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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