Editor’s note: This story has been updated to reflect that Subversive Real Estate Acquisition REIT LP has not yet finalized its purchase of 15 cannabis assets as part of an SPAC deal.
Subversive Real Estate Acquisition REIT LP (NEO: SVX.U) is planning to announce a series of acquisitions with a total valuation of $182 million.
According to information provided exclusively to Benzinga, these transactions imply the firm — currently operating as a special-purpose acquisition company (SPAC) — will become an active REIT with a portfolio that includes 15 cannabis retail, industrial cultivation, greenhouse cultivation and manufacturing assets across nine states.
“We are very close to being able to announce Subversive REIT’s $182 million qualifying transaction to become the second publicly traded cannabis REIT,” said CEO Richard Acosta.
The other publicly traded cannabis REIT the executive references is Innovative Industrial Properties…