{
  "docId": "019dd923-622c-750b-8b9a-e29456cbe117",
  "docSlug": "6acbd8e96867",
  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 22,
  "pageCount": 36,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 16,
  "notes": "The slide highlights a potential fraudulent or pre-arranged transaction structure involving IIPR and Emerald Growth Partners.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-e29456cbe117/22",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-e29456cbe117",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-e29456cbe117.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-e29456cbe117#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The peculiarity of how EGH was able to sell a property to IIPR before even owning it is already disturbing.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f8-7007-94e2-133121dfcbe5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.27
      },
      "kind": "image",
      "text": "WARRANTY DEED snippet 1",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d371c3f4-9a8b-4b9b-8368-f4094f35335f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.45
      },
      "kind": "image",
      "text": "WARRANTY DEED snippet 2",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb9d981b-23f0-4a1f-9cd5-d9c08f840af3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "Deed records show that IIPR purchased the property from EGH Executive LLC on 06/05/2019 for $6.86M, which matches IIPR's announcement.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12436646-bcd7-4ca0-8562-c8957001e83a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.78,
        "x": 0.11,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "We identify the address to be 40800 Executive, Harrison Township, MI 48045",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "28cc7da7-bcfb-4daa-994e-5eec329e9743",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.11,
        "y": 0.79
      },
      "kind": "paragraph",
      "text": "The peculiarity of how EGH was able to sell a property to IIPR before even owning it is already disturbing. This transaction seems clearly prearranged to put money into the pockets of Emerald Growth Partners. We dare to ask again: Is IIPR really just a bank for low quality cannabis companies? We noticed that in the signature section of the deeds, these two deeds were signed one day apart.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7db9bc3a-9972-4970-89ca-3f046cf5ad55",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.39
      },
      "kind": "paragraph",
      "text": "However, another deed indicates that EGH Executive LLC purchased the exact property from Production Drive Properties on 07/04/2019 for $2M.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7e8f400d-4c34-4333-b0fd-e1119104a837",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "IIPR purchased a property in Harrison MI from Emerald Growth Partners comprising of 45,000 sq. ft. of industrial space on 06/05/2019 for a purchase price of $6.9M. IIPR is offering up to $3.1M in reimbursement for improvements.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff1f28e1-43a3-4cd4-9e7e-0421e8663430",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.78,
        "x": 0.11,
        "y": 0.58
      },
      "kind": "table",
      "text": "Sale History table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51b64cab-95d9-4579-a98f-e4f81638817d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.25,
        "y": 0.09
      },
      "kind": "title",
      "text": "3.2 Harrison Township MU Emerald Growth Partners",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b15428d9-4196-4675-83e9-de5037cd621c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 24,
      "from": 19,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "a2b3a709-bf18-4695-8f66-36016f55a445",
      "evidence": "The report suggests that IIPR's overpaid property values are a sign of a larger issue.",
      "position": 1,
      "objective": "What are the implications of IIPR's overpaid property values?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.6,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}