● IIPR is a publicly traded REIT focused on cannabis, and we are highly skeptical of the company and its management. ● We visited in person dozens of properties, interviewed neighbors, the county clerks, and reviewed related leases. Our findings are shocking: We believe IIPR has accumulated a highly toxic portfolio of low-quality assets. ● In our opinion IIPR either fails to do basic due diligence on its counterparts or is defrauding investors. ●Our independent analysis concludes that IIPR’s value per share is even under optimistic assumptions no more than $22.29.