07:36 AM EDT, 03/16/2026 (MT Newswires) -- Innovative Industrial Properties ( IIPR ) said Monday it resolved lease default litigation with PharmaCann through a settlement that secures financial judgments and mandates the return of three facilities by late May.

The real estate firm recently signed agreements with alternative operators for six cultivation assets previously occupied by PharmaCann or Gold Flora across multiple states, the company said.

Tentative leasing arrangements are in place with new operators for four locations currently rented to 4Front pending the conclusion of receivership proceedings expected by Q3, it said.

The Cannabist Company, alongside Battle Green, defaulted on March rent obligations for individual properties, prompting the company to use security deposits to cover the combined $1.4 million owed, Innovative Industrial said.

Innovative Industrial and PharmaCann did not immediately respond to MT Newswires' request for comment.