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Cannabis stocks are some of the hottest growth stocks on the market as the wave of legalization washes from state to state and country to country.
But the newness of the industry and the complicated legal status – cannabis is still illegal at the U.S. federal level despite 11 states fully legalizing it – means finding marijuana stocks that pay dividends can be nearly impossible.
But one of our favorite cannabis stocks does pay a dividend, and as you'll see below, the stock's chart shows right now is the perfect time to buy.
One of Money Morning Director of Cannabis Investing Research Greg Miller's favorite cannabis stocks with dividends is Innovative Industrial Properties Inc. (NYSE: IIPR). This a real estate investment trust (REIT) that owns the real estate needed for cannabis companies to do business but does not touch the plant itself.
Innovative buys the cannabis facilities from the companies that build them and leases those facilities back at a handsome premium. Innovative gets above-market rents, and the companies get the cash they need to grow their cannabis business.
THREE STOCKS: Any one of these cannabis companies could potentially deliver a 1,000% windfall. Click here to learn more…
That's made IIPR one of the best marijuana stocks on the market, even though the company doesn't make or sell the products. The market certainly got excited over the stock, and investors piled in earlier this year. And why not? The company was doing great.
But that's not the whole story.
By digging into the technical indicators, we're seeing signs this marijuana dividend stock is sitting at the perfect buying level. Once you see the chart below, you'll see it has nearly 100% growth potential on top of a hearty 3.7% dividend yield…