Medical and recreational marijuana use is now legal in 28 U.S states, this has initially created an increase in warehouse property values as well as rents which multiplied 4 times over, and cut prices for the plant from $4,000 to $1,000/lb. Growers have begun to move some of their operations from warehouses to greenhouses which rent for far less, or have retrofitted existing warehouses to include greenhouse operations within the current layout. Investors are quickly acquiring industrial properties in cities where marijuana use is legalized, drastically increasing property values. In areas where growers and related businesses can gain licensing there is also an increase in land prices, which are willingly being bought at a premium. On the institutional level, publicly traded, San Diego based Innovative Industrial Properties (IIPR) and New York based Kalyx Development, which is a private company, are just two REITS which have been created solely to focus on the marijuana industry, Kalyx alone has over 600,000 SF of Industrial space within its portfolio.