Innovative Industrial Properties, Inc. is a real estate investment trust (REIT). The Company is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated state-licensed cannabis facilities. It acquires properties through sale-leaseback transactions and third-party purchases. The Company partners with medical-use cannabis operators and serves as a source of capital by acquiring and leasing back their real estate assets, in addition to offering other real estate-based capital solutions. It partners with licensed operators across all product types: cultivation, processing, distribution and retail. The Company owns approximately 66 properties located in 17 states totaling approximately 5.4 million rentable square feet.