A new high has been reached for the cannabis industry as the New York Stock Exchange has given its approval to list a marijuana company on the exchange for the first time.
Innovative Industrial Properties, who targets medical-use cannabis facilities for acquisition with tenants that are licensed growers, was given approval by the NYSE for initial public offering, according to Forbes, and plans to list under the symbol IIPR.
The company had filed its IPO in the middle of October, noting the intention to raise $175 million through 8.8 million shares at $20 each, giving the valuation of the company at $202 million.
Forbes noted the REIT confirmed the listing was approved on November 17, but the NYSE has yet to discuss it.
Keeping in mind, however, recreational marijuana is still federally illegal, although four states voted in favor for its legalization the day of the US election (November 8).  Because of this, Forbes said the NYSE could be pushing its own boundaries by listing a company that is not in compliance with the law.

In an interview with Forbes, Jeremy Unruh, general counsel of PharmaCann said Innovative Industrial Properties’ publicly-traded REIT will be the first opportunity industrial investors have to generate exposure in an industry lacking transparency.
“The IIP listing on the NYSE is every bit as important to the cannabis movement as the Rohrabacher-Farr Amendment barring the DOJ from spending federal funding to enforce the Controlled Substance Act against responsible medical cannabis licensees, or the commitment of Scott’s Miracle Gro to the cannabis industry,” Unruh said. 
Gregory M. Sale from Seyfarth Shaw LLP wrote that the NYSE listing is “big news for the cannabis industry” because a listing on a major exchange “lends a measure of mainstream credibility to the industry, as well as greater access to investor dollars.”
With that in mind, Bloomberg reported recreational cannabis in the United States is estimated to be worth nearly $20 billion, and will no doubt continue blooming.
Clearly, exciting times are ahead for the cannabis industry. Although there’s no official word on whether or not the NYSE will list more marijuana-related companies on its exchange, Isaac Dietrich of Mass Roots told Forbes that exchanges are taking the industry’s growth “very seriously.”
Don’t forget to follow us @INN_Resource for real-time news updates.
Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

US Election 2020 and Cannabis

Investing in cannabis? Read what experts have to say about cannabis and the US Election!

Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Aurora Cannabis Inc. (NYSE: ACB) between February 13, 2020 and September 4, 2020, inclusive (the “Class Period”), of the important December 1, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Aurora investors under the federal securities laws.

To join the Aurora class action, go to http://www.rosenlegal.com/cases-register-1965.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

Keep reading... Show less

Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Aurora Cannabis Inc. (NYSE: ACB) from February 13, 2020 through September 4, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Aurora Cannabis Inc. investors under the federal securities laws.

To join the class action, go here or call Vik Pawar, Esq. toll-free at 888-589-9804 or email info@pawarlawgroup.com for information on the class action.

Keep reading... Show less

The Israeli cannabis market is picking up with a new supply deal from a Canadian producer.

Also this week, new data showed sales of Canadian cannabis edible products may be stalling.

Keep reading... Show less

The Israeli cannabis market is picking up as a Canadian producer announced a new supply deal in the country.

Also this week it was shown the sales of Canadian cannabis edible products may be stalling, according to new data.

Keep reading... Show less

The Portnoy Law Firm advises investors that class action lawsuits have been filed on behalf of investors in the following publicly traded companies. Shareholders interested in taking an active role in these cases have until the deadlines indicated below to petition the court. There is no cost or obligation to you. See below for more information on these cases.

Credit Acceptance Corporation investors (NASDAQ: CACC); December 1, 2020 deadline, click here to join .

Keep reading... Show less