Why Innovative Industrial Properties Fell 24.6% in January
The share price for Innovative Industrial Properties (NYSE: IIPR), a provider of growing facilities for medical marijuana producers, fell 24.6% in January, according to data provided by S&P Global Market Intelligence.
That drop is more like what befell go-go growth stocks than a real estate investment trust (REIT) that has already established an enviable record of dividend paybacks and total return since it went public a mere five years ago as the first publicly traded REIT in the cannabis business.
IIPR has drawn a lot of attention in the past year or two, even for a marijuana stock. The company's focus is buying and leasing back facilities to growers in the growing list of states that have legalized medical marijuana. That's a business that most traditional lenders won't touch as long as pot remains federally banned.
Source Fool.com
