Cannabis Stock Investing: How Is COVID-19 Affecting This Profitable Marijuana Company?
Earlier this month, Innovative Industrial Properties (NYSE: IIPR), a cannabis-focused real estate investment trust (REIT), reported strong first-quarter 2020 results.
Revenue soared 210% year over year to $21.1 million. Earnings per share surged 118% to $0.72, and adjusted funds from operations (FFO) -- a key profitability metric for REITs -- jumped 107% to $1.12 per share.
This type of robust performance has enabled shares to continue to outperform the cannabis group and the broader market. In 2020, Innovative Industrial Properties (also known as IIP) stock is up 7.7% through the end of May, while shares of industry bellwether Canopy Growth are down nearly 18%, and the S&P 500 (including dividends) is down 5%. Over the last three years, IIP stock is up a whopping 374%, while the broader market has returned about 34%.
Source Fool.com
