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San Diego Company Bids to Become First Marijuana Business on NYSE

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Submitted by Marijuana News on Wed, 11/09/2016 - 09:40

Innovative Industrial Properties could help investors grab a slice of real estate used for the growing of legal marijuana crops.

A newly formed California real estate company has filed paperwork for an IPO that would make it the first marijuana business publicly traded on the New York Stock Exchange.

Innovative Industrial Properties (IPP), formed in June 2016, operates in an area that could provide the best place to consider for investors interested in getting a piece of the growing marijuana industry: real estate.

IPP operates as a REIT (real estate investment trust) that will focus on buying properties used in the production of specialized medical cannabis. The company currently is negotiating its first deal, a $30 million property in New York, according to CNBC.

IPP is the first REIT of its kind. And if accepted onto the stock exchange, it will become the first marijuana-related business traded on a...

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