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  "docSlug": "6acbd8e96867",
  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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  "pageCount": 36,
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  "notes": "Includes a bear icon, likely representing a short-seller thesis.",
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      "kind": "callout",
      "text": "We suspect IIPR keeps its low-quality tenant solvent through sham transactions to hide deteriorating credit quality from investors.",
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      "text": "Circular flow diagram showing capital raising, investment, tenant insolvency, and sham transactions to maintain investor perception.",
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      "kind": "paragraph",
      "text": "We have established that PharmaCann is by far the most significant tenant for IIPR, and believe PharmaCann is currently financially challenged or even at the brink of insolvency.",
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      "kind": "paragraph",
      "text": "We believe IIPR is trying to hide that its business model is fundamentally flawed. Already financially strained tenants sign overpriced sales leasebacks at onerous yields.",
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      "kind": "title",
      "text": "2.1.1 Throwing Good Money after Bad – Is IIPR PharmaCann’s Bank?",
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