Freehold Properties, a mortgage REIT focused on cannabis properties, withdrew its plans for an initial public offering on Monday. It originally filed in October 2021 with a proposed deal size of $115 million. The company had not updated its prospectus since January.
Freehold is an internally managed real estate investment trust focused on financing specialized industrial cultivation/processing and retail/dispensary cannabis properties. As of its most recent filing, the company's portfolio was comprised of six mortgage loans and one note receivable.
The Franklin, TN-based company was founded in 2019 and booked $4 million in revenue for the 12 months ended September 30, 2021. It had planned to list on the Nasdaq under the symbol FHP. Stifel and Cowen were set to be the joint bookrunners on the deal.
