Morsa Images Dear readers, Innovative Industrial Properties, Inc. (NYSE:IIPR) is a cannabis REIT which owns just over a hundred properties located across the country. Similarly to its peer NewLake Capital Partners, Inc. (OTCQX:NLCP), it operates primarily in license-limited states, which significantly lowers new competition due to higher barriers of entry and reduces the risk because the license is often tied to the property which makes re-leasing (in case of tenant default or lease expiry) a lot easier. Th ...