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Target Capital to list cannabis REIT in Canada

Canada-based Target Capital Inc. is planning to list Industrial Lifestyle Properties Real Estate Investment Trust, an open-ended REIT that will focus on the acquisition, development and management of real estate assets for the legal cannabis industry.

Target Capital will provide C$1.0 million in seed capital to Industrial Lifestyle Properties, which will be used as deposits on property acquisitions and for working capital and general corporate purposes.

The self-advised cannabis trust intends to offer nondilutive capital to the cannabis market through sale-and-leaseback deals, and use triple-net lease terms to secure tenant and property contracts.

Industrial Properties' senior management team will be led by Managing Partner David McGorman, who is currently a managing director at Black Spruce Merchant Capital Corp.