The cannabis industry has seen unprecedented growth in recent years due to the legalization of the plant for medical and recreational use in many states and the District of Columbia. This growth has led to the creation of hundreds of publicly traded companies, including a handful of real estate investment trusts. (A REIT is a company that owns and manages a broad portfolio of commercial real estate assets, or real estate investment properties—generally office buildings, industrial properties, apartments, and hotels—and then sells shares of ownership of the trust to investors.) In an effort to get a piece of the action and provide consistent returns to its investors, Green Thumb Industries, Inc., a multistate cannabis operator, has just announced that it will be launching a $200 million five
A Boston-based cannabis REIT (Real Estate Investment Trust) has launched a $200 million 5-year floating rate preferred stock offering. MediSwipe Inc. (OTCMKTS:MWIP) has a stated goal of being among the leading medical cannabis REITs in the industry. The company has completed a number of acquisitions of properties, and has plans of acquiring more, while also leasing the properties to medical cannabis growers.
Medical cannabis has become a $10 billion industry in the U.S. and is estimated to grow to $50 billion by 2029, according to Cowen & Co. And, while the public is focused on the growing legal cannabis industry, a new trend is developing in the cannabis industry: companies with cannabis operations are now offering high-yield debt. While this isn’t the first cannabis REIT to issue debt in the cannabis industry, Green Growth Brands, Inc. (CSE: GGB) is the first to offer a seasoned, large-scale cannabis operator.
Innovative Industrial Properties announces $200 million in senior notes due 2026 SAN DIEGO, 17. May 2021-(BUSINESS WIRE)-Innovative Industrial Properties, Inc.(the Company) (NYSE: IIPR) today announced that its operating partnership, IIP Operating Partnership, LP (the Operating Partnership), has commenced a private placement of $200 million of senior notes due 2026 (the Notes), subject to market and other conditions. The operating company also plans to give first-time purchasers of the bonds a 30-day option to purchase up to an additional $30 million of the total principal amount of the bonds. The Notes are general, unsecured and unsubordinated obligations of the Partnership, are fully and unconditionally guaranteed by the Partnership and the Partnership’s subsidiaries and rank pari passu with all existing and future senior unsecured debt obligations of the Partnership, including the 3.75% exchangeable Notes due 2024. The Partnership may, in its discretion, redeem some or all of the Notes at any time and from time to time at the applicable redemption price. If a change of control event occurs, the Partnership must make an offer to purchase the Notes of each holder at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the date of purchase, but not beyond such date. The Operating Company intends to use the net proceeds of this private placement to invest in specialized industrial properties that support the regulated cannabis industry and are consistent with its investment strategy, as well as for general corporate purposes. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities and will not constitute an offer, quotation or sale in any jurisdiction in which such offer, quotation or sale would be unlawful. These securities will only be offered by means of a private offering memorandum. The Notes are being offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Act). The Notes will not be registered under the Securities Act or any state securities laws and, if not registered, may not be offered or sold in the United States without an exemption from the registration requirements of the Act and applicable state laws. The Operating Company does not intend to apply for the listing of the Notes on any stock exchange or automated system for listing on any stock exchange. About Innovative Industrial Properties Innovative Industrial Properties, Inc. is a self-regulated Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc. acquired a majority interest in the Company effective December 31, 2016. December 2017 elected to be taxed as a real estate investment trust. Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.
Marijuana is by far the most widely-used illicit drug in the United States, and as more states vote on legalizing cannabis for recreational and medicinal uses, the industry has seen huge growth. Cannabis REIT, Inc. (CNSX:JUJU) is a new company that recently launched a $200 million 5-year non-call five debt financing offering. The company plans to use the proceeds from the offering to finance its acquisition of cannabis assets across the U.S. including real estate, cultivation, processing, dispensing, and manufacturing.. Read more about innovative industrial properties reit and let us know what you think.
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