Home Alts News GreenAcreage Cannabis REIT Completes Private Placement

GreenAcreage Cannabis REIT Completes Private Placement

GreenAcreage Real Estate Corp., a newly formed net-lease REIT that intends to provide sale-leaseback and build-to-suit transactions to the cannabis industry, has completed a private placement offering of roughly 7.1 million shares of its common stock.

GreenAcreage Real Estate Corp., a newly formed net-lease REIT that intends to provide sale-leaseback and build-to-suit transactions to the cannabis industry, has completed a private placement offering of roughly 7.1 million shares of its common stock for total proceeds of approximately $141 million.

GreenAcreage is an independently managed REIT led by chief executive officer Katie Barthmaier, president David Carroll, chairman Gordon DuGan, chief operating officer Wilson Pringle, and chief investment officer Jeff Lefleur.

“We are pleased to have completed our initial capital raise and excited to build a diversified portfolio of industrial and retail cannabis real estate,” said Barthmaier, “Our objective is to allow companies in the medical and recreational industry to release capital tied up in their fixed assets and redeploy it into their core business.”

GreenAcreage has a relationship with Acreage Holdings, a multi-state cannabis operator that provided GreenAcreage with an initial pipeline of properties for sale and leaseback, as well as a right of first offer until May 31, 2022 for future real estate properties and development projects.

GreenAcreage intends to provide Acreage and other cannabis operators with access to capital to fund their growth and expansion plans.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE: LTS) acted as the lead initial purchaser/placement agent for the offering, and Revere Securities acted as co-initial purchaser/placement agent.

Click here to visit The DI Wire directory sponsor page.

image_pdf