Revolution Global, a Chicago-based cannabis company, will more than double the capacity at its flagship cultivation facility in Illinois after securing $28.75 million in funding from Freehold Properties, a Las Vegas-based real estate investment company.
The doubling of size is in anticipation of a huge increase in demand when recreational marijuana sales?begin in Illinois on Jan. 1, officials said.
Revolution “sees enormous potential to grow” as the “Illinois cannabis sector feverishly prepares for adult use,” CEO Mark de Souza said in a statement.
Revolution currently leases a 75,000-square-foot cultivation facility on 70 acres in Delvan, Illinois.
With the proceeds from Freehold, Revolution plans to build an equally large indoor cultivation facility and a greenhouse on the site.
Rent will accrue during the expected nine- to 12-month construction period.
Freehold has an option to purchase all the facilities for $30 million by March 2021.
In August, Curaleaf Holdings announced it would sell to Freehold six cultivation, processing and retail buildings in Florida, Massachusetts and New Jersey for $28.3 million.
For more on the Illinois deal, click here.