I’m reluctant to post anything about this stock on this board. It doesn’t meet most of the criteria necessary to be followed here. Here’s a summary of what they do:
Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. intends to elect to be taxed as a real estate investment trust. Additional information is available at www.innovativeindustrialproperties.com.
I bought a tiny position about a year ago, not long after they went public. It drifted until about September and then started to climb. In the last month or so it has exploded to the upside on much greater than average volume. My initial investment (speculation is probably a better word) is now up 85% in just under a year (most of it in the last month). And they pay $1.00/year dividend, about 3.1%. As I write (1/2/2018, 12:23 PST) the stock is up 12.5% on the day. Four officers just unloaded a bunch of shares. There are only 3.5M shares outstanding. It doesn’t take much activity to move the needle. California just legalized recreational marijuana. That might have something to do with it, though IIPR says they cater exclusively to medical marijuana growers. It wouldn’t be a big leap for them to change that declaration, though it would put them in a higher risk category.
Will they double this year? I really don’t have a clue and I don’t think there’s any way to make a reasonable analysis. For all intents and purposes, there’s no financial history. But, I increased my share count last week. IIPR is now slightly over 1% of my collective portfolio across three accounts.
Just thought I’d pass it along. Make of it what you will. Caveat Emptor.