Innovative Industrial Properties (NYSE:IIPR) (NYSE: IIPR) is a specialized real estate investment trust (REIT) focused on the regulated medical cannabis industry in the United States. The company acquires, owns and manages industrial properties that are leased to state-licensed medical cannabis operators on a long-term, triple-net lease basis. Its property portfolio includes cultivation facilities, processing centers and manufacturing sites designed to meet the stringent regulatory and security requirements of the cannabis sector.
Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties completed its initial public offering in December of the same year, becoming the first publicly traded REIT solely dedicated to serving the medical cannabis market. Since inception, the company has executed acquisitions across multiple states, including California, Arizona, Pennsylvania and Florida, reflecting its strategy of geographic diversification in leading cannabis markets. By partnering with licensed operators, Innovative Industrial Properties provides critical real estate capital that enables tenants to allocate more resources toward cultivation, product development and market expansion.
Under the leadership of Co-Founder and Chief Executive Officer Paul Smith, the company has pursued a disciplined approach to asset selection, focusing on facilities that meet both regional regulatory standards and the operational needs of sophisticated cannabis businesses. Innovative Industrial Properties’ management team oversees property development, leasing, asset management and compliance functions, maintaining a hands-on relationship with tenants to ensure ongoing adherence to local licensing requirements.
As the regulated cannabis industry continues to evolve, Innovative Industrial Properties aims to expand its portfolio and enhance shareholder value through strategic acquisitions, disciplined capital allocation and the provision of specialized real estate solutions. The company’s business model is designed to deliver stable, long-term cash flows derived from rents paid by established, licensed operators in an emerging and highly regulated industry.
