Zen Leaf

Long Lease Term: Brand-new 15-year lease running through June 2040, with two (2)
five-year renewal options on the back end.
Absolute NNN Lease: The property is leased under an absolute NNN structure, with
the tenant responsible for all operating expenses, including taxes, insurance, utilities,
repairs, and capital items, providing truly passive ownership.
Attractive Rental Increases: 3.00% annual rent escalations, creating strong,
predictable NOI growth and built-in inflation protection.
High Barrier To Entry: The property operates as a state-licensed cannabis
dispensary, a use that benefits from strict licensing caps, zoning restrictions, and
regulatory hurdles, making tenant relocation significantly more difficult compared to
traditional retail uses.
Strong Multi-State/Established Operator: Verano is one of the largest cannabis
operators in the country, with +160 dispensaries operating under the Zen Leaf and
MÜV brands, as well as 15 cultivation and production facilities across 13 states.
Verano reported $879 million in revenue for FY 2024 and added 17 new dispensaries
in 2024 through

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