The New York Stock Exchange may be giving the green light to a cannabis company listing.
Innovative Industrial Properties Inc. filed an S-11 on Oct. 17 to be a public company and to list at the Intercontinental Exchange Inc.’s owned market. New Cannabis Ventures broke the news Monday evening. It will be the first publicly-traded cannabis-related Real Estate Investor Trust (REIT) and, if approved, would be the first cannabis company to be traded at the venerable NYSE.
The Exchange declined to comment on the company and instead sent along a document that defines the listing process. If Innovative Industrial Properties gets approved, then it could list in four to six weeks. However, the document states, “the Exchange may deny listing or apply additional or more stringent criteria based on any event, condition, or circumstance that makes the listing of the company inadvisable or unwarranted in the opinion of the Exchange.” In other words, don’t get too excited for now as they may just say no.
– Read the entire article at Forbes.