Trulieve

• Long Lease Term: Approximately 8 years remain, plus two five-year renewal options.
• Absolute NNN Lease: Tenant is responsible for all operating expenses and capital items, providing passive ownership.
• Attractive Rental Increases: 3.00% annual rent increases provide predictable NOI growth and inflation protection.
• High Barrier to Entry: Strict cannabis licensing, zoning, and regulatory requirements make tenant relocation difficult and limit competing locations.
• Leading Multi-State Operator: Trulieve operates more than 230 locations nationwide and reported approximately $1.2 billion in FY 2025 revenue.
• Below-Market Rent: Current rent of $21.22/SF is below typical dispensary rents, providing downside protection and future leasing upside.
• Below-Replacement-Cost Basis: Offered at approximately $292/SF, the recently renovated property provides an attractive basis relative to developing a comparable asset today.
• Drive-Thru: This location offers a significant advantage with its fully equipped drive-thru, providing enhanced operational efficiency and greater revenue-generating potential compared to traditional brick-and-mortar cannabis dispensaries that lack this feature.
• Strong Cannabis Market: Ohio medical marijuana sales have exceeded $2.39 billion, while recreational sales have surpassed $1.67 billion since launching in August 2024.
• Limited Competition: Ohio Senate Bill 56 restricts certain unregulated THC products and caps adult-use dispensaries at 400, supporting licensed operators.
• Federal Rescheduling: Rescheduling marijuana to Schedule III could allow qualifying operators to deduct ordinary business expenses previously restricted under Section 280E, improving cash flow.