Piper Sandler lowered the firm’s price target on Innovative Industrial Properties (IIPR) to $118 from $120 and keeps a Neutral rating on the shares. While it’s easy to see the cash flow benefits of re-scheduling cannabis to 3 from 1, as it would remove the 280E IRS prohibition, Piper believes the lack of SAFE Banking actually helps the industry by imposing financial restraints, the firm told investors in a research note.
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