Why Innovative Industrial Properties Stock Is Trading Lower Today Innovative Industrial Properties ’ (NYSE: IIPR ) stock plunged 13.85% on Friday. The San Diego-based cannabis company was trading at $95.88 per share around noon. The price continued to hover around there on the heels of a report in which IIPR''s Delaware-based subsidiary, IIP-CA 2 LP, claimed that tenant Kings Garden Inc. failed to pay base rent and property management fees for the month of July under each of the leases for a total of six properties owned by IIP-CA 2 LP . According to a company filing , Kings Garden needs to pay a total of $2.2 million. Recent Moves With its next earnings release approaching, let’s take a look at IIPR’s recent moves. Year-to-date, shares of the cannabis real estate investment trust (REIT) had lost 61% . In February, IIPR raised $300 million through a public offering of IIP Operating Partnership LP’s senior notes due 2027. Shortly after, the … Full story available on Benzinga.com