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Up in smoke: Innovative Industrial, a cannabis REIT, prices downsized $67 million IPO

December 1, 2016
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Innovative Industrial Properties, a newly-formed REIT focused on medical-use cannabis cultivation facilities, raised $67 million by offering 3.4 million shares at $20, the low end of the range of $20 to $20. Innovative Industrial Properties plans to list on the NYSE under the symbol IIPR. Ladenburg Thalmann & Co. and Compass Point acted as lead managers on the deal.