Miami's Ladenburg Thalmann Finances $141M Cannabis Real Estate Offering
The investment bank served as the lead initial purchaser and placement agent for the offering.
August 26, 2019 at 02:27 PM
2 minute read
Marijuana farm. Photo: Shutterstock.com
GreenAcreage Real Estate, a net-lease real estate investment trust that will provide sale-leaseback and build-to-suit transactions to the regulated cannabis industry, completed a private placement offering of 7 million shares of its common stock for gross proceeds of $141 million.
Miami-based Ladenburg Thalmann & Co., a subsidiary of Ladenburg Thalmann Financial Services, acted as the lead initial purchaser and placement agent for the offering. New York-based Revere Securities LLC acted as co-initial purchaser and placement agent.
New York-based GreenAcreage is an independently managed REIT led by Chairman Gordon DuGan, Vice Chairman and President David Carroll, CEO Katie Barthmaier, COO Wilson Pringle and CIO Jeff Lefleur, who have public REIT and net lease experience.
DuGan is a former CEO of Gramercy Property Trust, Carroll chaired Oak Circle Capital, and Barthmaier was a managing director at W.P. Carey Inc.
GreenAcreage has formed a relationship with Acreage Holdings, one of the largest multi-state operators in the industry. Acreage is providing 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 plans to offer access to long-term capital to Acreage and other cannabis operators for expansion.
"We are pleased to have completed our initial capital raise and excited to build a diversified portfolio of industrial and retail cannabis real estate," Barthmaier said in a statement. "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."
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