Why Innovative Industrial Properties Stock Plunged Today
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Innovative Industrial Properties (IIPR) stock dropped significantly after PharmaCann, a major tenant, defaulted on all 11 of its leases.
December 20, 2024 | 5:45 pm
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Innovative Industrial Properties' stock fell sharply due to PharmaCann defaulting on all 11 of its leases, impacting IIPR's revenue and financial stability.
PharmaCann's default on leases directly affects IIPR's revenue stream, as it is one of the largest tenants. This unexpected default raises concerns about IIPR's financial health and future earnings, leading to a significant drop in stock price.
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