Why Is Everyone Talking About Innovative Industrial Properties Stock?

Over the past year, shares of medical cannabis real estate investment trust (REIT) Innovative Industrial Properties (NYSE: IIPR) have soared by close to 140%. Such a level of share appreciation is abnormal for REIT companies, as they rely heavily on pre-negotiated rent checks and lease payments for their revenue. Just what could be behind Innovative Industrial's impressive share rally, and is it too late to buy into the hype?