Goodness Growth amends NY lease: $14M tenant improvement allowance, rent hike, termination option

Vireo Growth Inc.

Additional $14.0M tenant improvement allowance for Johnstown, NY indoor cultivation facility expansion.
Monthly base rent increased by $210,000 starting November 2023, with 3% annual escalations from November 2024.
Company granted one-time lease termination option, exercisable on or before January 15, 2024.
Company prepaid three months' rent under the amendment (per 8-K terms).
Amendment supports ongoing divestment process in New York, according to interim CEO Josh Rosen.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Vireo Growth Inc. amended Fifth Amendment to Lease Agreement with IIP-NY 2 LLC valued at USD$14 million (effective 2023-10-27).

Action: amendment
Agreement: lease
Counterparty: IIP-NY 2 LLC
Value: USD$14 million
Effective: 2023-10-27

Exact text from the filing

On October 27, 2023, a subsidiary of Goodness Growth Holdings, Inc. (the “Company”), entered into a Fifth Amendment to Lease Agreement (“Fifth Amendment”) by and between the Company and IIP-NY 2 LLC (“IIP”), which Fifth Amendment modified certain provisions of the Lease Agreement dated as of October 23, 2017

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Vireo Growth Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-114149

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