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MarketWatch MarketPulseJan 24, 2020
Aphria gets C$100 million investment from unnamed institutional investor
Canadian cannabis company Aphria Inc. said Friday it has entered an agreement to receive a C$100 million (76.2 million) investment from an unnamed institutional investor. The investor purchased 14 million units of the company priced at C$7.12 per unit, the company said in a statement. Each unit is comprised on one common share and one-half of one common share warrant, entitling the holder to purchase a share at a price of $9.26 for 24 months after the closing date. Proceeds of the deal will be used to finance international expansion, working capital and for general corporate purposes. U.S.-listed hares rose 3.8% premarket on the news, but are down 17% in the last 12 months, while the S&P 500 has gained 26%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseJan 24, 2020
Cannabis REIT Innovative Industrial Properties stock falls after stock offering prices at discount
Shares of Innovative Industrial Properties Inc. dropped 4.5% in premarket trading, after the real estate investment trust (REIT), which focuses on properties leased to cannabis companies, announced that pricing of a stock offering at a near 8% discount. The company said its offering of 2,967,799 shares, representing about 22% of the shares outstanding, priced at $73.25 to raise $217.4 million. That pricing was 7.8% below Thursday's close of $79.45. The company plans to use the proceeds from the stock sale to invest in real estate assets. The stock has rallied 9.6% over the past 3 months through Thursday, while the SPDR Real Estate Select Sector ETF has edged up 0.2%, the ETFMG Alternative Harvest ETF declined 11% and the S&P 500 has gained 10.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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