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Innovative Industrial prices $15M preferred stock offering

Innovative Industrial Properties Inc. priced an offering of 600,000 shares of its 9.0% series A cumulative redeemable preferred stock at $25.00 apiece for about $15.0 million in expected gross proceeds.

The public offering, set to close Oct. 19, carries a 30-day overallotment option for the underwriters to acquire up to 90,000 additional shares.

The company plans to use the net proceeds to invest in specialized industrial real estate assets that support the regulated medical-use cannabis cultivation and processing industry, as well as for general corporate purposes.

Ladenburg Thalmann & Co. Inc. and National Securities Corp. are the joint book-running managers.