Hedgeye CEO Keith McCullough is adding Innovative Industrial Properties (IIPR) to the long side of Investing Ideas. Below is a brief note.
Looking to get your Hoodie friends some Cannabis exposure for the long weekend? They're going to need it!
Cannabis analyst Howard Penney likes Innovative Industrial Properties (IIPR) which is on big time sale here (low-end of its Risk Range) today.
Here's his recap of the latest quarter of big time growth:
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IIPR reported topline growth of 183% YoY at $24.3M, in line with FactSet Consensus of $24.3M, while net income grew 322% YoY to $13.0M. In Q2 2020, IIPR acquired eight properties, totaling approximately 775,000 rentable square feet (including expected rentable square feet upon completion of properties under development), located in CA, MA, MI, NJ, and PA – these properties were an aggregate investment of approximately $191.5 million. The cannabis REIT made new tenant relationships with the likes of Columbia Care and Curaleaf. |
Buy the damn dip,
KM