IIP resolves PharmaCann default; cuts monthly rent on 9 properties to $2.6M, abates rent on 2

INNOVATIVE INDUSTRIAL PROPERTIES INC

Security deposits fully used to cover Dec 2024 and Jan 2025 rent defaults and penalties.
Monthly base rent on 9 properties reduced from $2.8M to $2.6M; cash rent resumes Feb 1, 2025.
Two cultivation properties in MI and MA: rent abated from Feb 1, 2025; if not transitioned by Aug 1, 2025, IIP regains full control.
PharmaCann issued a secured promissory note to IIP maturing Feb 1, 2035, junior to existing senior secured facility.
Agreement void if PharmaCann fails to refinance its senior credit facility by June 30, 2025.

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