Paul E. Smithers has served as the President and Chief Executive Officer of Innovative Industrial Properties, Inc., since its formation and is one of the company’s directors. From August 2013 to July 2015, Mr. Smithers served as Co-Founder and Chief Legal Officer of Iso Nano International, LLC, a designer and manufacturer of advanced materials for use in the aerospace, consumer goods, electronics and safety industries. Prior to his time at Iso Nano, he was the Managing Partner of Smithers & Player, Attorneys at Law from September 1989 to July 2013 and was with the law firm of Ropers, Majeski in San Francisco from 1982 through 1988. Much of Mr. Smithers’ 35 years of legal experience has involved both commercial and residential real estate transactions and disputes. He is a member of the California Bar and a licensed California real estate broker.
In his exclusive interview with the Wall Street Transcript, Mr. Smithers details the methods behind his underwriting of industrial medical marijuana facilities.
“Innovative Industrial Properties is a publicly traded REIT focused on the acquisition, ownership and management of specialized industrial properties that are leased to experienced, state-licensed operators for regulated medical-use cannabis facilities. We completed our IPO and started our real estate operations with the acquisition of our first property in December of 2016. Our current property portfolio consists of six properties comprising over 700,000 rentable square feet located in five states, which are New York, Maryland, Arizona, Minnesota and Pennsylvania.”
The underwriting potential for this asset category is projected to have enormous potential.
“We look at the medical-use cannabis sector as a tremendous market opportunity. The regulated cannabis market in North America is projected to be $24.5 billion by 2021, and this represents a 28% compounded annual growth rate from 2016. As you probably know, 29 states have regulated medical-use cannabis programs, and several more are expected to come online in the near future.”
For the specific financial and legal strategy of the CEO of Innovative Industrial Properties, read the entire interview in the Wall Street Transcript.
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