This San Diego company is banking on medical marijuana cultivation with $175 million planned IPO
Citing momentum in the medical marijuana industry, a San Diego-based real estate investment trust (REIT) focused on acquiring medical-use grow facilities has set its sights on the public market.
Innovative Industrial Properties on Monday filed registration documents for a future $175 million initial public offering, according to U.S. Securities and Exchange Commission filings. Renaissance Capital and New Cannabis Ventures both reported on the filing Monday evening.
Innovative Industrial Properties plans to sell 8.75 million shares at an offering price of $20 per share and the company would have a market value of $201.7 million. The company applied to have its shares traded on the New York Stock Exchange under the ticker “IIPR.”
Whether those shares would trade on the NYSE is another question, said Matthew Kennedy, an analyst with Renaissance Capital, a Greenwich, Conn.-based manager of IPO-focused exchange-traded funds (ETFs).
“There hasn’t been a history of companies...
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