Cannabis-Rx Purchases Four Properties Located in California and Illinois
29 Abril 2014 - 8:00AM
Business Wire
- Opportunistic acquisitions advance company’s
real estate strategy -
Cannabis-Rx (OTCQB:CANA), a real estate company focused on
opportunistically acquiring and selling real estate and funding the
growth of the licensed cannabis industry, today announced the
strategic acquisition of four properties for approximately $2
million. The properties are located in San Francisco, CA and
Chicago, IL.
In line with its long-term strategy, Cannabis-Rx plans to
rehabilitate the properties to increase their value and either sell
or lease the assets to achieve the highest possible return.
Llorn Kylo, chief executive officer of Cannabis-Rx, commented,
“The purchase of these four, well-located assets reflect our
ability to consistently identify investment opportunities that
provide the potential for attractive risk adjusted returns and
advance our long-term strategy. We look forward to maximizing the
value of each asset and leveraging the returns to build a portfolio
of light industrial and commercial properties that cater to the
real estate needs of the rapidly growing regulated cannabis
industry.”
Cannabis-Rx currently owns 37 properties located across Florida,
Illinois, California and Washington State. Nine of the Company’s
properties are currently listed for sale, four are under contract
to be sold and 24 are in the process of being rehabilitated. To
date, Cannabis- Rx has achieved an average percentage internal rate
of return (IRR) per property of 32.43 percent.
About Cannabis-Rx, Inc.
Cannabis-Rx (OTCQB:CANA) is a real estate company focused on
opportunistically acquiring and selling real estate and funding the
growth of the cannabis industry in states where it is licensed or
permitted for medicinal and/or recreational purposes. In addition
to strategically purchasing properties at a significant discount to
replacement cost and rehabilitating the assets to enhance their
value, the Company provides licensed cannabis-based businesses with
capital and real estate opportunities to advance their growth
objectives. Cannabis-Rx also plans to offer consulting services to
licensed cannabis growers and operators. The Company does not, nor
does it intend to, grow, distribute or sell cannabis. For
additional information, please visit www.cannabis-rx.co
Phil Denning and Jason
Chudobacannabisrx@icrinc.com203-682-8200cannabis-rx.co
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