Is this Cannabis Stock going up in Flames?

Innovative Industrial Properties (NYSE: IIPR) -- often referred to as IIP -- quickly became one of the hottest growth stocks in the cannabis industry.

The real estate investment trust (REIT), buys and leases industrial properties to licensed medical marijuana operators. At its peak in February 2021, it had grown 916% in five years.

But its stellar growth has come to a screeching halt. Concern over the legalization of cannabis, followed by a class action lawsuit, and now a default from its largest tenant have pushed shares down 64% from recent highs.

Investors rightfully are wondering if the stock is going up in flames, or if it's bound to recover. Here's what's going on, and where the stock could be headed in the future.