A Michigan marijuana trade group has filed a lawsuit to challenge the state's newly approved tax on wholesale cannabis sales. The legal complaint was submitted to the Michigan Court of Claims shortly after the measure became law.

The implementation of that tax hike would likely have adverse effects on the growth of the cannabis industry in the state, potentially preventing other ancillary companies within the ecosystem, such as those similar to Innovative Industrial Properties Inc. (NYSE: IIPR), from opening their…

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