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Cannabis REIT Deals New Shares to Raise an Expected $225 Million

Innovative Industrial Properties Upsizes Offering to 2.6 Million Shares of Common Stock
Innovative Industrial Properties finalized its latest sale-leaseback with Cresco Labs, acquiring this 118,000-square-foot industrial facility in Fall River, Massachusetts that Cresco plans to convert into a cannabis cultivation, processing and dispensing facility. (CoStar)
Innovative Industrial Properties finalized its latest sale-leaseback with Cresco Labs, acquiring this 118,000-square-foot industrial facility in Fall River, Massachusetts that Cresco plans to convert into a cannabis cultivation, processing and dispensing facility. (CoStar)
By John Gettas
CoStar Research
July 7, 2020 | 10:31 P.M.

Medical cannabis real estate investment trust Innovative Industrial Properties went to market with a new stock offering of 2,683,363 shares of shares priced at $83.85 per share. The San Diego-based REIT said it expects the offering to raise approximately $225 million.

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