Innovative Industrial Properties (IIPR) said Friday that PharmaCann defaulted on December rent obligations for six properties in six states totaling $4.2 million.
The real estate investment trust said it applied security deposits to cover the unpaid rent and late penalties for those properties. Cross-default provisions triggered PharmaCann's default on five additional leases, despite paying full rent of $90,000 against those five leases, the company said.
Innovative Industrial shares were down 6.7% in recent premarket activity.
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