Cannabis-Rx Acquires Commercial Property in Sarasota, Florida
17 Abril 2014 - 8:00AM
Business Wire
- 209,000 Square Foot Space Consists of Three
Buildings Situated on 9.26 Acres -
Cannabis-Rx (OTCQB:CANA), a company focused on funding the
growth of the cannabis industry in states where it is licensed or
permitted for medicinal and/or recreational purposes, today
announced the acquisition of a 209,000 square foot commercial
space, consisting of three buildings situated on 9.26 acres of land
in Sarasota, Florida.
“This acquisition represents a continuation of our strategy to
acquire strategically located properties at a significant discount
to replacement cost, rehabilitate the asset to increase its value
and either sell it or lease it to achieve our target internal rate
of return (IRR),” said Llorn Kylo, chief executive officer of
Cannabis-Rx. “Given the current push to legalize and regulate
medicinal marijuana in Florida, we believe this well-located
property would serve as an ideal location for a licensed grow
facility and/or distribution center. Regardless of what happens in
the state, we are confident in our ability to maximize the value of
the asset.”
Cannabis-Rx currently owns 35 properties across Florida,
Illinois, California and Washington in various stages of
rehabilitation, with several listed for sale. With the funds
generated through the sale or lease of these assets and from its
credit facility, Cannabis-Rx plans to pursue additional strategic
investment opportunities with a focus on light industrial and
commercial properties in states that permit the use and/or
cultivation of recreational and /or medicinal marijuana. To date,
Cannabis-Rx has achieved an average percentage IRR per property of
32.43 percent.
About Cannabis-Rx, Inc.
Cannabis-Rx (OTCQB:CANA) is focused on funding the licensed
cannabis industry by providing cannabis-based businesses with
capital and real estate opportunities to enhance operations and
facilitate growth. The Company also plans to offer consulting
services to licensed cannabis growers and operators. Cannabis-Rx
does not, nor does it intend to, grow, distribute or sell cannabis.
For additional information, please visit www.cannabis-rx.co
Media:Phil Denning and Jason
Chudobacannabisrx@icrinc.com203-682-8200cannabis-rx.co
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