Marijuana real estate investment trust Innovative Industrial Properties Inc. shares fell 2.6% in after-hours trading Wednesday after the company reported first-quarter net income of $11.5 million, or 72 cents a share, compared with net income of $3.3 million, or 33 cents a share a year ago. Revenue rose to $21.1 million from $6.8 million in the year-ago quarter. The four analysts surveyed by FactSet estimated revenue of $20.8 million. The company noted that in the majority of U.S. states, cannabis has been deemed an essential business but the company did not discuss any further impacts on its REIT operations. The company was the subject of a short report in April by Grizzly Research that claimed it was akin to the "WeWork of cannabis." Innovative Industrial stock is down 7.1% in the past year, as the S&P 500 index fell 2.2%.
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