Innovative Industrial Properties, which trades on the New York Stock Exchange as IIPR, bought the property in Holliston for $3 million, according to a news release.

The REIT also entered into a lease and development agreement with a subsidiary of PharmaCann, an Illinois-based multistate medical cannabis cultivation and dispensary business.

Here’s what you need to know:

The PharmaCann unit will lease a 32,000-square-foot greenhouse and a 26,000-square-foot industrial facility.

The lease is for 15 years, with options to extend, while the annual base rent is about $2.7 million. The subsidiary is also expected to construct two other buildings on the land.

Innovative Industrial Properties will reimburse PharmaCann up to $15.5 million for construction costs.

That reimbursement and the original $3 million purchase price bring Innovative Industrial Properties’ total investment to $18.5 million.