Is Innovative Industrial Properties Still a Good Stock to Buy?
The sharp drop in Innovative Industrial Properties (NYSE: IIPR) offers a great example of investor sentiment in action.
During the pandemic, investors anticipated rapid growth in U.S. pot consumption and exuberantly bid up this profitable cannabis sector real estate investment trust (REIT) to all-time highs. Fast-forward to 2022. While the sector continues to grow, Innovative Industrial's stock is down more than 50% with few takers despite steady profits and an attractive dividend yield.
Image source: Getty Images.
Source Fool.com
