NEW YORK—New York based real estate company, Kalyx Development, announced it has closed a $25 million round of equity funding.
Building a cannabis only real estate vertical, Kalyx has amassed an unlevered, multi-state portfolio of cannabis properties. The company owns properties that are fully-leased, or in the process of being leased to cannabis operators in Colorado, Washington and Oregon. Kalyx tenants are recognized, seasoned operators and on a select basis, Kalyx assists in financing infrastructure upgrades.
Kalyx is an on-going, equity buyer of industrial and commercial space in the fastest growing, Cole Memorandum-compliant, states that have legalized medical and/or adult use cannabis.
“We see the cannabis industry continuing to expand and look to work alongside operators to provide well-located, affordable space, and we have a strong understanding of the regulatory, zoning and operational challenges faced by cannabis operators,” said Potter Polk, Kalyx President, and Co-Founder.
“We have built Kalyx by combining a disciplined real estate acquisition strategy with strong partner tenants who are established, respected and moving the industry forward in a constructive manner,” added Kalyx CEO, George M. Stone. “Kalyx is creating a new vertical in the real estate space that addresses the specific needs of the cannabis industry, much like other property owners might specialize in data centers or self-storage facilities.”
According to a recent report by the CBRE Group, more than 3.7 million square feet of property is utilized in the cultivation, production, distribution and retailing of marijuana products in Denver, Colorado alone. With more than 23 states currently allowing some form of cannabis production and distribution, the market is poised to grow, potentially to more than 100 million square feet nationwide by 2020.
About Kalyx Development, LLC
Employing value-focused property acquisition strategies, Kalyx has amassed an unlevered, multi-state portfolio of cannabis properties. Kalyx leases its properties to seasoned and emerging cannabis operators and facilitates expansion opportunities by providing select tenants with capital for infrastructure upgrades. Kalyx is an on-going, equity buyer of industrial and commercial space and is expanding its role as a knowledgeable, supportive landlord through new regulatory and law enforcement partnerships in medical and recreational cannabis markets throughout the United States.
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