Cannabis REIT reports 111% revenue increase
Cannabis real estate investment trust Innovative Industrial Properties Inc. shares rose 2.7% in the extended session Wednesday after it reported a 111% increase in revenue. The company reported fourth-quarter net income of $2.3 million, or 23 cents a share, compared with $284,000, or 7 cents a share, in the year-ago period. The company also paid a quarterly dividend of 35 cents a share on Jan. 15. Revenue rose to $4.8 million from $2.3 million in the year-ago period. There are three analysts covering Innovative Properties, which is not enough to a report a reliable FactSet consensus. Innovative Properties stock has gained 187% in the past year, with the S&P 500 index rising 1%.
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