Innovative Industrial Properties Inc. is offering 600,000 shares of its series A cumulative redeemable preferred stock, with a $25.00-per-share liquidation preference.

The offering comes with a 30-day overallotment option for the underwriters to buy up to 90,000 additional shares at the public offering price, less the underwriting discount.

The company intends to funnel the proceeds to its operating partnership, which will use the funds to invest in specialized industrial real estate assets that support the medical cannabis cultivation and processing industry, as well as for general corporate purposes.

Ladenburg Thalmann is the book-running manager, and National Securities Corp. is the co-manager.