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.
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.