Leading Maryland-based cannabis investing company, Innovative Industrial Properties, Inc. (NYSE: IIPR) surged 10% to $44 per share after announcing results for the quarter ended September 2018, the seventh quarter since it began operations in December 2016.
IIPR is a self-advised Maryland corporation focused on buying and owning properties leased to experienced, licensed operators for their medical-use cannabis facilities. IIPR is taxed as a real estate investment trust.
In Q3, IIPR reported revenue of $3.9 million, an increase of 150% from prior year. It posted net income of $1.5 million, or $0.21 per share
It paid its sixth consecutive quarterly dividend of $0.35 per share on October 15, 2018, a 40% increase over its Q2 dividend.
After the quarter, it completed a public offering of almost 3 million shares, raising $113.9 million.
For detailed analyses of top cannabis companies that help you decide if a stock is worth investing in, check out Cannin’s investment research products: The Cannin Chronicle, a free weekly analysis, or the Cannin Report, an in-depth quarterly report with detailed analyses of leading companies you won’t find elsewhere.
Cannin. Your focused cannabis investment resource
IIPR press release
Yahoo Finance website