GreenAcreage Real Estate Corp. reported Wednesday the finalization of a private placement offering of 7.06 million common shares for aggregate gross proceeds of around $141 million.
GreenAcreage is an independently managed REIT that caters to the cannabis industry. The company offers sale-leaseback and build-to-suit transactions to the legal cannabis industry and is run by CEO Katie Barthmaier and President David Carroll.
GreenAcreage’s main purchaser/placement agent for the offering was Ladenburg Thalmann & Co. Inc., while co-initial purchaser/placement agent was Revere Securities.
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"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 Barthmaie. "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."
In addition, the company disclosed its strategic relationship with Acreage Holdings (OTC: ACRGF), which has given the GreenAcreage a primary pipeline of properties for sale and leaseback with a right of first offer due May 31, 2022 for future real estate properties and expansion projects.
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