A company named Innovative Industrial Properties (IIPR), a real estate investment trust that plans to buy buildings and lease them to growers of medical marijuana, went public on the venerable NYSE December 1st, 2016.
The stock wasn't exactly lighting up Wall Street though. The shares priced at $20 and only went as high as $20.52 before finishing the day down more than 4%. Innovative Industrial Properties is one of just a few companies related to the business of cannabis that actually trades on a major exchange, though.
So its IPO, which had been pushed back a couple of times and also had the size of the deal cut, is still an achievement in of itself.
Innovative Industrial Properties hopes to set itself apart from some of these quirkier companies. It plans to use the $67 million in proceeds it raised from the IPO to buy up properties in states where it is legal to cultivate medical marijuana.
According to its IPO filing, the company has an agreement to buy a 127,000 square-foot property with 37 acres of land in the town of Montgomery, New York for $30 million.
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