Why This Cannabis REIT Remains a Top Bet Among Pot Stocks
Based on recent market trends, investors in hemp stocks and cannabis stocks might consider diversifying their portfolio. If you are one of those investors considering alternative hemp stocks, you should consider including Innovative Industrial Properties Inc (NYSE: IIPR). Innovative Industrial Properties does not produce or distribute cannabis products, however it still has a critical role to play in the legal cannabis sector. Why does this Cannabis REIT Remain a Top Bet Among Pot Stocks?
The company is a Real Estate Investment Trust (or REIT) and deals with acquisition, ownership, and managing properties for licensed cannabis operators. Currently, Innovative Industrial Properties owns 57 properties, around 4.3 million square feet, across the United States. It is the only company in this field and has enormous market potential.
Innovative Industrial Properties dividend for Q2 2020
While most pot stocks are struggling with mounting losses, IIPR generates enough profits and cash flow to pay a dividend to investors. On June 15, 2020 Innovative Properties announced a dividend $1.06 per share of common stock, indicating a yield of 4.6%.
In comparison to the first quarter of 2020, the dividend growth rate is around 6%, and the dividend growth rate is 77% higher year over year. On an annualized basis, the current dividend is equivalent to $4.24 per share. Since its initial issue in December 2016, this is the seventh time that the company has increased the dividend amount paid to shareholders.
IIPR’s deal with Green Leaf
In a press release on Monday, IIPR announced certain updates about an agreement with a subsidiary of Green Leaf Medical LLC. The agreement concerns a property in Pennsylvania and IIPR’s investments in this property is close to $43 million. This property is a part of a sale-leaseback transaction between Greenleaf and IIPR. These two companies also have an agreement for a 82,000 square feet property in Richmond, Virginia.
As per the amended agreement, $30 million will be made available for expanding the cannabis cultivation and processing facilities. The President and Chief Executive Officer of Innovative Industrial Properties, Paul Smithers, commented, “We are thrilled to expand our real estate partnership once again with Green Leaf, providing them the capital for this key expansion at their mission-critical facility in Saxton,”.
IIPR stock is currently trading at $92.83. Although the stock dipped to $46.51 on March 18, it has recovered since in this pandemic hit economy. Since May 26, IIPR stock price has risen 8% and the year to date returns is approximately 25%.
Why This Cannabis REIT Remains a Top Bet Among Pot Stocks
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