Innovative Industrial Properties Inc. (NYSE: IIPR) is the only dividend-paying cannabis company right now (though odds are it won't be the last).
I recommended it in mid-October 2018 at just above $43 a share.
We've had the chance to reap gains as high as 218% in the meantime, far outpacing the modest 7% gains seen on the S&P 500. That performance isn't surprising, given that this unique, rare stock sits right at the nexus of cannabis and real estate.
What is surprising, on the surface, is how the shares have fallen since the middle of July.
Cannabis' only dividend-payer has dropped from a July 11 intraday high of $139.53 to sit just above $104 at the time of writing.
Certainly nothing's happened since then to throw any cold water on marijuana's explosive growth; the march to federal de-scheduling and legalization has, if anything, sped up.
I hope everyone's taking the opportunity to add to their IIPR position at these bargain prices, because they'll be a distant memory soon.
About the Author
Greg Miller started working on Wall Street in September, 1987, just a month before the “Black Monday” stock market crash.
During his career there, he became an expert in just about every kind of publicly traded security - from blue-chip and small-cap stocks to municipals, junk bonds, and derivatives. As a portfolio manager, Greg was responsible for over $500 million of assets in mutual funds and insurance company accounts.
After leaving the Street, he designed a successful options trading strategy and made lucrative tech investments for a financial publication. He has also helped develop new products and worked with other editors to hone their strategies. He’s always been dedicated to deep, fundamental research - and he always will be - because he believes buying the very best companies at the right price is the best way to amass wealth in the stock market.