Innovative Industrial Properties Beats the shorts $iipr
"Is Innovative Industrial Properties (NYSE:IIPR) the WeWork of Cannabis," asks Grizzly Research. "We think it's worse."
"We visited in person dozens of properties, interviewed neighbors, the county clerks, and reviewed related leases. Our findings are shocking: We believe IIPR has accumulated a highly toxic portfolio of low-quality assets."
"Our cash flow analysis shows that IIPR has many characteristics of a pyramid scheme. We believe the ever-increasing dividend would have to be financed from capital raises or reduced substantially."
Grizzly pegs value of the stock at $22.29, even under an optimistic scenario. Shares are down 4.45% to $66.07.
source seeking alpha
"We visited in person dozens of properties, interviewed neighbors, the county clerks, and reviewed related leases. Our findings are shocking: We believe IIPR has accumulated a highly toxic portfolio of low-quality assets."
"Our cash flow analysis shows that IIPR has many characteristics of a pyramid scheme. We believe the ever-increasing dividend would have to be financed from capital raises or reduced substantially."
Grizzly pegs value of the stock at $22.29, even under an optimistic scenario. Shares are down 4.45% to $66.07.
source seeking alpha