Soren Aandahl from Blue Orca Capital makes the case that Innovative Industrial Properties (IIPR) is a cannabis bank, masquerading as a REIT. At the heart of its thesis, Blue Orca sees imminent risk of default at IIPR’s largest tenant, a real estate portfolio that appears to be worth far less than the carrying value on IIPR’s balance sheet, and significant deterioration in the financial health of its tenant portfolio.

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