GreenAcreage Announces Completion of $141 million Private Placement
21 Aug, 2019, 09:39 ET
NEW YORK, Aug. 21, 2019 /PRNewswire/ -- GreenAcreage Real Estate Corp. ("GreenAcreage"), a recently formed net-lease REIT that intends to provide sale-leaseback and build-to-suit transactions to the regulated cannabis industry, announced today the completion of a private placement offering of 7,060,150 shares of its common stock for aggregate gross proceeds of approximately $141 million. 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 our senior management team combines decades of net lease and public company REIT experience.
GreenAcreage benefits from a strategic relationship with Acreage Holdings ("Acreage"), one of the largest multi-state operators in the industry. 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. 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. (NYSE American: LTS) acted as the lead initial purchaser/placement agent for the offering, Revere Securities acted as co-initial purchaser/placement agent.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the common stock or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
For more information about GreenAcreage visit www.GreenAcreageREIT.com
GreenAcreage Real Estate Corp.
300 Park Avenue
New York, NY 10014
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "may," "will," "likely," "should," "expect," "anticipate," "future," "plan," "believe," "intend," "goal," "seek," "estimate," "project," "continue" and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward- looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, changes in the condition of the U.S. economy and, in particular, the U.S. real estate market.
The forward-looking statements included in this press release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.
SOURCE GreenAcreage Real Estate Corp.
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