Cannabis REIT gets initial ‘yes’ for New York Stock Exchange listing

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Innovative Industrial Properties, a cannabis-focused real estate investment trust, said it won preliminary approval to list its shares on the New York Stock Exchange, which would make it the first marijuana-related company to secure a Big Board listing.

The company, headquartered in San Diego but incorporated in Maryland, had filed with the NYSE last month to seek a public listing.

Innovative Industrial Properties, which buys medical marijuana-related facilities and leases them, signaled this week in a Securities and Exchange Commission filing it expects to win final approval from the Big Board.

“We have been approved to list our shares of Class A common stock on the New York Stock Exchange, or the NYSE, subject to official notice of issuance, under the symbol ‘IIPR,’ ” the company said in its S-11 filing outlining its initial public offering of its shares.

The company plans to sell 8.75 million shares at $20 per share.

Innovative Industrial Properties prospects financial may well have brightened after Tuesday’s election, in which four states legalized recreational marijuana and another three approved medical use.

The developments could lead to $7 billion-$8 billion in additional annual retail cannabis sales, according to Marijuana Business Daily’s preliminary estimates.

Earlier this year, the Nasdaq rejected an application from canna-centric social media company MassRoots, ostensibly because it was a company that promotes distribution of a banned Schedule 1 substance.