DENVER, Colo. — The building housing Herbology, the medical marijuana dispensary in Bradford, Pa., has been purchased by Colorado-based Scythian Real Estate, a company that specializes in working with sophisticated, well-capitalized cannabis operators.
The acquisition of 109 Main St., a a 3,048-square-foot facility operated by Grassroots Cannabis, was announced Wednesday.
Scythian purchased the recently renovated property from Grassroots Cannabis in a sale-leaseback transaction.
“This is our third transaction with Grassroots, and we’re thrilled to continue building a strong relationship with such a well-respected leader in the cannabis market,” said Randy Roberts, partner at Scythian. “We look forward to identifying new opportunities to further position Scythian for long-term growth in limited-license states and other strategic markets in the U.S.”
Scythian’s investment fund is currently valued at nearly $40 million with 19 assets under management, including various locations operated by The Green Solution in Colorado.
Scythian recently acquired two properties from Grassroots in North Dakota, totaling nearly 10,000 square feet. With this latest acquisition, Scythian now owns properties across 13 cities in Colorado, North Dakota and Pennsylvania.
“We remain very impressed with the team at Scythian and were excited to work with them to broaden our relationship to Pennsylvania,” said Brian Schinderle, executive vice president of finance of Grassroots Cannabis.
The Bradford facility will continue to be operated by Grassroots under the name Herbology.