IIPR stock has been on the move since the start of the year, outperforming the broader cannabis market. As of July 5, the stock gained as much as 165% over the year. And a month later, things are still looking good for the real estate company.
This morning, Innovative Industrial Properties (NYSE:IIPR) is trading in the green on the New York Stock Exchange. Why? It likely has to do with last week's announcement, which stated that the company closed a Pennsylvania-based acquisition in addition to expanding its partnership with PharmaCann.
Here's what we know.
IIPR Stock Continues to Ride High on Week Old News
Last Monday, August 12, Innovative Industrial Properties, the only real estate company on the NYSE to focus on the cannabis industry, said it closed the acquisition of a Scott Township, Pennsylvania property. Also, the San Diego-based company said it's entered into a long-term lease agreement with PharmaCann for a roughly 23,000 square foot industrial facility. It has also entered into a lease and development agreement for a roughly 31,000 square foot greenhouse facility on the same property.
“We look forward to working closely with the PharmaCann team in the development of this new facility that will provide them with the highly controlled environment to meet their exacting product specifications," said CEO of IIPR, Paul Smithers.
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Meanwhile, the CEO of PharmaCann is just as optimistic about the facility: “We are focused on the development of this property; we look forward to bringing our expertise and standard of product quality to patients throughout the state.”
The market seems optimistic, as well. During a time when cannabis stocks are mixed, IIPR stock is showing its in its own category.
According to Yahoo Finance, as of 12:18 PM EDT, IIPR stock is trading at $113.51; this puts the stock up 3.01%.
Takeaway
Do you have any thoughts on Innovative Industrial Properties' recent announcements? Let us know your thoughts in the comments below, and if you think IIPR stock will stay in the green for the remainder of the week!
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