythian Real Estate Fund LLC
The Bradford marijuana dispensary is the third property acquired by Scythian Real Estate from Grassroots Cannabis, which is one of the largest multi-state cannabis operators in the U.S. In June 2020, Scythian and Grassroots entered into a similar sale-leaseback deal for two pot dispensaries located in North Dakota. The North Dakota properties came in at a combined cost of $3.4 million and total almost 10,000 square feet.
Like the two North Dakota properties, the recently acquired Pennsylvania dispensary will continue to be operated by Grassroots Cannabis under the store name Herbology. The Bradford property is centrally located on the city’s Main Street and is within walking distance of many shops and restaurants. The Herbology store offers customers a range of medical marijuana products, including flowers, concentrates, vape pens, tinctures, and topicals.
Randy Roberts, a partner at Scythian, commented on the Pennsylvania sale-leaseback transaction with Grassroots and stated that the Colorado-based company is “thrilled to continue building a strong relationship with such a well-respected leader in the cannabis market.” Roberts added that Scythian Real Estate Fund hopes to continue expanding and is currently “identifying new opportunities to further position Scythian for long-term growth in limited-license states and other strategic markets in the U.S.”
Scythian Real Estate Investment Fund Has Cannabis Properties in Colorado, North Dakota, Pennsylvania, and Across U.S.
The Scythian Real Estate Fund, currently valued at around $40 million, now has 19 assets under management in 13 cities and three states: Colorado, Pennsylvania, and North Dakota. Most of these assets are cannabis retail properties managed by two leaders in the industry: Grassroots Cannabis and The Green Solution.
Scythian is currently looking to expand into new states and partner with other well-capitalized cannabis operators in additional markets.