12:13 PM EST, 12/20/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and last paragraph.)

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 over 21% in recent trading.

Price: 74.96, Change: -20.38, Percent Change: -21.37