A shareholder in a real estate trust specializing in industrial cannabis property leases is accusing the trust’s directors of failing to perform due diligence on two of its largest tenants, which were allegedly “mired in scandal.”
Investor Franco DeBlasio says Kings Garden Inc. and SH Parent Inc. together made up 18% of Innovative Industrial Properties Inc.'s rental income. The two cannabis growers defaulted on their rental payments, DeBlasio says in the derivative suit, filed Monday in the US District Court for the District of Maryland.
The real estate trust, which trades under IIPR, had allegedly approved more than $48 million ...
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