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Cannabis REIT Announces Launch of Series A Preferred Stock Offering

October 2, 2017

 

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced today that it has filed a registration statement for a public offering of Series A Cumulative Redeemable Preferred Stock.

 

Innovative Industrial Properties focuses on the acquisition, ownership and management of specialized properties leased to state-licensed operators for their regulated medical-use cannabis facilities. The company intends to use the net proceeds from this offering to invest in more specialized industrial real estate assets that support the regulated medical-use cannabis cultivation and processing industry that are consistent with its investment strategy, and for general corporate purposes.

 

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE:LTS), is acting as book-running manager for the offering. National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ:NHLD), is acting as a co-manager for the offering.

 

The company expects to grant the underwriters a 30-day option to purchase additional shares to cover over-allotments, if any. Currently no market exists for the Series A Preferred Stock, however the company plans to file an application to list the Series A Preferred Stock on the NYSE under the symbol “IIPRPrA.”

 

This offering will be made only by means of a written prospectus. A copy of the preliminary prospectus for the offering may be obtained, when available, from Ladenburg Thalmann & Co. Inc., 570 Lexington Avenue, 11th Floor, New York, NY 10022, or by email at prospectus@ladenburg.com.

 

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