Cannabis real estate stays hot

More than 20 states have designated the cannabis industry to be essential, allowing medical marijuana dispensaries, and in some cases recreational facilities, to stay open during shelter-in-place orders, according to a report in the Wall Street Journal. This has been a boon for owners of cannabis real estate. 

• Dig Deeper: Innovative Industrial Properties, the only publicly listed landlord in the U.S. focused on cannabis facilities, has purchased five sites totaling around $176 million since March. It owns 49 medical cannabis cultivation facilities and seven dispensaries in 15 states. Shares of the San Diego-based real-estate investment trust have significantly outperformed the broader REIT market since the onset of the pandemic. [WSJ]