Pot Real Estate Company Innovative Industrial Properties Files for IPO


It could be a rare chance for ordinary investors to buy into the Green Rush.

Here’s your daily round-up of pot-news, excerpted from the newsletter WeedWeek. Download WeedWeek’s free 2016 election guide here.

Innovative Industrial Properties, a cannabis Real Estate Investment Trust (REIT), filed to go public on the New York Stock Exchange. Led by experienced real estate executives, it plans to sell $175M worth of shares. The deal is the first of its kind.

If successful, the offering “will allow mainstream investors to participate in the cannabis industry indirectly and will provide much needed capital to the industry,” Alan Brochstein writes at New Cannabis Ventures.

Los Angeles County alone accounts for 27% of MED sales in California.

Bloomberg profiles Seattle edibles outfit Spot, which bets that a segment of consumers want to “microdose”: consume products that contain 5 mg of THC.

L.A.-based MedMen broke ground on a $15 million grow and production facility near Reno, Nev.

Australian MED entrepreneurs have big ambitions and the government may be on board. MED-pharma company Creso Pharma went public down under and closed 30% above its open price.

GW Pharma is dropping its U.K. listing to trade exclusively on NASDAQ.

A tax attorney tells The Cannabist that 280E, the section of the tax code that the industry feels is an unfair penalty, isn’t going anywhere.

U.S. marijuana stocks are still very risky.

The AP reports that businesses are joining activists as major contributors on both sides for the upcoming state votes.  In SFWeekly, I said the pro-legalization TV ads fall short.

Arkansas found that both MED proposals up for a vote would cost more than they generate in taxes. The state’s surgeon general appeared in an anti-MED ad, calling it “drug abuse, not medicine.”

On Election Day, 50 Oregon towns and counties will vote on whether to opt back in to the industry. A similar initiative in Long Beach, Calif., has strong local support.

A poll found that most Montanans oppose the state’s MED initiative.