Why Marijuana Stock IIP Jumped 14% in October

Shares of Innovative Industrial Properties (NYSE: IIPR), a real estate investment trust (REIT) focused on the medical marijuana industry, popped 13.8% in October, according to data from S&P Global Market Intelligence. By comparison, the S&P 500 index returned 7% last month.

The likely catalysts behind the cannabis stock's robust performance were the overall strength of the market and continued investor optimism about the company's growth prospects. In addition, a state-specific development in the medical marijuana industry probably also provided a tailwind.

In 2021, shares of IIP (as the company is often called) have returned 49.7% through Nov. 2, compared to the broader market's 24.7% return.

Source Fool.com