Cannabis investor IIP prices share offering to raise $300 million

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Cannabis real estate investment trust Innovative Industrial Properties (IIP) priced an underwritten share offering to raise roughly $300 million.

Net proceeds from the offering will be used for cannabis industrial real estate investments and for general corporate purposes, IIP noted in a Friday news release.

The offering involves 1,578,948 IIP shares priced at $190 per share and is expected to close April 5.

The underwriters have a 30-day option to purchase 236,842 more shares.

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San Diego-based IIP owned 107 properties across the U.S. as of March 30, according to a recent regulatory filing.

IIP shares trade as IIPR on the New York Stock Exchange.