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May 26, 2020, 4:29 p.m. EDT

Cannabis REIT to sell 1 million shares in public offering

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By Max A. Cherney

Cannabis real estate investment trust Innovative Industrial Properties Inc. /zigman2/quotes/208038978/composite IIPR -2.16% said late Tuesday that it plans to raise money by selling 1 million shares. IIPR stock fell 1.8% in late trading Tuesday after closing up 2.6% to $85 during the regular session. The company said that it plans to use the proceeds to invest in real estate assets for cannabis cultivation and processing and general corporate purposes. BTIG is the sole underwriter and it is being given the option to sell an additional 150,000 shares. IIPR stock has fallen 2.6% this year, as the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.56% has gained 4.6%.

/zigman2/quotes/208038978/composite
US : U.S.: NYSE
$ 89.96
-1.99 -2.16%
Volume: 190,327
July 9, 2020 2:41p
P/E Ratio
38.21
Dividend Yield
4.27%
Market Cap
$2.00 billion
Rev. per Employee
$2.46M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,152.08
-17.86 -0.56%
Volume: 1.72B
July 9, 2020 2:42p
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