PDX Industrial Investments (PDX) is a commercial real estate holding company focused on cannabis investments in Oregon and California. The company invests in industrial and retail assets that are wholly leased to Groundworks Operations, LLC (Groundworks), a related company that focuses on cannabis operations. PDX acquires the real estate, debt free and executes long-term leases with Groundworks. This setup provides PDX with a credit tenant who retains a long-term commitment to the real estate investment. In practice, Groundworks delivers its real estate needs to the PDX real estate executive team and PDX secures the real estate at traditional commercial real estate prices. From there, Groundworks leases the property and obtains all state operating licenses and permits. PDX acts as a landlord to Groundworks, but PDX does not “touch” cannabis as it is limited to the real estate holding business.