Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.
Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector. Since its inception, the company has pursued an acquisition strategy across multiple jurisdictions where cannabis is legal for medical or adult-use purposes. Its properties span a diverse set of states, including California, Arizona, Pennsylvania, Massachusetts and Illinois, reflecting both mature and emerging markets. Each property is selected for its compliance readiness, strategic location and potential to support tenant growth.
Under the leadership of President and Chief Executive Officer Paul E. Smith, who has more than 20 years of real estate experience, the company emphasizes disciplined underwriting, rigorous due diligence and strong tenant relationships. Innovative Industrial Properties maintains an internal team responsible for asset and property management, ensuring that facilities meet evolving regulatory standards and tenant needs. The company’s governance framework and specialized focus position it to capitalize on opportunities within the rapidly expanding legal cannabis sector.
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