From Barchart: 2024-12-29 14:00:02

Innovative Industrial Properties, Inc. (NYSE:IIPR) is a REIT focusing on cannabis facilities. Pomerantz LLP is investigating potential securities fraud involving the company and its officers.

PharmaCann, a major tenant, defaulted on December rent for six properties, impacting IIPR’s rental revenues by $4.2 million. PharmaCann accounts for 17% of IIPR’s rental revenues.

IIPR’s stock price fell by 22.73% to $73.66 per share after PharmaCann’s default. Compass Point downgraded the stock to “Neutral” with a cautious outlook on future performance at $70.35 per share.

Currently, IIPR’s stock is priced at $68.11, showing a 3.677% decrease with a trading volume of 579,799 shares. The stock has fluctuated between $67.66 and $70.43, reflecting ongoing investor interest amidst the investigation.



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