Innovative Industrial (IIPR) sees a buyer of 400 January $135 calls at $4.40, a safer play on cannabis as it owns the real estate of alot of those shops and trending strongly to highs lately with REITs. IIPR rarely sees options action so a trade that stands out as unusual even into highs as the name is now up +27% YTD. IIPR is a $3.5B small cap industrial REIT that is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. IIPR trades at 21x earnings, and sports a juicy 6.2% dividend yield as a nice bonus which should look alot more attractive with treasury yields now sinking lower amid rate cuts. Hedge fund ownership rose 5% last quarter. Short interest is at 6.9% and decreasing from 10% early in the year. MKM recently upped its target to $140 and cited that relative to its REIT peers, the company has minimal refinancing risk based on its unlevered balance sheet and an improving tenant base as the upcoming catalysts of cannabis rescheduling and lower interest rates play out.