SCOTTSDALE, Ariz.--(BUSINESS WIRE)--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
