Real estate investment trust (REIT) Innovative Industrial Properties (NYSE: IIPR), which offers a huge 9.8% dividend yield, has a fairly simple business model. But the company depends heavily on the success of one industry, marijuana. For many years that was a net benefit, as the industry's success fueled the REIT's growth. The big end goal for the marijuana industry, however, could be a big problem for Innovative Industrial. 

When Innovative Industrial held its initial public offering (IPO) in late 2016, it basically owned no properties. It used the cash from the stock sale to buy its first asset a couple days after the IPO. In other words, this wasn't a business that existed in any material form before it sold shares to the public. The IPO was based on the idea for a business model.

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Source Fool.com