IIPR Stock Pops Following Earnings Release: What Investors Should Know

Innovative Industrial Properties (NYSE: IIPR), a real estate investment trust (REIT) focused on the medical-use cannabis industry, reported strong fourth-quarter and full-year 2021 results after the market close on Wednesday, Feb. 23. 

Shares are up 3.4% on Thursday at 3:38 p.m. ET. For context, the S&P 500 is up about 1.2% at this time. This index -- which is a good proxy for the broad U.S. market -- opened down 1.7% on Thursday because of Russia's invasion of Ukraine very early Thursday local time. But it steadily climbed back up throughout the day, as of this writing. 

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Source Fool.com