Curaleaf store. Photo: Bloomberg

Curaleaf Holdings Inc. has signed a sale-leaseback transaction with Freehold Properties for six of its cannabis properties in Florida, Massachusetts and New Jersey in a deal valued at $28.3 million.

The properties include retail dispensaries in Fort Pierce, Daytona Beach, Bellmawr, New Jersey, and Provincetown, Massachusetts; a cultivation-production facility in Webster, Massachusetts; and a cultivation/production facility in Bellmawr.

Las Vegas-based Freehold will lease the properties to Curaleaf under a long-term, triple-net lease. The company also has the right of first offer to purchase additional properties from Curaleaf as its preferred real estate partner.

Wakefield, Massachusetts-based Curaleaf said the sale price for the six properties covers initial investment plus all tenant improvements made to date, and the proceeds will go toward Curaleaf's U.S. expansion. In addition, Curaleaf intends to access further real estate capital to finance additional operational facilities and  expansionary construction projects.

"This transaction provides an additional stream of liquidity for us with an attractive cost of financing previously not available in our industry," said Joseph Lusardi, CEO of Curaleaf. "We are delighted to see more traditional sources of financing becoming available to the cannabis industry and intend to deploy the proceeds to continue our rapid expansion and create shareholder value."

The company operates in 12 states with 48 dispensaries, 13 cultivation sites and 12 processing sites. On May 1, Curaleaf announced the acquisition of the Select brand from Cura Partners for about $949 million. On July 17, Curaleaf announced the acquisition of Grassroots for $875 million.

"When we formed Freehold to capitalize on the growing need for capital among the leading multi-state operators in the U.S, we intentionally focused on creating relationships with best-in-class and well-capitalized companies," said Don Brain, co-founder, chairman and CEO of Freehold Properties.

"Curaleaf has established a large footprint in desirable markets and locations as the leading vertically integrated cannabis operator in the country. We are pleased to begin executing our growth strategy with such a strong operating partner, and we look forward to working closely with them to meet their future capital needs," Brain added.