PharmaCann defaults on $2.7M March rent; IIPR to pursue eviction for nine properties

INNOVATIVE INDUSTRIAL PROPERTIES INC

PharmaCann defaulted on March rent for nine leases totaling $2.7M across NY, IL, PA, OH, CO.
Two leases in MI and MA had rent fully abated since Feb 1, 2025; no further rent due.
PharmaCann represented 17% of IIPR's total rental revenues for FY2024.
Company will aggressively enforce rights, including potential eviction proceedings.

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