Innovative Industrial Properties, Inc. is an internally-managed REIT that acquires and owns specialized industrial and commercial properties across the United States, primarily leasing them to state-licensed cannabis operators under triple-net lease agreements in which tenants cover all property-related costs. The company's portfolio consists of industrial, greenhouse, and retail facilities across multiple states, generating revenue through contractual base rents and property management fees paid by cannabis operators and other tenants. IIP is diversifying beyond cannabis into life science properties as a growth strategy while maintaining exposure to experienced multi-state cannabis operators, positioning itself as a specialized real estate capital provider to operators who historically lacked traditional financing access.