NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) — Rainbow Realty Group IV, LLC (“Rainbow”), in collaboration with Rainbow Realty Group II, LLC, and MJ Real Estate Investment Trust (“MJ REIT”), has successfully closed a $12 million cross-collateralized senior mortgage with Verano Holdings Corp. (“Verano”) (Cboe CA: VRNO) (OTCQX: VRNOF), secured by two of Verano’s premier cultivation and processing properties in North Las Vegas, Nevada and Coolidge, Arizona.
The Arizona property spans 7.44 acres and features three industrial buildings totaling 51,981 square feet, while the Nevada property includes a 41,625-square-foot industrial building on 4.86 acres. Both properties are essential for cultivation, manufacturing, and processing, supporting Verano’s wholesale and retail operations in Arizona and Nevada.
Strengthening Ties with Industry Leaders
The borrower, Verano, is one of the largest publicly traded U.S. cannabis companies. Its operations span 13 states and comprise 153 dispensaries and 15 cultivation and processing facilities with more than 1.1 million square feet of cultivation capacity.
Rainbow’s VP, Tyler Gilliam, stated, “We are very excited to work with an industry-leading partner like Verano on this transaction. These mission-critical properties are well situated in strong real estate markets and have been updated to the highest standards. We have tremendous in Verano’s ability to succeed even in a challenging environment and hope this deal is a benchmark for a strong working relationship.”
Expansion into New Markets
This investment marks Rainbow’s first deal in Arizona and brings Rainbow’s footprint to 12 states. In the first quarter, Rainbow also funded a mortgage secured by a 16,700-square-foot industrial facility in Denver, Colorado.
Rainbow Realty Group IV has now completed five transactions, reaching 64% deployment as of March 2025. Fund IV is taking in new investors through the end of April. To learn more about Rainbow Fund IV, please email: jack@rainbowrg.com
About Rainbow Realty Group
Rainbow Realty Group and its affiliates have deployed $180 million in real estate-backed transactions across the U.S., specializing in sale-leaseback and mortgage financing solutions for the cannabis industry. Rainbow’s portfolio currently includes 50he+ properties across 12 states. Its parent company, Gould Investors L.P., has been a leader in real estate investment for 63 years and is a significant shareholder in BRT Apartments and One Liberty Properties. For more information, visit https://rainbowrg.com.
About MJ REIT
MJ REIT is a hybrid real estate investment trust focused on generating stability and above-market returns through monthly income, primarily by investing in state-legal cannabis markets. Rainbow Realty Group serves as the sub-advisor for MJ REIT, which specializes in industrial and retail commercial real estate. For more details, visit https://mj-reit.com.
Press Contacts:
Rainbow:
Jack Levy
Title: Director of BD
jack@rainbowrg.com
Verano:
Steve Mazeika
VP, Communications
steve.mazeika@verano.com
