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GreenAcreage Completes $141M Private Placement


GreenAcreage Real Estate Corp., a recently formed net-lease REIT that intends to provide sale-leaseback and build-to-suit transactions to the regulated cannabis industry, has completed a private placement offering of 7,060,150 shares of its common stock for aggregate gross proceeds of approximately $141 million.

According to a prepared statement, 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. Together the company’s senior management team combines decades of net lease and public company REIT experience.

GreenAcreage benefits from a strategic relationship with Acreage Holdings, one of the largest multi-state operators in the industry, the release states. Acreage has provided GreenAcreage with an initial pipeline of properties for sale and leaseback and a right of first offer until May 31, 2022 for future real estate properties and development projects.

The release says that GreenAcreage intends to provide Acreage and other leading cannabis operators with access to long-term capital to fund their growth and expansion plans.

“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 Katie 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.”

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