Earlier this week, Cannabis REIT Innovative Industrial Properties (NYSE: IIPR) began marketing a $300 million debt offering.
After the close on Friday, the company disclosed in an SEC filing that it has decided to not proceed due to market conditions. The company, which manages approximately $1.7 billion of assets, had intended to use the proceeds to fund the purchase of real estate assets.
After returning more than 47% in 2021, IIPR is down almost 27% in 2022 to date.
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email