Cannabis-focused real-estate company Innovative Industrial Properties, Inc. (NYSE:IIPR) confirmed Monday it has bought a property in Windsor, Michigan for around $15.6 million. The property is located at 9410 Davis Highway.
What Happened
In relation to the transaction, the company signed a long-term, triple-net lease agreement with Green Peak Industries LLC (known as Skymint Brands). Skymint plans to run the property as a cannabis cultivation, processing and distribution facility, once the improvements for the industrial building are finalized.
The building covers roughly 175,000 sq. ft. of space, and IIP approved to compensate up to around $14.4 million for its redevelopment. In case of granting the full reimbursement, the company’s total investment in the property will amount to $30 million.
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3 Marijuana Stocks To Watch Mid April
Looking at marijuana stocks at the close of April 16th it appeared that better trading is making its way into the sector. Since mid-February, many marijuana stocks were faced with a drop in the market. Now there are a few factors as to why this may have happened but overall investors have waited to see a pick up in trading. With everything thatâs going on in the cannabis industry, many people are finding ways to invest in the sector.
Now with how quickly cannabis stocks trade-in prices some plays may be better than others. For example, if one particular marijuana stock is a bit too volatile it may present some higher risk factors. Even though potential gain can happen much faster than some other cannabis stocks to watch. As cannabis stocks start to build more trading momentum investors will look to take profits. However, as some marijuana stocks start to recover others are still in the red.
GrowGeneration Corp. (NASDAQ: GRWG)Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. is a real estate company specifically focusing on leasing properties to licensed companies in the regulated U.S. cannabis industry. With its most recent expansion, IIP owns 68 properties across 18 states in the U.S. In April the company announced it entered into an agreement with a Jushi Holdings Inc. (OTC: JUSHF) subsidiary in Pennsylvania for a cannabis growing and processing facility. In detail, IIP is adding an additional $30 million in funding for the completion and buildout of the facility and has a total investment of approximately $45.8 million.
In February IIP released full-year 2020 financials that showed strong revenue growth. The company generated total revenues last year of approximately $116.9 million up 162% from 2019 but missed estimates by analysts. Another important part about IIP declared is its dividend to shareholders totaling $4.47 per share a 58% i
Author Bio
Rachel primarily covers healthcare stocks for the Fool. She leverages her background and education in the legal field to inform her detailed research and analysis of the stock market.
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