A San Diego-based real estate company that caters to medical cannabis cultivators has filed paperwork with the Securities and Exchange Commission disclosing plans to raise $100 million.
If successful, Innovative Industrial Properties’ raise would be one of the larger funding efforts for a U.S. cannabis business.
The company – which began listing as IIPR on the New York Stock Exchange about a year ago – said in its registration statement it may sell common stock, preferred stock, depositary shares, warrants, rights and/or units.
The real estate investment trust (REIT) also said it would use the proceeds to invest in property for cannabis cultivation, indicating the company has expansion plans.
Last week, Innovative Industrial Properties agreed to buy a 350,000-square-foot grow site in Arizona for $15 million in a sale-leaseback transaction.
The company already owns four properties, including two leased by licensed growers in New York state – PharmaCann and Vireo Health.
The company also leases property to Vireo in Minnesota as well as to Holistic MD in Maryland.