PRESS RELEASE — DENVER, CO, June 2, 2020 – Scythian Real Estate, a Colorado-based real estate company that specializes in working with cannabis operators, announced June 2 that the company has acquired two facilities operated by Grassroots Cannabis in North Dakota. This is the first acquisition outside of Colorado for Scythian, which purchased the properties from Grassroots Cannabis for $3.4 million. The acquisition includes a recently renovated 4,500-square-foot facility located in Devils Lake, and a newly constructed 4,995-square-foot facility located in Dickinson.
Grassroots Cannabis will continue to operate both North Dakota locations under the name Herbology, offering high-quality medical cannabis products including flower, concentrates, tinctures, vape pens and topicals, as well as one-on-one patient consulting.
“Scythian is committed to working with cannabis operators like Grassroots Cannabis that have a proven track record of success,” said Randy Roberts, partner at Scythian. “Both of these locations are well-positioned to support the long-term growth of Scythian’s portfolio as we continue to identify opportunities with highly sophisticated operators in quality markets.”
With these acquisitions Scythian’s investment fund is valued at nearly $40 million with 18 assets under management across Colorado, including various dispensaries operated by The Green Solution in Colorado. The firm is raising an additional $25 million in capital to fulfill an existing acquisition pipeline across multiple states.
“This sale-and-leaseback agreement with Scythian represents a non-dilutive capital solution for Grassroots Cannabis as we expand our retail operations,” said Steven Weisman, chief strategy officer and co-founder of Grassroots Cannabis.
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