Innovative Industrial Properties Inc has reached a settlement agreement regarding unpaid amounts under Pharmacann’s property lease agreements in New York, Ohio, and Pennsylvania.

The settlement includes monetary judgments for the rental arrears in the aforementioned three states. According to the terms of the agreement, the court will issue a mandatory monetary judgment for the rent and related fees owed by Pharmacann. This settlement marks a key progress in the long-standing lease dispute between the parties, providing a clear legal enforcement path for the settlement of debts related to interstate property leases. Innovative Industrial Properties, as a professional medical cannabis real estate investment trust, further strengthens the performance guarantee mechanism for lease terms in its asset portfolio through this settlement. The content of the settlement focuses on contract fulfillment, highlighting the important role of legal tools in protecting the rights and interests of landlords in the commercial leasing market.