Innovative Industrial Properties Stock: Bear vs. Bull

Innovative Industrial Properties (NYSE: IIPR) hasn't escaped the sell-off the marijuana sector has experienced recently. Shares of the medical cannabis-focused real estate investment trust (REIT) are down by more than 60% in the past year. While that's a bad performance by almost any standard, there is a silver lining: The pot market in the U.S. is projected to grow rapidly in the coming years. Some estimates say it will register a compound annual growth rate of 14.9% through 2030.

Innovative Industrial Properties could be one of the businesses to profit from this lucrative opportunity. On the other hand, the company faces issues that could hinder its prospects. Should investors purchase shares of this REIT? Let's briefly consider the pros and cons of investing in Innovative Industrial Properties.