Innovative Industrial Properties, Inc. targets medical-use cannabis facilities for acquisition, including sale-leaseback transactions, with tenants that are licensed growers. Our leases with growers are typically structured as long-term triple-net leases, where the tenant is responsible for all aspects and costs of the property and its operation during the lease. According to The ArcView Group, sales of legal cannabis in North America grew to $6.8 billion in 2016, up 34% from 2015. Of the $6.8 billion in estimated sales in 2016, over $5.0 billion were medical-use sales. We believe this industry is poised for significant continued growth in coming years, fueled by changing public attitudes in the United States. A 2016 poll by Quinnipiac University found that 89% of Americans support patient access to medical-use cannabis, if recommended by a doctor. This follows a 2015 poll by Harris, which found 81% of Americans support the legalization of cannabis for medical use.
Our senior management team has proven experience in all aspects of the real estate industry, including acquisitions, dispositions, construction, development, management, finance and capital markets. Our executive chairman, Alan D. Gold, is a 30-year veteran of the real estate industry, including co-founding two NYSE-listed REITs: BioMed Realty Trust, Inc. (formerly NYSE: BMR), a real estate company focused on acquiring, developing, owning, leasing and managing laboratory and office space for the life science industry; and Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT focused on collaborative science and technology campuses. Mr. Gold served as chairman and chief executive officer of BioMed Realty from its initial public offering in 2004 through its sale to Blackstone in 2016 for $8 billion.