GreenAcreage Real Estate Corp., a real estate investment trust (REIT) that serves the cannabis industry, on Monday announced it raised roughly $141 million when it completed a private placement of about 7 million shares.
GreenAcreage, headquartered in New York, is an independently managed REIT that intends to provide sale-leaseback and build-to-suit transactions for those in the regulated marijuana industry.
GreenAcreage benefits from a strategic relationship with Acreage Holdings, one of the largest multistate operators in the industry
New York-based Acreage Holdings provided GreenAcreage with an initial pipeline of properties for sale and leaseback and a right-of-first-refusal offer until May 31, 2022, for future real estate properties and development projects.
GreenAcreage intends to provide Acreage and other cannabis operators with access to long-term capital to fund their growth and expansion plans.
“Our objective is to allow companies in the medical and recreational industry to release capital tied up in their fixed assets and redeploy it into their core business,” GreenAcreage CEO Katie Barthmaier said in a statement.
Ladenburg Thalmann & Co., a subsidiary of Ladenburg Thalmann Financial Services, acted as the lead initial purchaser/placement agent for the offering.
Revere Securities acted as co-initial purchaser/placement agent.
For more on this placement, click here.
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