Formerly one of the more popular marijuana stocks on the market, real estate investment trust (REIT) Innovative Industrial Properties (NYSE: IIPR) isn't making investors too happy. After market close on Wednesday, the company released its fourth-quarter 2020 results, and they fell short of analyst expectations. For the period, Innovative's total revenue was $37.09 million, more than double the $17.67 million it earned in the same quarter the preceding year. The dynamic was similar for net profit, which rose to just under $21 million, from the year-ago quarterly figure of $9.56 million, or $0.91 per share. Image source: Getty Images. Adjusted funds from operations (AFFO), considered a truer measure of profitability for REITs, doubled and then some to roughly $32.4 million. Prognosticators following the stock, however, were forecasting loftier headline numbers. They had estimated Innovative would post $38.5 million on the top line and $1.07 in per-share net profit. As a REIT, much of Innovative's growth during the quarter came from new properties in its portfolio. It closed deals on nine properties, in well-established or high-potential marijuana states such as California and Massachusetts. The company typically purchases real estate in sale-leaseback deals, under which the erstwhile owner remains a tenant. Ideally this is a win-win for Innovative and its counterparty, as the former adds another property to its portfolio, and the latter gets a pile of cash to help fund its operations. Innovative was quite a dog of a stock on Thursday in the wake of the earnings release. Disappointed investors had pushed its price down by 15% in midafternoon trading; by comparison, the S&P 500 index was only off by 1.8%. Here's The Marijuana Stock You've Been Waiting ForA little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom. And make no mistake – it is coming. Cannabis legalization is sweeping over North America – 15 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018. And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution. Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks. Simply click here to get the full story now. Learn moreEric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Innovative Industrial Properties. The Motley Fool has a disclosure policy.Source