California-based company invests up to $16 million to launch O’Hara marijuana facility
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A California-based real estate company focused on the cannabis industry has acquired property in O’Hara’s RIDC Park to help launch a licensed medical-use marijuana growing and processing facility.
Innovative Industrial Properties, Inc. (IIP) paid $6.3 million for the industrial space at 575 Epsilon Drive.
The company has an agreement with Maitri Genetics, which will operate the warehouse as a greenhouse to produce a full range of medical marijuana products allowed under state law including dry leaf, salves, concentrates, ointments and pills.
Innovative Industrial Properties could sink as much as $16.3 million into the O’Hara operation.
The company has agreed to reimburse Maitri up to $10 million for improvements to the 51,000-square-foot space.
Timeline for construction was not immediately available.
Maitri in 2018 was among 13 applicants chosen from 91 to open grower/processor facilities as part of the state’s Phase 2 medical marijuana program. Maitri — and others in places such as Carmichaels, McKeesport and New Castle — bring the number of growers in southwestern Pennsylvania to six.
Maitri already operates dispensaries in East Liberty and Uniontown.
The RIDC Park site marks IIP’s second acquisition in the state. The company owns 19 other cannabis-related properties, including some in Arizona, California, Colorado, Illinois and Maryland.