Innovative Industrial Properties, Inc. is an internally-managed 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 is engaged in the business of providing real estate for the regulated industry. The Company acquires its properties through sale-leaseback transactions and third-party purchases. The Company owns approximately 103 properties comprising an aggregate of approximately 7.7 million rentable square feet (including approximately 2.5 million rentable square feet under development/redevelopment) in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington cannabis.