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Innovative Industrials Properties (NYSE: IIPR) announced pricing of 600,000 shares of its 9% Series A Cumulative Redeemable Preferred Stock at $25 per share. The stock has par value of $0.001 per share. The offering will raise $15 million.

The company will use the proceeds to invest in real estate for the medical cannabis industry.  A prospectus is available at

The company will list the preferred stock on the New York Stock Exchange under the symbol IIPRPrA. Ladenburg Thalman & Co and National Securities Corp. will act as joint managers.

Innovative Properties is a Maryland corporation focused on ownership and management of properties leased to the cannabis industry.

Source: Innovative Properties Press Release