Innovative Industrial Properties Inc (IIPR)

Innovative Industrial Properties Stock (IIPR) dropped by 16.95% from $110.88 to $92.09 in the trading on Thursday January 19, 2023. The reasons why IIPR stock down today include:

• Operating and investment activity update for the fourth quarter and full year 2022: IIPR's rent collection rate for January was only 92%, indicating that three tenants are having trouble paying up.
• Tenant payment issues: The company's difficulties are involving that its tenant Kings Garden defaulted, spooking investors.
• Cannabis industry downturn: Average selling prices per gram of cannabis are plummeting in many states, and many cannabis operators are seeing their top lines shrink or come under pressure. Most public U.S. pure-play marijuana businesses were unprofitable.