Cannabis REIT is a ‘marijuana bank’ in disguise, according to a costume

By Charlie Innis (April 25, 2022, 5:59 p.m. EDT) — An investor sued Innovative Industrial Properties Inc. in New Jersey federal court on Monday for alleged fraud, after a short-selling firm accused real estate-focused cannabis properties investment trust to actually operate as a marijuana lender.

Michael V. Mallozzi sued the REIT and three of its chief executives for allegedly violating the Securities Exchange Act of 1934. He claims that Innovative Industrial Properties misled investors about the nature of its business in several regulatory filings with the US Securities & Exchange Commission. , according to the proposed class action.

The allegations are based on a report published online by Blue…

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