The start of this year brought the end of recreational marijuana prohibition in California, which means ripple effects in a variety of industries, including commercial real estate.
Innovative Industrial Properties Chief Financial Officer Catherine Hastings said she feels like a bit of a circus act, referring to the spectacle surrounding legalization. “I don't know how many people know what my company does, but we are the first public company dedicated to providing real estate to medicinal marijuana cultivators,” Hastings said in her opening remarks at Bisnow’s San Diego Industrial 2018 event at The Hyatt Regency La Jolla at Aventine. Her goal was to explain the cannabis industry and its place in the commercial real estate market. She joked that she did not have any snacks or handouts, but made sure the legitimacy of this business was well understood. “We are on the New York Stock Exchange. We went public December of 2016. We have currently five properties, none of them in California. And it's been a wild ride,” she said of Innovative Industrial Properties.