Innovative Industrial Properties Is Floating a Roughly $100 Million New Stock Offering
In what is by no means the first, and won't be anywhere near the last, round of capital-raising by a marijuana company, Innovative Industrial Properties (NYSE: IIPR) is floating a new stock issue.
The real estate investment trust (REIT), which specializes exclusively in properties used by cannabis companies, said on Wednesday that it will sell just under 1.35 million new shares of its common stock. All told, according to Innovative, the issue should bring in gross proceeds of approximately $100 million. The size of the planned offering has been boosted; on Tuesday, Innovative said its plan was to float an even 1 million shares.
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Source Fool.com
