Investors in a class action failed to adequately plead that a trust’s statements about its holdings in a cannabis business were fraud, a federal court said.
Innovative Industrial Properties Inc. is a publicly traded real estate trust that focuses on acquisition and management of properties it leases to legal cannabis growers. IIPR acquires the properties and then leases them back to the grower. IIPR’s income derives from the rent it collects from the tenants, Judge Evelyn Padin said Wednesday in an opinion by the US District Court for the District of New Jersey.
Kings Garden is a cannabis grower founded ...
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