Cannabis real estate firm lands NYSE approval, but IPO delayed
The first cannabis company to land a listing on the New York Stock Exchange could go public early next week; however, a culmination of factors — including marijuana’s uncertain future on the federal level — appear to be giving investors some pause, an analyst says.
Innovative Industrial Properties, a San Diego-based real estate investment trust (REIT) for medical cannabis facilities, filed documents in October to raise $175 million by offering 8.75 million shares at $20 per share. At that price, the company would have a $201.7 million market value and would use part of its proceeds for a $30 million sale-leaseback transaction with PharmaCann, a New York-based medical cultivator and dispensary operator.
The company received approval from the NYSE to list its ticker “IIPR” and was initially expected to have its shares price and go public this week.
“Getting NYSE clearance means there’s at least one less hurdle for cannabis IPOs...
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