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Why Marijuana Stock IIPR Popped 13% in July and Is Up 6% in August So Far
Beth McKenna(TMFMcKenna)
Aug 9, 2021 at 1:25PM
What happened
Shares of Innovative Industrial Properties (NYSE:IIPR) jumped 12.6% in July, according to data from S&P Global Market Intelligence. The S&P 500 index returned 2.3% last month.
The stock's monthly gain largely stems from continued investor enthusiasm about the prospects for the cannabis-focused real estate investment trust (REIT), rather than a specific catalyst. However, a portion of July's rise can be attributed to a Wall Street firm initiating coverage of the stock with an outperform rating.
Shares of IIP (as the company is often called) tacked on 6.3% last week, the first week of August, thanks to the company's release of strong second-quarter results. Through Friday, Aug. 6, the stock has returned 112% over the one-year period, compared to the broader market's 34.5% return.
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