Wisconsin Democratic lawmakers recently introduced legislation that would legalize marijuana for both recreational and medical use, renewing a long-running debate as the state continues to lag behind nearby Midwestern neighbors on cannabis policy. Michigan and Illinois already permit recreational cannabis, while Minnesota has moved in the same direction. Wisconsin, by contrast, still treats most marijuana possession as a crime.

The eventual passing of a law legalizing both medical and adult-use marijuana in Wisconsin could create room for enterprises similar to Innovative Industrial Properties Inc. (NYSE: IIPR) to emerge and…

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