Kafkaesque Sale of IIPR: Koa Wealth’s Cold Exit

In a filing dated October 28, 2025, to the U.S. Securities and Exchange Commission, Koa Wealth Management, LLC solemnly announced the complete liquidation of its stake in Innovative Industrial Properties. The shares, once firmly held in the fund’s portfolio, were dispensed with in an action that bore the hallmarks of finality. At the close of Q3 2025, the fund held not a single share of the company. A stark zero. And with this, the name of Innovative Industrial Properties fades into the distant past of financial history, leaving no trace of its former 3.0% share in the fund’s Assets Under Management (AUM).



