What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-03-03 compared with 2022-03-16 · 47 added, 58 removed, 4 unchanged (96% of the section changed)

Company currently owns and leases the following properties throughout the United States.

The Company owns a 45,070 square foot facility on

2.25 acres within a fenced-in business park which it purchased in September 2016 and developed into a cannabis cultivation, processing,

and dispensary facility.

The Company currently owns and leases the following properties throughout the United States.

Wilmington, Delaware

The Company owns a 45,070 square foot facility on 2.25 acres within a fenced-in business park, which it purchased in September 2016 and developed into a cannabis cultivation, processing, and dispensary facility.

The property is secured under a mortgage with the Bank of New England that matures in 2031.

The facility is

leased to the Company’s Delaware cannabis-licensed client under a 20-year lease expiring in 2035.

The Company leases 4,000 square feet of retail

space in a multi-use building.

The facility is leased to the Company’s Delaware cannabis-licensed client under a 20-year lease expiring in 2035.

The Company also leases a 12,000 square foot cannabis production facility with offices which is subleased to its Delaware cannabis-licensed client.

The sublease expires in January 2026 and contains an option to negotiate an extension at the end of the lease term.

Lewes, Delaware

The Company leases 4,000 square feet of retail space in a multi-use building.

This lease commenced in October 2016, and in 2021 the term was extended through April 2027.

built out the space into a cannabis dispensary which is subleased under a coterminous sublease to its Delaware cannabis-licensed client.

The Company leases a 100,000 square foot

warehouse which it developed into a 60,000 square foot cultivation facility, with plans to develop the remaining square

footage into a processing facility.

The lease term expires in March 2030, with an option to extend the term for three additional

five-year periods.

The Company built out the space into a cannabis dispensary, which is subleased under a coterminous sublease to its Delaware cannabis-licensed client.

Milford, Delaware

The Company leases a 100,000 square foot warehouse which it developed into a 60,000 square foot cultivation facility, with plans to develop the remaining square footage into a processing facility.

The lease term expires in March 2030, with an option to extend the term for three additional five-year periods.

Construction of the processing facility was completed in February 2022.

The entire premises is subleased under

a coterminous sublease to the Company’s Delaware cannabis-licensed client.

Company owns and operates a 3,400 square foot free-standing cannabis dispensary that is secured under a mortgage with DuQuoin

State Bank maturing in 2020, provided it is not annually renewed by the bank, which the bank has done every year of this mortgage (the

“DSQ Mortgage”).

Company owns and operates a 3,400 free-standing cannabis dispensary, also secured under the DSQ Mortgage.

The entire premises is subleased under a coterminous sublease to the Company’s Delaware cannabis-licensed client.

Anna, Illinois

The Company owns and operates a 3,400 square foot free-standing cannabis dispensary that is secured under a mortgage with DuQuoin State Bank maturing in May 2023, provided it is not annually renewed by the bank, which the bank has done every year since inception of this mortgage (the “DSQ Mortgage”).

Harrisburg, Illinois

The Company owns and operates a 3,400 square foot free-standing cannabis dispensary, also secured under the DSQ Mortgage.

Vernon, Illinois

The Company owns and operates a 4,800 square foot

free-standing cannabis dispensary that is secured under a mortgage with South Porte Bank that matures in June 2022.

late 2020, the Company entered into a lease agreement for a 14,000 square foot free-standing retail building.

developed the premises into a state-approved adult-use cannabis dispensary in early 2021, and selling operations

commenced in May 2021.

The premises were purchased by the Company in July 2021, secured under a second mortgage with DuQuoin State

Bank that matures in July 2041.

Company owns a 180,000 square foot manufacturing facility that it developed into cannabis cultivation and production facility.

property secures a $3 million promissory note which was paid down in March 2021.

This facility is leased to the company’s

cannabis licensed client under a 20-year triple net lease expiring in 2038.

The Company owns a free-standing

9,000 square foot industrial building which it is developing into a medical cannabis dispensary that is expected to open in

County, Nevada

Company leases approximately 10,000 square feet of an industrial building that was built into a cannabis cultivation facility.

This facility

is subleased to the Company’s licensed cannabis client under a sub-lease which is coterminous with the Company’s lease for

10 years expiring in 2024.

Bedford, Massachusetts

The Company owns 138,000 square foot industrial

property located on 21.95 acres within the New Bedford Industrial Park.

The property secures a mortgage with the Bank of New England

that matures in 2027.

The Company developed approximately half of the property into a cannabis cultivation and processing facility in

which it conducts wholesale operations.

The remaining portion of the property is leased to a non-cannabis manufacturing company who will

be vacating the premises in 2022.

Thereafter, the Company intends to expand its cannabis wholesale operations throughout the entire property.

Middleborough,

Massachusetts

Company owns and operates a 22,700 square foot retail and warehouse building located in a high-traffic area of this

municipality.

10,000 square feet of the building has been developed into a retail dispensary, with the remaining square footage used

as a warehouse.

Massachusetts

Company’s corporate offices are located in Norwood, Massachusetts.

This 10,000 square foot space is under a 10-year lease with

a related party that expires in 2028 and includes a 5-year extension option.

The Company owns and operates a 4,800 square foot free-standing cannabis dispensary that is secured under a mortgage with South Porte Bank that matures in June 2023.

The Company also owns and operates a 32,960 square foot grown and production facility.

The premises are secured under a mortgage with DuQuoin State Bank that matures in 2042.

Metropolis, Illinois

In late 2020, the Company entered into a lease agreement for a 14,000 square foot free-standing retail building.

The Company developed the premises into a state-approved adult-use cannabis dispensary in early 2021, and commenced selling operations in May 2021.

The premises were purchased by the Company in July 2021, which property was secured under a second mortgage with DuQuoin State Bank that matures in July 2041.

Hagerstown, Maryland

The Company owns a 180,000 square foot manufacturing facility that was developed into cannabis cultivation and production facility.

The Company also leases a 2,700 square foot two-unit apartment that it uses for office space, which expires in July 2023.

Annapolis, Maryland

The Company owns a free-standing 9,000 square foot industrial building which was developed into a medical cannabis dispensary that opened in October 2022.

The Company leases a 4,700 square foot building which it intends to open as a dispensary, in 2023.

The lease expires in 2033.

New Bedford, Massachusetts

The Company owns 138,000 square foot industrial property located on approximately 22 acres within the New Bedford Industrial Park.

The property is secured by a mortgage with the Bank of New England that matures in 2027.

The Company developed approximately half of the property into a cannabis cultivation and processing facility in which it conducts wholesale operations.

The remaining portion of the property was leased to a non-cannabis manufacturing company through February 2023, and the tenant is currently leasing the space on a month-to-month basis, and the

Company is hopeful that such tenant will depart by the end of 2023.

The Company intends to expand its cannabis wholesale operations to include the entire property once the tenant vacates the premises.

Middleborough, Massachusetts

The Company owns and operates a 22,700 square foot retail and warehouse building located in a high-traffic area of this municipality.

10,000 square feet of the building has been developed into a retail dispensary, with the remaining square footage used as a warehouse.

Norwood, Massachusetts

The Company’s corporate offices are located in Norwood, Massachusetts.

This 10,000 square foot space is under a 10-year lease with a related party that expires in 2028 and includes a 5-year extension option.

Beverly, Massachusetts

The Company assumed the lease for a 2,700 square foot dispensary in connection with an asset purchase in December 2022.

The lease expires in 2026, with an option to extend the term for three additional five-year periods through 2041.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties