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Innovative Industrial Properties Is Blazing After Cannabis Business With Planned IPO

The newly formed Innovative Industrial Properties is going after the lucrative cannabis business by acquiring industrial properties sanctioned for cannabis facility use.

The San Diego-based cannabis REIT filed for an IPO this year in hopes of raising $175M, and is offering 8.75 million shares of common stock for an estimated $20 per share on the NYSE. The company wants to buy medical-use cannabis buildings for sale-leaseback transactions—purchasing the properties in order to lease them back to licensed cannabis operators for long-term use.

The REIT is in talks to buy its first property from New York’s PharmaCann, a licensed cannabis company that has agreed to sell and lease back its 127k SF facility for roughly $30M. [CoStar]

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