Why Innovative Industrial Properties Stock Tumbled by Nearly 34% in 2024

For much of 2024, Innovative Industrial Properties (NYSE: IIPR) was atypical for a marijuana stock in that its share price generally rose. Two news items that hit headlines toward the end of the year, however, reversed that trend, and the pot real estate investment trust (REIT) ended up closing the year with an annual stock price decline of almost 34%.The first of the downbeat developments -- at least from Innovative's standpoint -- occurred on Election Day. All three recreational cannabis legalization measures up for a vote failed to pass -- specifically, in North and South Dakota and Florida. Because of a host of negative factors such as heavy competition, aggressive taxation, and the lack of access to even basic financial services, the overwhelming majority of marijuana businesses are unprofitable. The multstate operators that crowd the scene badly need a wider national market for their goods. On Nov. 5, they didn't get one. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool