Innovative Industrial Properties, Inc. (NYSE: IIPR) is a real estate investment trust focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the medical cannabis industry. As a pioneer in this niche sector, the company structures long-term, triple-net leases that provide tenants with quality cultivation, processing and research facilities while delivering reliable cash flow and risk mitigation for investors.
Since its founding in 2016, Innovative Industrial Properties has pursued a disciplined investment strategy aimed at high-barrier markets and well-capitalized operators. The company targets facilities that support each tenant’s production cycle—from seed to sale—and often provides tenant improvements to ensure regulatory compliance and operational efficiency. By focusing exclusively on properties tailored to the unique requirements of medical cannabis cultivation and processing, IIPR has established itself as a leading provider of real estate capital in a rapidly evolving industry.
Innovative Industrial Properties’ portfolio spans multiple U.S. states where medical cannabis is legal, including California, New York, Pennsylvania and Florida, among others. The company continually evaluates new markets as state regulations evolve and demand for licensed cannabis production grows. Through a combination of acquisitions, developments and structured financings, IIPR has built a geographically diversified portfolio that aligns with long-term industry trends.
Headquartered in San Diego, Innovative Industrial Properties is led by Chairman and Chief Executive Officer Paul E. Smith, whose experience in real estate and healthcare finance underpins the company’s growth strategy. Supported by a leadership team with expertise in operations, legal and investment management, IIPR maintains a disciplined underwriting approach and strong governance framework to navigate the complexities of the regulated cannabis real estate market.