Ascent Industries announced that it had entered into a strategic alliance with Green Sage LLC, a Colorado- and California-based real estate investment firm that specialises in cannabis real estate development. It said the relationship with real estate investment firm, Green Sage, will help accelerate the firm’s ability to finance its capital projects throughout North America.
Ascent Industries Corp (CSE:ASNT) announced Wednesday that it was accelerating its business expansion plans with a strategic alliance with Green Sage LLC, a Colorado- and California-based real estate investment firm that has specialised knowledge and resources in cannabis real estate development.
Green Sage is focused on acquiring, developing and managing real estate infrastructure in cannabis-legal jurisdictions throughout North America and Europe.
Under the agreement, Ascent will offer Green Sage the first right to acquire and capitalise real estate properties that Ascent owns, or proposes to acquire or lease for its businesses. Green Sage will provide Ascent with the first right to lease space available at any of the commercial properties owned or to be acquired by Green Sage.
Chief financial officer of Ascent, Blair Jordan said the relationship with Green Sage accelerates their ability to finance capital projects throughout North America at select premier locations. The combination of alternative financing, real estate expertise and cannabis-specific knowledge that Green Sage provides supports their business strategy in expanding their global footprint through a multi-location rollout.
Jordan said that going forward, they will be working with Green Sage on capital projects currently under development and projects in their pipeline.
Ascent noted that the deal with Green Sage will help accelerate the company’s growth, as well as reduce its cost of capital.
Ascent and Green Sage will announce the locations of new facilities as they are identified throughout 2018 and 2019 in legal jurisdictions across Canada, the US and Europe.
Managing director of Green Sage, Ken Greer said that as strategic real estate specialists for the legal cannabis industry, they are pleased to work with a company with the calibre of management and global footprint of Ascent.