Alliance Global Partners analyst Aaron Grey initiated coverage of Innovative Industrial Properties (IIPR) with a Buy rating and $130 price target The firm views Innovative Industrial as the “leading REIT in the cannabis space,” citing the company’s NYSE listing and capital structure as giving it “an advantaged position” to acquire, via sale-leasebacks, cannabis facilities within the growing cannabis sector. The firm expects the current insulated state-by-state model of the cannabis supply chain to persist in the near- to medium-term, providing opportunities for Innovative to expand, the analyst added.
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