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Benzinga

Business

Jelena Martinovic

Why Innovative Industrial Properties Stock Is Trading Lower Today

Innovative Industrial Properties IIPR

Innovative Industrial Properties’ (NYSE:IIPR) stock plunged 13.85% on Friday.

The San Diego-based cannabis company was trading at $95.88 per share around noon. The price continued to hover around there on the heels of a report in which IIPR's Delaware-based subsidiary, IIP-CA 2 LP, claimed that tenant Kings Garden Inc. failed to pay base rent and property management fees for the month of July under each of the leases for a total of six properties owned by IIP-CA 2 LP.

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