Innovative Industrial Properties, Inc. acquired Taunton Facility, MA from Commonwealth Alternative Care, Inc. for $40 million on May 16, 2022. The all cash net proceeds of the Massachusetts Transaction of approximately $27 million will be used by TILT to pay down its outstanding corporate debt. Concurrent with the closing of the Massachusetts Sale, IIP entered into a long-term, triple-net lease agreement for the Taunton Facility with CAC. The lease agreement is for a term of 20 years, with two 5-year extensions exercisable at the tenant's discretion.

Innovative Industrial Properties, Inc. completed the acquisition of Taunton Facility, MA from Commonwealth Alternative Care, Inc. on May 16, 2022.