NYSE Approves Listing of First Cannabis REIT

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Innovative Industrial Properties, which had filed to go public last month, revised its S-11 registration today.  The new filing indicated that the New York Stock Exchange (NYSE) has now approved the REIT’s listing under the symbol IIPR, representing a major milestone for the cannabis industry and opening the door to institutional investors looking to participate in the industry.

The company had indicated previously the definitive agreement to purchase PharmaCann’s New York cultivation facility, and it now also has non-binding letters of intent to purchase a cultivation facility in Illinois and four in California. Innovative Industrial Properties still intends to raise $175mm, selling 8.75mm shares at an expected $20 per share, valuing the company at $202mm based upon an expected 10.09mm shares outstanding. Investment bank Ladenburg Thalmann, which remains the lead underwriter, has been joined by Compass Point.

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Breaking news by Alan Brochstein, CFA

ab-byline-ncvBased in Houston, Alan leverages his experience as founder of online communities 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.

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