By Alicia Wallace, The Cannabist Staff

The first cannabis company to land a listing on the New York Stock Exchange could go public early next week; however, a culmination of factors — including marijuana’s uncertain future on the federal level — appear to be giving investors some pause, an analyst says.

Innovative Industrial Properties, a San Diego-based real estate investment trust (REIT) for medical cannabis facilities, filed documents in October to raise $175 million by offering 8.75 million shares at $20 per share. At that price, the company would have a $201.7 million market value and would use part of its proceeds for a $30 million sale-leaseback transaction with PharmaCann, a New York-based medical cultivator and dispensary operator.

The company received approval from the NYSE to list its ticker “IIPR” and was initially expected to have its shares price and go public this week.

“Getting NYSE clearance means there’s at least one less hurdle for cannabis IPOs (initial public offerings) in the future,” said Matthew Kennedy, an analyst with Renaissance Capital, a Greenwich, Conn.-based manager of IPO-focused exchange-traded funds (ETFs).

IIP’s IPO could open doors for others to participate in the cannabis industry, PharmaCann’s general counsel told Forbes:

“IIP’s publicly-traded REIT will be the very first opportunity for institutional investors to comfortably generate exposure to an industry that currently lacks the sort of transparency that SEC oversight provides.”

However, Innovative Industrial Properties’ trip to Wall Street was delayed.

On Monday, IIP officials disclosed in a filing with the U.S. Securities and Exchange Commission that the company’s founders may forego receiving some stock as part of the IPO — a sign that there is some pushback from investors, Kennedy said.

Continue reading at thecannabist.co