Marijuana consumption lounges are reshaping the hospitality industry with experiences that blend social spaces and regulated cannabis use. What started as a niche concept with events like edible-friendly yoga or art sessions has developed into a broader push for dedicated spaces where adults can gather and consume legally.

As consumption lounges gain traction around the country, new business opportunities could open up for cannabis ecosystem players like Innovative Industrial Properties Inc. (NYSE: IIPR) that can tweak…

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