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BUZZ-Cannabis REIT Innovative Industrial drops after pricing upsized stock deal

Fri 24th January, 2020 2:25pm
** Innovative Industrial Properties Inc  IIPR.N  shares down
3.1% to $77 premarket after pricing follow-on
    ** Co offers ~2.97 mln shares at $73.25 for $217.4 mln raise
 urn:newsml:reuters.com:*:nBw4Kzz7Ra
    ** Deal size increased from 2 mln shares, prices at 7.8%
discount to stock's Thurs close
    ** IIPR to use net proceeds to invest in specialized
industrial properties that support regulated medical-use
cannabis cultivation and processing industry
    ** Offering represents about a fifth of co's shares
outstanding
    ** BTIG acting as sole bookrunner
    ** IIPR gained 67% in 2019, but stock is well off Jul 11
record high of $139.53. At that time, co raised $164 mln of
equity in follow-on priced at $126/sh
    ** Pot stocks sold off last year, hit by oversupply worries,
U.S. regulatory uncertainty and revenue misses. Indeed, industry
benchmark Alternative Harvest ETF  MJ.P  halved from end-Mar to
the end of 2019
    ** But some cos have seen their stocks bounce this month as
investors hunt for bargains  urn:newsml:reuters.com:*:nL1N29L1BO

 (Reporting by Lance Tupper)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))
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