Foley Represents Innovative Industrial Properties in $250 Million Cannabis REIT Offering

Foley & Lardner LLP represented Innovative Industrial Properties, Inc. in connection with its recent follow-on public offering of common stock, raising gross proceeds of approximately $250.0 million.

Innovative Industrial Properties, Inc. is an internally-managed real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. As of January 22, 2020, Innovative Industrial Properties reported that it owned 47 properties across 15 states, totaling approximately 3.1 million rentable square feet (including approximately 850,000 rentable square feet under development/redevelopment). The company reported that it intends to use the net proceeds from this offering to invest in specialized industrial real estate assets that support the regulated cannabis cultivation and processing industry and for general corporate purposes.

Partner Carrie Long lead the Foley team, which included tax partner Robert Bernstein, special counsel Marina Choundas and associate Neda Sharifi.

Foley’s Cannabis Industry Team, established in 2014, brings together significant experience from multiple practice disciplines to comprehensively advise clients involved in the space as well as clients within supporting and peripheral industries.  The Cannabis Industry Team includes a deep bench of more than 60 attorneys nationwide and in Mexico City.