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Featured Cannabis Stock Pick for 2020: Innovative Industrial Properties, Acquires Massive Property in Florida

Our analysts have already done the research and review on Innovative Industrial Properties (NYSE: IIPR) and firmly believe that it is one of the best cannabis stock picks for 2020

IIPR Cannabis Stock Hemp News Pot Stock 2020Cannabis investments can be very tricky as there are a number of undervalued cannabis securities currently on the market (unless you use a predictive stock algorithm, of course). The time and work involved to select the right cannabis stock investment can be an arduous process. Analysts here at Cannin do the work for you and provide carefully vetted cannabis stock picks to grow your portfolio. Investors who want to enter into the cannabis sector or dollar cost average down their current holdings may want to follow the advice of our analysts as they’ve determined the best cannabis stock investment opportunities for 2020. Cannabis companies that aren’t the most well-known, unlike cannabis companies like Canopy Growth Corp. (NYSE: CGC) and Aurora Cannabis (NYSE: ACB), can still provide investors with the opportunity for great growth and return on investments.

Out of all the cannabis companies that offer cannabis investing opportunities on public cannabis stock markets, our analysts have determined that Innovative Industrial Properties is one of the best cannabis stocks to watch in 2020. The company has the security it needs to operate without volatility from the cannabis sector as it provides access to cannabis companies with real estate properties.

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Featured Cannabis Stock Pick for 2020: Innovative Industrial Properties

Innovative Industrial Properties is considered a “cannabis stock parallel investment” as it does not handle cannabis in any form whatsoever. The company only provides the properties for cannabis cultivation or cannabis product production to cannabis companies through long-term lease agreements. We recommended Innovative Industrial Properties earlier this year based on its indirect cannabis sector involvement that guarantees revenue from long-term lease agreements on real estate purchases, rapid expansion through real estate property acquisitions, strong year-over-year growth, and now the company announced that it has acquired another real estate property and entered it into a long-term lease agreement. But what do the property acquisition and long-term lease agreements have to do with the stock being a cannabis stock pick for 2020?

Cannabis Hemp News Stocks Best StocksThe company purchased the Wimauma, Florida property, which is approximately 373,000 square feet of industrial and greenhouse space, for $35.3 million. Upon the close of the property purchase, Innovative Industrial Properties entered into a triple-net lease agreement with a subsidiary to the parent company of Surterra Wellness, Parallel. Parallel’s subsidiary will continue to operate the Florida property as a medical cannabis cultivation and processing facility. Investment in the property will be made by Parallel and Innovative Industrial Properties will reimburse Parallel’s investments up to $8.2 million.

Paul Smithers, President and Chief Executive Officer of IIP, stated: “We are thrilled to execute this transaction with Parallel, and look forward to supporting Parallel as their long-term real estate capital partner in Florida and elsewhere. Parallel has a tremendous footprint in Florida with its 39 operating dispensary locations, and we expect the Wimauma facility to be a critical catalyst to Parallel’s continued growth and expansion of operations to meet the tremendous patient need for high-quality medical cannabis products throughout Florida.”

Florida is one of the fastest-growing medical-cannabis markets in the United States and is currently one of the largest medical-cannabis use markets nationwide. The state passed medical cannabis through a ballot initiative that had a majority vote of 71%. As of March 6th, 2020, it was reported by the Florida Office of Medical Marijuana Use that the state of Florida has over 320,000 qualified medical cannabis patients and over 2,500 physicians that are qualified in the state’s medical cannabis program.

Innovative Industrial Properties gained another property as of today and raised its total number of owned properties to 53. It now has over 3.8 million square feet of rentable space and an approximate 1.1 million square feet that is currently under development or re-development. The company’s lease agreements cover 99.1% out of the total 3.8 million square feet that it owns with a weighted-average remaining lease term of approximately 15.9 years.

Featured Cannabis Stock Pick for 2020: Innovative Industrial Properties, Acquires Massive Property in Florida

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