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Jan. 23, 2020, 4:27 p.m. EST

Weed REIT to raise $150 million, stock falls 4%

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By Max A. Cherney

Cannabis real estate investment trust Innovative Industrial Properties Inc. /zigman2/quotes/208038978/composite IIPR +4.00% said late Thursday that it plans to sell 2 million shares of its common stock. At Thursday's closing price of $79.44 that would amount to about $158.9 million. Innovative Industrial Properties fell 4% in the extended session Thursday. The company said it plans to use the cash to invest in further weed-related real estate assets and for general corporate purposes. The company's bankers have the option to buy another 300,000 shares and the company is selling all of the stock. Unlike many cannabis stocks, Innovative Industrial Properties shares have gained 40% in the past year, as the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ -0.29% fell 40%.

/zigman2/quotes/208038978/composite
US : U.S.: NYSE
$ 128.30
+4.94 +4.00%
Volume: 417,241
Sept. 28, 2020 4:00p
P/E Ratio
46.18
Dividend Yield
3.30%
Market Cap
$2.68 billion
Rev. per Employee
$2.46M
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/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 10.39
-0.03 -0.29%
Volume: 531,498
Sept. 28, 2020 4:00p
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