Innovative Industrial Properties Inc.

In 1996, voters made California the first state in the United States to allow for medical-use cannabis. Over the next twenty years, medical-use cannabis programs have been adopted by over half of the United States, where over 200 million people reside. As of December 31, 2017, 29 states, plus the District of Columbia, have adopted medical-use cannabis programs. This wave of adoption by states of medical-use cannabis programs has been driven by the rapidly evolving, overwhelming acceptance of Americans for medical-use cannabis as an alternative form of treatment for patients. In fact, according to a 2017 poll conducted by Quinnipiac University, 94% of those surveyed support adults being able to use medical cannabis, if recommended by a doctor.
According to The ArcView Group, sales of legal cannabis in North America are expected to grow from $6.8 billion in 2016 to $24.5 billion in 2021, representing a 28% compound annual growth rate. States have authorized numerous medical conditions as qualifying conditions for treatment with medical-use cannabis, which may include, among others, treatment for cancer, glaucoma, HIV/AIDs, wasting syndrome, pain, nausea, seizures, muscle spasms, multiple sclerosis, post-traumatic stress disorder (PTSD), migraines, arthritis, Parkinson's disease, Alzheimer's, lupus, residual limb pain, spinal cord injuries, inflammatory bowel disease and terminal illness. The Marijuana Policy Project estimates that, as of February 2018, an estimated 2.5 million people were registered as patients in states with regulated medical-use cannabis programs.