Vireo Growth Inc. acquired a 389,000 square foot cannabis cultivation and production facility in Perth, New York, from Innovative Industrial Properties (IIP). The total purchase price for the property is $88.5 million. The acquisition was financed through a $49 million seller-financed note from IIP and a $41 million term loan from Chicago Atlantic Financial Services. The Seller Note carries a 15% annual interest rate with a maturity date of May 25, 2027, and two one-year extension options. The Chicago Atlantic Loan carries an interest rate of prime plus 5.75% and matures on May 28, 2028.