Innovative Industrial Properties, a newly organized REIT formed to acquire medical-use cannabis facilities, filed and announced terms for its IPO on Monday.
The San Diego, CA-based company plans to raise $175 million by offering 8.8 million shares at a price of $20. At the proposed price, Innovative Industrial Properties would command a fully diluted market value of $202 million.
Innovative Industrial Properties was founded in 2016 and plans to list on the NYSE under the symbol IIPR. Ladenburg Thalmann & Co. is the sole bookrunner on the deal. A pricing date has not yet been disclosed.
