5 Medical Marijuana Stocks to Buy Now

3. Innovative Industrial Properties, Inc. (NYSE:IIPR)

Number Of Hedge Fund Holders: 15

Innovative Industrial Properties, Inc. (NYSE:IIPR) is a marijuana real estate investment trust (REIT) that focuses on the acquisition, ownership and management of specialized industrial properties leased to operators for their regulated medical-use cannabis facilities.

JMP Securities analyst Aaron Hecht lowered his price target on Innovative Industrial Properties, Inc. (NYSE:IIPR) to $150 from $190 but maintained an Outperform rating on the shares on July 19 following the announcement of Kings Garden tenant default by the company’s management after it missed rental payments. Although the Kings Garden default will be a near-term negative to FFO, the analyst believes that the company’s cash flow should be recouped once the facilities are re-leased.

At the end of the first quarter of 2022, 15 hedge funds in the database of Insider Monkey held stakes worth $311.4 million in Innovative Industrial Properties, Inc. (NYSE:IIPR), compared to 13 in the preceding quarter worth $273.7 million.