Exhibit 21.1
The list below excludes subsidiaries in the same line of business (ownership and operation of commercial real estate) and includes the immediate parent of each excluded subsidiary. The list also excludes subsidiaries that in the aggregate, as a single subsidiary, would not constitute a significant subsidiary as of January 24, 2022. A total of 64 subsidiaries have been excluded.
| Subsidiary | State of Incorporation/Formation | |
| IIP Operating Partnership, LP | Delaware | |
| Innovative Industrial Properties, LP | Delaware | |
| IIPR, Inc. | Maryland | |
| IIP-GP 2 LLC | Delaware |