Company: IIPR
Filing Date: 2025-03-14
Form Type: 8-K
Source: 0001104659-25-024029
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Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-03-14
Form: 8-K
Item: Item 8.01
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Item 8.01      Other Events.  

PharmaCann

Innovative Industrial Properties, Inc. (together
with its subsidiaries, the “ Company”), through indirect, wholly owned subsidiaries serving as landlords, previously entered
into leases (collectively, the “ Leases”) with PharmaCann Inc. and its affiliates (collectively, “ PharmaCann”)
as tenants for eleven properties that the Company owns, which represented 17% of the Company’s total rental revenues for the year
ended December 31, 2024. On March 14, 2025, PharmaCann defaulted on its obligations to pay rent for the month of March under nine of
its eleven leases for properties located in New York, Illinois, Pennsylvania, Ohio, and Colorado. March rent owed for these nine Leases,
including base rent, property management fees and estimated tax and insurance payments, totaled $2.7 million. Monthly base rent of $1.3
million for the remaining two Leases, which are for cultivation properties in Michigan and Massachusetts, was previously abated in full
effective February 1, 2025, pursuant to the Lease amendments the Company entered into with PharmaCann in January 2025.

The Company is in continuing discussions with
PharmaCann regarding the Leases and expects to enforce its rights under the Leases aggressively, which may include, but is not limited
to, commencing eviction proceedings as the Company deems necessary.

Cautionary Statement Regarding Forward-Looking Statements