Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Trulieve Cannabis Dispensary located in Marianna, Florida. This property features a long-term, triple net (NNN) lease with annual rent increases of 2.5 percent throughout the base term and option periods. The location is new and has recently opened. The tenant is currently replacing the roof at their own expense. Florida's legalization of recreational marijuana sales will be on the November ballot. If passed, recreational sales will begin in 2025 which should significantly enhance sales from this particular location given the very close proximity to both the Georgia and Alabama state lines. The property is located near Interstate 10 which highway connects Florida's western and eastern regions and extends to Alabama and Georgia. The lease is corporate guaranteed by Trulieve Inc., one of the largest and most profitable U.S. cannabis operators with nearly 200 dispensaries nationwide. Operating in nine states, the company expanded its reach by acquiring licenses in Connecticut, Pennsylvania, and West Virginia. Trulieve recently received a federal tax refund of approximately $113 million after challenging IRS guidelines for 280E. In addition to local retailers, surrounding national brands include Winn-Dixie, Badcock Home Furniture, Dollar General, Family Dollar, Tractor Supply Company, Planet Fitness, Goodwill, Sherwin Williams, Marshalls, Bealls, Harbor Freight Tools, Big Lots, McDonald’s, Zaxby’s, Captain D’s, Sonic, Waffle House, Subway, Hardee’s, Taco Bell, Firestone, AutoZone, Advance Auto Parts, O’Reilly Auto Parts, Wells Fargo, Regions Bank, The UPS Store, Enterprise Rent-A-Car, Chipola Ford, Key Chrysler Dodge Jeep Ram, Marianna Chevrolet GMC, Marianna Nissan, and many more.