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Innovative Industrial Properties became the first marijuana-related company Thursday to trade on the New York Stock Exchange, drawing a lukewarm reception from Wall Street investors.
The cannabis-focused real estate investment trust (REIT) closed down 4.25%. Trading under the ticker symbol IIPR, it finished the day at $19.15 per share, or 85 cents below its initial offering price of $20. The company’s shares briefly touched $20.52 after the opening bell but then dropped throughout the day.
The company, headquartered in San Diego but incorporated in Maryland, buys medical marijuana-related facilities and leases them. It had filed with the NYSE in