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.