California investment firm spending $22 million to buy Texas medical marijuana cultivation site

Texas Original announced plans to build the $8 million production site last August.

click to enlarge This rendering shows the growing facility Texas Original Compassionate Cultivation is building in Central Texas. - COURTESY IMAGE / TEXAS ORIGINAL COMPASSIONATE CULTIVATION
Courtesy Image / Texas Original Compassionate Cultivation
This rendering shows the growing facility Texas Original Compassionate Cultivation is building in Central Texas.
A real estate investment firm focused on the cannabis industry is spending $22 million to buy a processing site from Texas Original Compassionate Cultivation, one of three providers licensed under Texas' medial marijuana program.

San Diego-based IIP, a publicly traded real estate investment trust, said it's closed a deal to spend $12 million on Texas Original's land near the Central Texas town of Bastrop. IIP will pony up another $10 million once the Austin-based firm finishes building out its cultivation and production facility there.

Texas Original, which announced plans for the $8 million production site last August, will lease the property back from IIP. It began developing the 100,000-square-foot facility to keep up with demand, officials said at the time.

Since its formation, IIP has acquired 111 facilities in 19 states, according to a company statement.

Stay on top of cannabis news and views. Sign up for our Weed Wire Newsletter.
Scroll to read more Cannabis News articles
Join the San Antonio Current Press Club

Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state.
Help us keep this coverage going with a one-time donation or an ongoing membership pledge.

Newsletters

Join SA Current Newsletters

Subscribe now to get the latest news delivered right to your inbox.